China
China Watch: Interest Rates Hiked, Police Worked to Death
A daily list of the best of The Wall Street Journal’s China coverage and what the Journal’s reporters in China are reading and watching online. (NOTE: WSJ has not verified items in the ‘News Items’ section and does not vouch for their accuracy.) WSJ Highlights: China’s central bank raises interest rates again as it battles to stem inflation. International calls increase for China to release detained artist Ai Weiwei . Telecom equipment maker Huawei is a finalist for a contract to build out a 4G network for a U.S. wireless carrier. News Items: A statement from China’s Ministry of Public Security lists overwork as the leading cause of death for on-duty police officers . (Global Times) Chinese Premier Wen Jiabao says China’s corruption problem remains “grave” despite efforts to clean up the government. (Xinhua) Chinese paleontologists have identified a new dinosaur similar in size and temperament to Tyrannasaurus rex. Digging Deeper: Gray market: The BBC looks at how some are gearing up to profit from the rapid aging of China’s population . Shielding a killer? The China news blog Ministry of Tofu examines documents rising public anger over state-run media’s effort to humanize Yao Jiaxin , a student who stabbed a young mother to death after accidentally hitting her with his car. Say goodbye to the old boomtowns: AP offers a detailed look at the cost- and wage-driven exodus of manufacturing from southern China . Crackdown Watch: Arrest record: Foreign Policy’s Renee Xia offers a thorough, and therefore lengthy, run-down of Beijing’s campaign to suppress domestic critics through arrests, detentions and disappearances. New world order? Bloomberg reports on how fears that China may turn more firmly against the U.S. on Libya may be keeping Washington from talking tough on Beijing’s treatment of dissidents . Who, where, why? Shanghaiist publishes a map, produced by China Human Rights Defenders, of detainments and disappearances in China since February . Comment Watch: Not transparent enough: Military experts Andrew Erickson and Gabe Collins list the top items missing from China’s recently released Defense White Paper . Inevitable but not imminent: Economist Nouriel Roubini argues China won’t be able to avoid a hard landing but says it has a couple years to assume the crash position, via Naked Capitalism . Just Because: In honor of Tomb Sweeping Day, Xinhua runs an expose on China’s skyrocketing burial plot prices . Price per square meter for a little piece of Beijing real estate in the afterlife? Five times as much as a downtown apartment. –compiled by Josh Chin. Follow him on Twitter @joshchin
A daily list of the best of The Wall Street Journal’s China coverage and what the Journal’s reporters in China are reading and watching online. (NOTE: WSJ has not verified items in the ‘News Items’ section and does not vouch for their accuracy.)
WSJ Highlights:
- China’s central bank raises interest rates again as it battles to stem inflation.
- International calls increase for China to release detained artist Ai Weiwei.
- Telecom equipment maker Huawei is a finalist for a contract to build out a 4G network for a U.S. wireless carrier.
News Items:
- A statement from China’s Ministry of Public Security lists overwork as the leading cause of death for on-duty police officers. (Global Times)
- Chinese Premier Wen Jiabao says China’s corruption problem remains “grave” despite efforts to clean up the government. (Xinhua)
- Chinese paleontologists have identified a new dinosaur similar in size and temperament to Tyrannasaurus rex.
Digging Deeper:
- Gray market: The BBC looks at how some are gearing up to profit from the rapid aging of China’s population.
- Shielding a killer? The China news blog Ministry of Tofu examines documents rising public anger over state-run media’s effort to humanize Yao Jiaxin, a student who stabbed a young mother to death after accidentally hitting her with his car.
- Say goodbye to the old boomtowns: AP offers a detailed look at the cost- and wage-driven exodus of manufacturing from southern China.
Crackdown Watch:
- Arrest record: Foreign Policy’s Renee Xia offers a thorough, and therefore lengthy, run-down of Beijing’s campaign to suppress domestic critics through arrests, detentions and disappearances.
- New world order? Bloomberg reports on how fears that China may turn more firmly against the U.S. on Libya may be keeping Washington from talking tough on Beijing’s treatment of dissidents.
- Who, where, why? Shanghaiist publishes a map, produced by China Human Rights Defenders, of detainments and disappearances in China since February.
Comment Watch:
- Not transparent enough: Military experts Andrew Erickson and Gabe Collins list the top items missing from China’s recently released Defense White Paper.
- Inevitable but not imminent: Economist Nouriel Roubini argues China won’t be able to avoid a hard landing but says it has a couple years to assume the crash position, via Naked Capitalism.
Just Because:
- In honor of Tomb Sweeping Day, Xinhua runs an expose on China’s skyrocketing burial plot prices. Price per square meter for a little piece of Beijing real estate in the afterlife? Five times as much as a downtown apartment.
–compiled by Josh Chin. Follow him on Twitter @joshchin
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
One demographic consequence of the “one child” policy is that China is now one of the most rapidly aging countries in the world.
China is also the second largest trading nation in the world and the largest exporter and second largest importer of goods.
The PRC government’s decision to permit China to be used by multinational corporations as an export platform has made the country a major competitor to other Asian export-led economies, such as South Korea, Singapore, and Malaysia.
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
The country is one of the world’s largest producers of a number of industrial and mineral products, including cotton cloth, tungsten, and antimony, and is an important producer of cotton yarn, coal, crude oil, and a number of other products.
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.
Last year was the eighth consecutive year that the nation’s ODI had grown.
It also aims to sell more than 15 million of the most fuel-efficient vehicles in the world each year by then.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
Since the late 1970s, China has decollectivized agriculture, yielding tremendous gains in production.
Except for the oasis farming in Xinjiang and Qinghai, some irrigated areas in Inner Mongolia and Gansu, and sheltered valleys in Tibet, agricultural production is restricted to the east.
Sheep, cattle, and goats are the most common types of livestock.
Coal is the most abundant mineral (China ranks first in coal production); high-quality, easily mined coal is found throughout the country, but especially in the north and northeast.
There are also deposits of vanadium, magnetite, copper, fluorite, nickel, asbestos, phosphate rock, pyrite, and sulfur.
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.
Other leading ports are rail termini, such as Lüshun (formerly Port Arthur, the port of Dalian), on the South Manchuria RR; and Qingdao, on the line from Jinan.
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China Watch: Interest Rates Hiked, Police Worked to Death
China
Outlook on Bilateral Trade and Investment between China and United Arab Emirates (UAE)
The UAE and China have a strong partnership, with the UAE being China’s top trade partner in the Arab world. Both countries collaborate on various sectors like logistics and technology, showcasing mutual commitment to economic growth and global cooperation. High-level trade and investments continue to drive their relationship.
The UAE and China share a robust partnership integral to both countries’ development and foreign policy goals, exemplifying a model of collaboration. Bilateral trade thrives, with the UAE as China’s top trade partner in the Arab world, while investments span key sectors like logistics and technology. This comprehensive strategic partnership continues to evolve, showcasing mutual commitment to economic growth and global cooperation.
The United Arab Emirates (UAE) holds a significant position in China’s trade and commercial connections within the Middle East, particularly in the Arab Gulf region. This partnership is integral to China’s broader strategic initiatives, including the Belt and Road Initiative (BRI), which the UAE actively supports.
Additionally, the UAE plays a crucial role in advancing China’s foreign policy objectives, such as enhancing South-South cooperation, particularly in technical collaboration among developing nations and the Global South in areas like resources and technology.
In this article, we delve into the dynamics of bilateral trade and investment between the UAE and China, exploring the key factors driving their economic relationship and the opportunities it presents for mutual growth and prosperity.
China and the UAE first established their diplomatic relations in 1984. While China has an embassy in Abu Dhabi and a consulate general in Dubai, the UAE has a consulate general in Hong Kong and an embassy in Beijing. China and the UAE have long been close partners, collaborating extensively on economic, political, and cultural fronts.
In 2018, Chinese President Xi Jinping went on a state visit to the UAE, making history as the first Chinese head of state to visit the country in the previous 29 years. The visit was instrumental in lifting bilateral relations to a ‘comprehensive strategic partnership’.
High-level trade has always been the foundation of bilateral ties. Bilateral commerce between China and the UAE reached new heights in 2021, surpassing US$75.6 billion. Additionally, as of 2022, about 6,000 Chinese businesses operate in the UAE, with a sizable Chinese population working primarily in the infrastructure and energy sectors. The UAE is also China’s second-largest economic partner in the Middle East, after Saudi Arabia.
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
2024 Tax Incentives for Manufacturing Companies in China
China offers various tax incentives to boost the manufacturing industry. The Ministry of Finance and State Tax Administration provide guidelines on eligibility and policies. VAT exemptions and refunds are available for companies producing specific goods or services, with a monthly refund option for deferred taxes.
China implements a wide range of preferential tax policies to encourage the development of the country’s manufacturing industry. We summarize some of the main manufacturing tax incentives in China and explain the basic eligibility requirements that companies must meet to enjoy them.
China’s Ministry of Finance (MOF) and State Tax Administration (STA) have released guidelines on the main preferential tax and fee policies available to the manufacturing industry in China. The guidelines consolidate the main preferential policies currently in force and explain the main eligibility requirements to enjoy them.
To further assist companies in identifying the preferential policies available to them, we have outlined some of the main policies currently available in the manufacturing industry, including links to further resources.
For instance, VAT is exempted for:
Companies providing the following products and services can enjoy immediate VAT refunds:
Companies in the manufacturing industry that meet the conditions for deferring tax refunds can enjoy a VAT credit refund policy. The policy allows companies to receive the accumulated deferred tax amount every month and the remaining deferred tax amount in a lump sum.
The policy is not exclusive to the manufacturing industry and is also available to companies in scientific research and technical services, utilities production and supply, software and IT services, and many more.
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
Exploring the Revamped China Certified Emission Reduction (CCER) Program: Potential Benefits for International Businesses
Companies in China must navigate compliance, trading, and reporting within the CCER framework, impacting operations and strategic objectives. The program focuses on afforestation, solar, wind power, and mangrove creation, offering opportunities for innovation and revenue streams while ensuring transparency and accuracy. The Ministry of Ecology and Environment oversees the program.
As companies navigate the complexities of compliance, trading, and reporting within the CCER framework, they must also contend with the broader implications for their operations, finances, and strategic objectives.
This article explores the multifaceted impact of the CCER program on companies operating in China, examining both the opportunities for innovation and growth, as well as the potential risks and compliance considerations.
Initially, the CCER will focus on four sectors: afforestation, solar thermal power, offshore wind power, and mangrove vegetation creation. Companies operating within these sectors can register their accredited carbon reduction credits in the CCER system for trading purposes. These sectors were chosen due to their reliance on carbon credit sales for profitability. For instance, offshore wind power generation, as more costly than onshore alternatives, stands to benefit from additional revenue streams facilitated by CCER transactions.
Currently, primary buyers are expected to be high-emission enterprises seeking to offset their excess emissions and companies aiming to demonstrate corporate social responsibility by contributing to environmental conservation. Eventually, the program aims to allow individuals to purchase credits to offset their carbon footprints. Unlike the mandatory national ETS, the revamped CCER scheme permits any enterprise to buy carbon credits, thereby expanding the market scope.
The Ministry of Ecology and Environment (MEE) oversees the CCER program, having assumed responsibility for climate change initiatives from the National Development and Reform Commission (NDRC) in 2018. Verification agencies and project operators are mandated to ensure transparency and accuracy in disclosing project details and carbon reduction practices.
On the second day after the launch on January 23, the first transaction in China’s voluntary carbon market saw the China National Offshore Oil Corporation (CNOOC), the country’s largest offshore oil and gas producer, purchase 250,000 tons of carbon credits to offset its emissions.
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.
- Outlook on Bilateral Trade and Investment between China and United Arab Emirates (UAE)
- 2024 Tax Incentives for Manufacturing Companies in China
- Exploring the Revamped China Certified Emission Reduction (CCER) Program: Potential Benefits for International Businesses
- 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
