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Currency and Cost of Living in China
Currency in China

The Chinese currency is called Renminbi (RMB), which consists of yuan(元), jiao(角) and fen(分). 10 jiao make up 1 yuan, and 10 fens make up 1 jiao.

Money is issued in notes of 1, 2, 5, 10, 20, 50, and 100 yuan, and 1 yuan coins. There are also notes for 1, 2, 5 jiao, and 5 and 1 jiao coins. Fen is issued as coins.

Foreign Currency Exchange

Note that China has established some very strict regulations on foreign currency exchange.
Exchange Places Credentials needed Money limitation
Foreign currency to RMB Bank of China ID/ passport /
RMB to Foreign currency

Bank of China
Exchange office in other banks

ID/passport
Certification from foreign exchange department
A copy of the original exchange memo
2000
Warning:
  • If you’re working in China and get paid in yuan, you might find it difficult to convert your Chinese currency savings into another currency. You have to keep your proof of payments as this might help.
  • Due to the strict regulations, there is an active black market for currency exchange, but illegal money changers sometimes operate with false currencies so it is definitely preferable to do your currency exchanges at an official institution.
Last Updated on Monday, 13 October 2008 12:09
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Beijing Housing Solutions


The population of Beijing is estimated as being about 14 Million people (that’s larger than numerous countries) and occupies a total area of 16,807.8 square kilometres. Beijing is bordered by the city of Tianjin on one side and by Hebei Province on the other three sides. Like most major cities in the world Beijing’s administrative area is subdivided into more
sections. London and New York have “”Boroughs”; Beijing has “Districts” and “Counties” to
be precise Beijing has 16 Districts and two Counties.

Last Updated on Monday, 29 March 2010 09:46
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Banking
Opening a bank account in China - especially an RMB-only account - is a very straightforward process. You only need your passport with a valid visa (tourist visas are acceptable).

For long-term travel or residence, a Chinese bank account is a very good idea.Your ID and PIN are required for withdrawals at the counter although deposits can be made no questions asked if you have the bank book they issued with your account. Banks usually charge a fee (around 1%) for depositing and withdrawing money in a different city than the one you opened your account in.
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Taxation in China(二)
Basis Knowledge for Paying Tax
Resident taxpayers include individuals with a residence in the Chinese territory or those who do not have a residence in China but have lived in China for a whole year during a taxation year. Resident taxpayers are under unlimited tax obligation, i.e., their income originating from both within and outside the Chinese territory is subject to income tax in China.

How to Pay Personal Income Tax
Once a foreigner assumes his post, he or
the employer should register with the competent tax authorities and pay income tax in accordance with China's tax law.
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Taxation in China(一)
Interim Provisions on Import Taxes on Articles Taken into China by Foreigners Permanently Residing in China

Article 1 These Provisions reformulated in order to implement opening-up policy, strengthen international exchange and promote the development of foreign trade and economy.

Article 2 For permanent resident offices established by foreign enterprises, news agencies, economic and trade organizations, cultural associations and foreign legal persons upon approval by competent departments of the People's Republic of China, if their permanent residents such as foreign citizens, overseas Chinese and dwellers form Hong Kong, Macao and
Taiwan (including their spouses and minor children living with them) as well as other permanent residents (hereinafter referred to as permanent residents), who have been allowed to enter into China and have lived in China for more than one year, import articles
for self use, these Provisions shall be applied. These persons include:
Last Updated on Wednesday, 24 September 2008 11:51
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