China
China Offers Japan Support for Quake Relief
China’s government, often at odds with Tokyo, offered support to Japan after Friday’s powerful earthquake , with Premier Wen Jiabao expressing “deep sympathy and solicitude to the Japanese government and the people” and telling his counterpart, Japanese Prime Minister Naoto Kan, that China is willing to offer whatever aid is necessary. Chen Jianmin, director of the China Earthquake Administration, said its International Rescue Team has put its members, equipment, materials and medicines in place and ready to depart for Japan, after the 8.9-magnitude earthquake struck off the Japanese coast, triggering a major tsunami and leaving dozens dead and displaced tens of thousands of people. “We are highly concerned about the earthquake in Japan and its consequences such as fires and building damages,” the state-run Xinhua news agency quoted Mr. Chen as saying. China is dealing with the aftermath of its own deadly earthquake, a 5.8-magnitude quake that struck its southwestern Yunnan province on Thursday, killing at least 25 people, injured 250, and destroyed some 18,000 houses. China and Japan are closely linked economically, but their ties are often buffeted by lingering anger in China over Japan’s brutal occupation during World War II. The initial public reaction to Japan’s earthquake—the country’s worst in at least 300 years–was mixed, with postings on Sina Weibo, the most active of China’s Twitter-like microblogging services, including expressions of sympathy mixed with some nationalistic gloating. “It’s great an earthquake has finally hit the Japanese dwarves,” commented a Sina Weibo user writing under the name Liaoning Taxue Wuhen. “Best if it disappears from the map. Wishing Chinese exchange students peace and safety.” Added user weldon999: “Ha ha ha, saved us more than a few missiles!!!” Others, however, expressed admiration for the orderly way in which Japan seemed to be handling the disaster. Responding to a photo of Tokyo residents standing in orderly groups in the street after the earthquake hit, Sina user awaybaby wrote: “When Chinese people can get to this level, that’s when we’ll be able to become a global power.” Some Internet users also criticized China’s government for failing to make a response more quickly. Xinhua carried offers of help from foreign leaders including Russian President Dmitry Medvedev and the foreign ministers of Germany and Turkey before it reported Beijing’s first official statement–although the Commerce Ministry had quickly urged issued a notice urging Chinese companies with operations in Japan to ensure their staff were safe. The Beijing Red Cross Blue Sky Rescue Team, a group under the government-backed Red Cross Society of China, moved more quickly, saying a few hours after the earthquake that it was preparing a team to travel to Japan. Qiu Lili, a team leader for the group, said it had received offers to help from 10 of its volunteers. Mr. Qiu’s group already has sent seven volunteers to Yunnan to help with Thursday’s quake. An earthquake has been an occasion for China and Japan to set aside their differences before. After the 2008 earthquake that crippled China’s southwestern Sichuan Province and killed at least 68,000 people, Japan’s Self Defense Forces–as the country’s military is known–was the first foreign aid and rescue team allowed into China. Japanese corporations donated to aid efforts as well. Appliance-maker Panasonic, for example, contributed more than 10 million yuan to relief efforts in the aftermath of Sichuan quake, Xinhua reported at the time. In the aftermath of the Sichuan earthquake, Chinese leaders said Japan’s offers of help would serve to strengthen bilateral ties between the countries. More recently, relations between the countries soured again, most notably over continued territorial disputes in the East China Sea in a long-running dispute involving the Diaoyu islands – which Japan calls the Senkaku islands. – Brian Spegele, with contributions from Josh Chin. Follow Brian on Twitter @bspegele
China’s government, often at odds with Tokyo, offered support to Japan after Friday’s powerful earthquake , with Premier Wen Jiabao expressing “deep sympathy and solicitude to the Japanese government and the people” and telling his counterpart, Japanese Prime Minister Naoto Kan, that China is willing to offer whatever aid is necessary. Chen Jianmin, director of the China Earthquake Administration, said its International Rescue Team has put its members, equipment, materials and medicines in place and ready to depart for Japan, after the 8.9-magnitude earthquake struck off the Japanese coast, triggering a major tsunami and leaving dozens dead and displaced tens of thousands of people. “We are highly concerned about the earthquake in Japan and its consequences such as fires and building damages,” the state-run Xinhua news agency quoted Mr. Chen as saying. China is dealing with the aftermath of its own deadly earthquake, a 5.8-magnitude quake that struck its southwestern Yunnan province on Thursday, killing at least 25 people, injured 250, and destroyed some 18,000 houses. China and Japan are closely linked economically, but their ties are often buffeted by lingering anger in China over Japan’s brutal occupation during World War II. The initial public reaction to Japan’s earthquake—the country’s worst in at least 300 years–was mixed, with postings on Sina Weibo, the most active of China’s Twitter-like microblogging services, including expressions of sympathy mixed with some nationalistic gloating. “It’s great an earthquake has finally hit the Japanese dwarves,” commented a Sina Weibo user writing under the name Liaoning Taxue Wuhen. “Best if it disappears from the map. Wishing Chinese exchange students peace and safety.” Added user weldon999: “Ha ha ha, saved us more than a few missiles!!!” Others, however, expressed admiration for the orderly way in which Japan seemed to be handling the disaster. Responding to a photo of Tokyo residents standing in orderly groups in the street after the earthquake hit, Sina user awaybaby wrote: “When Chinese people can get to this level, that’s when we’ll be able to become a global power.” Some Internet users also criticized China’s government for failing to make a response more quickly. Xinhua carried offers of help from foreign leaders including Russian President Dmitry Medvedev and the foreign ministers of Germany and Turkey before it reported Beijing’s first official statement–although the Commerce Ministry had quickly urged issued a notice urging Chinese companies with operations in Japan to ensure their staff were safe. The Beijing Red Cross Blue Sky Rescue Team, a group under the government-backed Red Cross Society of China, moved more quickly, saying a few hours after the earthquake that it was preparing a team to travel to Japan. Qiu Lili, a team leader for the group, said it had received offers to help from 10 of its volunteers. Mr. Qiu’s group already has sent seven volunteers to Yunnan to help with Thursday’s quake. An earthquake has been an occasion for China and Japan to set aside their differences before. After the 2008 earthquake that crippled China’s southwestern Sichuan Province and killed at least 68,000 people, Japan’s Self Defense Forces–as the country’s military is known–was the first foreign aid and rescue team allowed into China. Japanese corporations donated to aid efforts as well. Appliance-maker Panasonic, for example, contributed more than 10 million yuan to relief efforts in the aftermath of Sichuan quake, Xinhua reported at the time. In the aftermath of the Sichuan earthquake, Chinese leaders said Japan’s offers of help would serve to strengthen bilateral ties between the countries. More recently, relations between the countries soured again, most notably over continued territorial disputes in the East China Sea in a long-running dispute involving the Diaoyu islands – which Japan calls the Senkaku islands. – Brian Spegele, with contributions from Josh Chin. Follow Brian on Twitter @bspegele
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China Offers Japan Support for Quake Relief
China
China Implements New Policies to Boost Foreign Investment in Science and Technology Companies
China’s Ministry of Commerce announced new policy measures on April 19, 2023, to encourage foreign investment in the technology sector. The measures include facilitating bond issuance, improving the investment environment, and simplifying procedures for foreign institutions to access the Chinese market.
On April 19, 2023, China’s Ministry of Commerce (MOFCOM) along with nine other departments announced a new set of policy measures (hereinafter, “new measures”) aimed at encouraging foreign investment in its technology sector.
Among the new measures, China intends to facilitate the issuance of RMB bonds by eligible overseas institutions and encourage both domestic and foreign-invested tech companies to raise funds through bond issuance.
In this article, we offer an overview of the new measures and their broader significance in fostering international investment and driving innovation-driven growth, underscoring China’s efforts to instill confidence among foreign investors.
The new measures contain a total of sixteen points aimed at facilitating foreign investment in China’s technology sector and improving the overall investment environment.
Divided into four main chapters, the new measures address key aspects including:
Firstly, China aims to expedite the approval process for QFII and RQFII, ensuring efficient access to the Chinese market. Moreover, the government promises to simplify procedures, facilitating operational activities and fund management for foreign institutions.
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
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 Implements New Policies to Boost Foreign Investment in Science and Technology Companies
- Q1 2024 Brief on Transfer Pricing in Asia
- New Report from Dezan Shira & Associates: China Takes the Lead in Emerging Asia Manufacturing Index 2024
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