China
Barbie Moves into Mobile Home as China Dreamhouse Shutters
After two years of living in her six-story Shanghai mansion, Mattel’s iconic American doll Barbie is moving out. The dream house has officially closed, and according to analysts, it’s because Barbie didn’t quite cut it with Chinese shoppers in the big city. Barbieshanghai.com A notice announcing Barbie’s new itinerant lifestyle in China after her Shanghai mansion went into foreclosure. Mattel says Barbie was ready to move on. The Shanghai flagship store, which featured a spa, a cosmetics counter, and a cocktail bar, served its purpose and was meant only to establish Barbie’s brand in China. “It did that successfully,” a Mattel spokeswoman said in an interview today, “so Barbie is ready for her next move in China.” Like many other companies that are seeking more growth with China’s growing middle class, Barbie is moving beyond her big-city life to experience her days in smaller towns, where consumer demand is building. She’ll be jumping in her “ Barbie Pink Bus ” to head on tour in the near future, the spokeswoman said, declining to disclose further details. The hope will be to take Barbie’s name further than the Shanghai store could, but Mattel could have an uphill battle. It joins a growing roster of U.S. retailers that are struggling in China. Electronics retailer Best Buy announced last month plans to shutter its China operations. Home Depot recently closed some of its China-based stores as well. Globally, Barbie sales have been stagnant for years and Mattel has tried repeatedly to give Barbie a makeover in attempt to spur a comeback with consumers. In 2009, Barbie’s 50th anniversary, Mattel spent millions of dollars promoting “Fashionista” Barbies, whose clothing and accessories were inspired from well-known designers, such as Vera Wang. The El Segundo, Calif., company hired a seasoned choreographer to spin up “The Barbie,” a special dance filmed for debut on the “Today Show.” And it opened its massive, nearly 38,000-square-foot, Shanghai store . (See our video from those optimistic days below.) China’s toy market can be particularly rough for toy makers, said Bi Sheng, chief executive of online shoe company Letao.com. Mr. Bi says he attempted to start an online toy company before he set up his shoe business, but he figured out quickly that Chinese parents would rather have their kids studying than playing with dolls or cars. “There are a lot of children here, but the toy market isn’t as ideal as many people think it would be,” Mr. Bi said. Barbie will still be sold in other shopping outlets across China, Mattel’s spokeswoman says. With any luck, the company hopes she’ll be making it to a lot of new dream homes outside of Shanghai. – Laurie Burkitt. Follow her on Twitter @lburkitt
After two years of living in her six-story Shanghai mansion, Mattel’s iconic American doll Barbie is moving out. The dream house has officially closed, and according to analysts, it’s because Barbie didn’t quite cut it with Chinese shoppers in the big city.
- Barbieshanghai.com
- A notice announcing Barbie’s new itinerant lifestyle in China after her Shanghai mansion went into foreclosure.
Mattel says Barbie was ready to move on. The Shanghai flagship store, which featured a spa, a cosmetics counter, and a cocktail bar, served its purpose and was meant only to establish Barbie’s brand in China.
“It did that successfully,” a Mattel spokeswoman said in an interview today, “so Barbie is ready for her next move in China.”
Like many other companies that are seeking more growth with China’s growing middle class, Barbie is moving beyond her big-city life to experience her days in smaller towns, where consumer demand is building. She’ll be jumping in her “Barbie Pink Bus” to head on tour in the near future, the spokeswoman said, declining to disclose further details.
The hope will be to take Barbie’s name further than the Shanghai store could, but Mattel could have an uphill battle. It joins a growing roster of U.S. retailers that are struggling in China. Electronics retailer Best Buy announced last month plans to shutter its China operations. Home Depot recently closed some of its China-based stores as well.
Globally, Barbie sales have been stagnant for years and Mattel has tried repeatedly to give Barbie a makeover in attempt to spur a comeback with consumers. In 2009, Barbie’s 50th anniversary, Mattel spent millions of dollars promoting “Fashionista” Barbies, whose clothing and accessories were inspired from well-known designers, such as Vera Wang. The El Segundo, Calif., company hired a seasoned choreographer to spin up “The Barbie,” a special dance filmed for debut on the “Today Show.”
And it opened its massive, nearly 38,000-square-foot, Shanghai store. (See our video from those optimistic days below.)
China’s toy market can be particularly rough for toy makers, said Bi Sheng, chief executive of online shoe company Letao.com. Mr. Bi says he attempted to start an online toy company before he set up his shoe business, but he figured out quickly that Chinese parents would rather have their kids studying than playing with dolls or cars.
“There are a lot of children here, but the toy market isn’t as ideal as many people think it would be,” Mr. Bi said.
Barbie will still be sold in other shopping outlets across China, Mattel’s spokeswoman says. With any luck, the company hopes she’ll be making it to a lot of new dream homes outside of Shanghai.
– Laurie Burkitt. Follow her on Twitter @lburkitt
Cumulative appreciation of the renminbi against the US dollar since the end of the dollar peg was more than 20% by late 2008, but the exchange rate has remained virtually pegged since the onset of the global financial crisis.
The government vowed to continue reforming the economy and emphasized the need to increase domestic consumption in order to make China less dependent on foreign exports for GDP growth in the future.
China is the world’s fastest-growing major economy, with an average growth rate of 10% for the past 30 years.
Available energy is insufficient to run at fully installed industrial capacity, and the transport system is inadequate to move sufficient quantities of such critical items as coal.
Its mineral resources are probably among the richest in the world but are only partially developed.
The technological level and quality standards of its industry as a whole are still fairly low, notwithstanding a marked change since 2000, spurred in part by foreign investment.
China’s increasing integration with the international economy and its growing efforts to use market forces to govern the domestic allocation of goods have exacerbated this problem.
Both forums will start on Tuesday.
From January to June, the ODI in financial sectors was up by 44 percent to $17.9 billion, and in July alone, the ODI recorded $8.91 billion, the highest this year.
China reiterated the nation’s goals for the next decade – increasing market share of pure-electric and plug-in electric autos, building world-competitive auto makers and parts manufacturers in the energy-efficient auto sector as well as raising fuel-efficiency to world levels.
China’s challenge in the early 21st century will be to balance its highly centralized political system with an increasingly decentralized economic system.
Even with these improvements, agriculture accounts for only 20% of the nation’s gross national product.
China is the world’s largest producer of rice and wheat and a major producer of sweet potatoes, sorghum, millet, barley, peanuts, corn, soybeans, and potatoes.
China ranks first in world production of red meat (including beef, veal, mutton, lamb, and pork).
China is one of the world’s major mineral-producing countries.
China’s leading export minerals are tungsten, antimony, tin, magnesium, molybdenum, mercury, manganese, barite, and salt.
The largest completed project, Gezhouba Dam, on the Chang (Yangtze) River, opened in 1981; the Three Gorges Dam, the world’s largest engineering project, on the lower Chang, is scheduled for completion in 2009.
Beginning in the late 1970s, changes in economic policy, including decentralization of control and the creation of special economic zones to attract foreign investment, led to considerable industrial growth, especially in light industries that produce consumer goods.
The east and northeast are well served by railroads and highways, and there are now major rail and road links with the interior.
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Barbie Moves into Mobile Home as China Dreamhouse Shutters
China
Q1 2024 Brief on Transfer Pricing in Asia
Indonesia’s Ministry of Finance released Regulation No. 172 of 2023 on transfer pricing, consolidating various guidelines. The Directorate General of Taxes focuses on compliance, expanded arm’s length principle, and substance checks. Singapore’s Budget 2024 addresses economic challenges, operational costs, and sustainability, implementing global tax reforms like the Income Inclusion Rule and Domestic Top-up Tax.
Indonesia’s Ministry of Finance (MoF) has released Regulation No. 172 of 2023 (“PMK-172”), which prevails as a unified transfer pricing guideline. PMK-172 consolidates various transfer pricing matters that were previously covered under separate regulations, including the application of the arm’s length principle, transfer pricing documentation requirements, transfer pricing adjustments, Mutual Agreement Procedure (“MAP”), and Advance Pricing Agreements (“APA”).
The Indonesian Directorate General of Taxes (DGT) has continued to focus on compliance with the ex-ante principle, the expanded scope of transactions subject to the arm’s length principle, and the reinforcement of substance checks as part of the preliminary stage, indicating the DGT’s expectation of meticulous and well-supported transfer pricing analyses conducted by taxpayers.
In conclusion, PMK-172 reflects the Indonesian government’s commitment to addressing some of the most controversial transfer pricing issues and promoting clarity and certainty. While it brings new opportunities, it also presents challenges. Taxpayers are strongly advised to evaluate the implications of these new guidelines on their businesses in Indonesia to navigate this transformative regulatory landscape successfully.
In a significant move to bolster economic resilience and sustainability, Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, unveiled the ambitious Singapore Budget 2024 on February 16, 2024. Amidst global economic fluctuations and a pressing climate crisis, the Budget strategically addresses the dual challenges of rising operational costs and the imperative for sustainable development, marking a pivotal step towards fortifying Singapore’s position as a competitive and green economy.
In anticipation of global tax reforms, Singapore’s proactive steps to implement the Income Inclusion Rule (IIR) and Domestic Top-up Tax (DTT) under the BEPS 2.0 framework demonstrate a forward-looking approach to ensure tax compliance and fairness. These measures reaffirm Singapore’s commitment to international tax standards while safeguarding its economic interests.
Transfer pricing highlights from the Singapore Budget 2024 include:
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
China
New Report from Dezan Shira & Associates: China Takes the Lead in Emerging Asia Manufacturing Index 2024
China has been the world’s largest manufacturer for 14 years, producing one-third of global manufacturing output. In the Emerging Asia Manufacturing Index 2024, China ranks highest among eight emerging countries in the region. Challenges for these countries include global demand disparities affecting industrial output and export orders.
Known as the “World’s Factory”, China has held the title of the world’s largest manufacturer for 14 consecutive years, starting from 2010. Its factories churn out approximately one-third of the global manufacturing output, a testament to its industrial might and capacity.
China’s dominant role as the world’s sole manufacturing power is reaffirmed in Dezan Shira & Associates’ Emerging Asia Manufacturing Index 2024 report (“EAMI 2024”), in which China secures the top spot among eight emerging countries in the Asia-Pacific region. The other seven economies are India, Indonesia, Malaysia, the Philippines, Thailand, Vietnam, and Bangladesh.
The EAMI 2024 aims to assess the potential of these eight economies, navigate the risks, and pinpoint specific factors affecting the manufacturing landscape.
In this article, we delve into the key findings of the EAMI 2024 report and navigate China’s advantages and disadvantages in the manufacturing sector, placing them within the Asia-Pacific comparative context.
Emerging Asia countries face various challenges, especially in the current phase of increased volatility, uncertainty, complexity, and ambiguity (VUCA). One notable challenge is the impact of global demand disparities on the manufacturing sector, affecting industrial output and export orders.
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
China
Is journalist Vicky Xu preparing to return to China?
Chinese social media influencers have recently claimed that prominent Chinese-born Australian journalist Vicky Xu had posted a message saying she planned to return to China.
There is no evidence for this. The source did not provide evidence to support the claim, and Xu herself later confirmed to AFCL that she has no such plans.
Currently working as an analyst at the Australian Strategic Policy Institute, or ASPI, Xu has previously written for both the Australian Broadcasting Corporation, or ABC, and The New York Times.
A Chinese language netizen on X initially claimed on March 31 that the changing geopolitical relations between Sydney and Beijing had caused Xu to become an expendable asset and that she had posted a message expressing a strong desire to return to China. An illegible, blurred photo of the supposed message accompanied the post.
This claim was retweeted by a widely followed influencer on the popular Chinese social media site Weibo one day later, who additionally commented that Xu was a “traitor” who had been abandoned by Australian media.
Following the publication of an ASPI article in 2021 which exposed forced labor conditions in Xinjiang co-authored by Xu, the journalist was labeled “morally bankrupt” and “anti-China” by the Chinese state owned media outlet Global Times and subjected to an influx of threatening messages and digital abuse, eventually forcing her to temporarily close several of her social media accounts.
AFCL found that neither Xu’s active X nor LinkedIn account has any mention of her supposed return to China, and received the following response from Xu herself about the rumor:
“I can confirm that I don’t have plans to go back to China. I think if I do go back I’ll most definitely be detained or imprisoned – so the only career I’ll be having is probably going to be prison labor or something like that, which wouldn’t be ideal.”
Neither a keyword search nor reverse image search on the photo attached to the original X post turned up any text from Xu supporting the netizens’ claims.
Translated by Shen Ke. Edited by Shen Ke and Malcolm Foster.
Asia Fact Check Lab (AFCL) was established to counter disinformation in today’s complex media environment. We publish fact-checks, media-watches and in-depth reports that aim to sharpen and deepen our readers’ understanding of current affairs and public issues. If you like our content, you can also follow us on Facebook, Instagram and X.
Read the rest of this article here >>> Is journalist Vicky Xu preparing to return to China?
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- New Report from Dezan Shira & Associates: China Takes the Lead in Emerging Asia Manufacturing Index 2024
- Is journalist Vicky Xu preparing to return to China?
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