The key issue isn’t whether taxes go up overnight, but how services gradually move from “growth” to “mature” tax brackets.
China ADRs: Rationale behind Tax Hike Scare?
China internet ADRs sold off again on fresh tax-rumor jitters. With headlines of varying credibility, Dolphin Research takes a top-down look.
We start with the Gov.'s four ledgers. They are: 1) the general public budget, i.e., core fiscal revenue; 2) the government fund budget, an earmarked book funded mainly by land-sale proceeds; 3) the state capital operations budget, effectively the shareholder ledger funded by SOE profit and dividend remittances. In essence, this reflects the Gov.'s resource-allocation power...
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