Top 10 economic events in 2014 (4)

8. Shanghai-Hong Kong Stock Connection program

Nov 17, 2014, was the launch of mutual trading access between the Shanghai and Hong Kong stock markets.

The program allows investors of the two sides to trade shares on each other's exchanges.

Stock Connect allows up to 13 billion yuan of net daily purchases from Hong Kong of Shanghai-listed stocks and 10.5 billion yuan of net purchases from Shanghai of Hong Kong-listed stocks. It also puts a cap of 300 billion yuan in northbound (from Hong Kong to Shanghai) purchases and 250 billion yuan in southbound.

9. APEC

The 22nd Asia-Pacific Economic Cooperation (APEC) leader's meeting was held in Beijing.

During the APEC meeting, China and the US promised to issue 10-year tourist and business visas and five-year student visas.

Apart from the APEC meetings, this event also brought a six-day vacation and “APEC” blue to people living in Beijing.

10. Oil taxes rise

The consumption tax on oil products started to rise from Dec 13, 2014, as the retail fuel prices continued to fall.

Based on the statement from the Ministry of Finance and the State Administration of Taxation, the tax on gasoline rose from 1.12 yuan per liter to 1.4 yuan and diesel went up from 0.94 yuan to 1.1 yuan. The taxes were previously increased on Nov 29.

The reason to increase the oil taxes is aimed at cutting emissions and improve energy efficiency, the statement said.