China
Latest China Knock-off: The Royal Wedding
AP Photo Groom Wang Zueqian and his bride, Yao Yan, walk together during their wedding ceremony in Nanjing, China Pomp & Circumstance View Slideshow   The British aren’t the only ones who can put on a royal wedding. On April 18, a Chinese couple in Nanjing organized a regal celebration for themselves complete with British-like ceremonial garb, a horse-drawn carriage and an archway of swords. More In shanzhai Barbie Banquet For The Masses (No Buffett) Oxford Readies Giant Chinese-English Dictionary Google’s Chinese Tribute Sites Face Obstacles In China, Imitation Is the Sincerest Form of Flattering Google China Journal Wrap: Stocks Slump, China Talks Debt The British aren’t the only ones who can put on a royal wedding. On April 18, a Chinese couple in Nanjing organized a regal celebration for themselves complete with British-like ceremonial garb (including the famous Beefeater-style hats), a horse-drawn carriage for the procession and an archway of swords, according to the Associated Press. Total price: more than 50,000 yuan (US$7,600). That’s a bargain, of course, compared to the estimated cost of the real royal wedding on Friday—the range is broad and starts at 20 million pounds (US$33 million)– of Prince William and Kate Middleton. Of course, that figure includes the costs of the wedding itself, as well as the price of security and street cleaning. And the couple’s horse-drawn carriage will have five horses; the Chinese couple’s carriage in Nanjing had just one. The ceremony was that latest manifestation of China’s shanzhai (山寨) culture – a tradition of deliberately cheap fakery that has produced comically bad knock-offs of everything from iPhones to television shows , even pandas . As with most things shanhzai, the Chinese wedding didn’t go off smoothly. The wedding parade of 50 people, a dozen cars and the horse-drawn carriage hit a glitch, according to reports, when firecrackers – a traditional element of any Chinese celebration – went off prematurely. The horse got rattled and handlers had to step in to calm it down. Photos of the wedding posted online elicited mixed responses from Chinese Internet users, with some offering advice on how it could have been better executed. “Maybe if you only had the horse carriages and not the cars in the background, you’d get more admiration,” one commenter from Yunnan province wrote on the Netease news portal. “As it is, it looks neither rural nor ‘royal.’” Others were more impressed. “Give Chinese people enough to eat, and there’s nothing they won’t do,” wrote a Netease reader from Henan province. The 23-year-old groom, Wang Xueqian, who bore the cost of the pageantry, hired wedding planner Hu Lu to plan the nuptials. Apparently Mr. Wang and his new bride aren’t the only ones who want a royal-themed wedding; the planner has three more weddings next month with similar processions planned. “Every bride wants to be princess Snow White when they get married,” the wedding planner said, according to AP. –WSJ staff
- AP Photo
- Groom Wang Zueqian and his bride, Yao Yan, walk together during their wedding ceremony in Nanjing, China
Pomp & Circumstance
 
The British aren’t the only ones who can put on a royal wedding. On April 18, a Chinese couple in Nanjing organized a regal celebration for themselves complete with British-like ceremonial garb, a horse-drawn carriage and an archway of swords.
The British aren’t the only ones who can put on a royal wedding.
On April 18, a Chinese couple in Nanjing organized a regal celebration for themselves complete with British-like ceremonial garb (including the famous Beefeater-style hats), a horse-drawn carriage for the procession and an archway of swords, according to the Associated Press. Total price: more than 50,000 yuan (US$7,600).
That’s a bargain, of course, compared to the estimated cost of the real royal wedding on Friday—the range is broad and starts at 20 million pounds (US$33 million)– of Prince William and Kate Middleton. Of course, that figure includes the costs of the wedding itself, as well as the price of security and street cleaning. And the couple’s horse-drawn carriage will have five horses; the Chinese couple’s carriage in Nanjing had just one.
The ceremony was that latest manifestation of China’s shanzhai (山寨) culture – a tradition of deliberately cheap fakery that has produced comically bad knock-offs of everything from iPhones to television shows, even pandas.
As with most things shanhzai, the Chinese wedding didn’t go off smoothly. The wedding parade of 50 people, a dozen cars and the horse-drawn carriage hit a glitch, according to reports, when firecrackers – a traditional element of any Chinese celebration – went off prematurely. The horse got rattled and handlers had to step in to calm it down.
Photos of the wedding posted online elicited mixed responses from Chinese Internet users, with some offering advice on how it could have been better executed.
“Maybe if you only had the horse carriages and not the cars in the background, you’d get more admiration,” one commenter from Yunnan province wrote on the Netease news portal. “As it is, it looks neither rural nor ‘royal.’”
Others were more impressed. “Give Chinese people enough to eat, and there’s nothing they won’t do,” wrote a Netease reader from Henan province.
The 23-year-old groom, Wang Xueqian, who bore the cost of the pageantry, hired wedding planner Hu Lu to plan the nuptials. Apparently Mr. Wang and his new bride aren’t the only ones who want a royal-themed wedding; the planner has three more weddings next month with similar processions planned.
“Every bride wants to be princess Snow White when they get married,” the wedding planner said, according to AP.
–WSJ staff
In recent years, China has re-invigorated its support for leading state-owned enterprises in sectors it considers important to “economic security,” explicitly looking to foster globally competitive national champions.
The Chinese government seeks to add energy production capacity from sources other than coal and oil, and is focusing on nuclear and other alternative energy development.
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.
Agricultural output has been vulnerable to the effects of weather, while industry has been more directly influenced by the government.
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.
The growth in both outbound investment from, and inbound investment to, China reflects the nation’s rising economic power and attractiveness as an investment destination.
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 is aiming to be the world’s largest new energy vehicle market by 2020 with 5 million cars.
Although China is still a developing country with a relatively low per capita income, it has experienced tremendous economic growth since the late 1970s.
Agriculture is by far the leading occupation, involving over 50% of the population, although extensive rough, high terrain and large arid areas – especially in the west and north – limit cultivation to only about 10% of the land surface.
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.
Hogs and poultry are widely raised in China, furnishing important export staples, such as hog bristles and egg products.
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 large deposits of uranium in the northwest, especially in Xinjiang; there are also mines in Jiangxi and Guangdong provs.
China also has extensive hydroelectric energy potential, notably in Yunnan, W Sichuan, and E Tibet, although hydroelectric power accounts for only 5% of the country’s total energy production.
After the 1960s, the emphasis was on regional self-sufficiency, and many factories sprang up in rural areas.
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Latest China Knock-off: The Royal Wedding
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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