China
Chan Denied, Ending Hong Kong Estate Saga
Reuters Nina Wang and Tony Chan are shown in this undated photo provided by Mr. Chan’s lawyer in 2007. Hong Kong’s most prominent feng-shui guru received yet another rejection from the High Court on Monday, ending a long, twisted legal saga that began with a property tycoon’s kidnapping and descended into a soap-opera-worthy war of wills, disputed love affairs, power struggles and—possibly—a bit of forgery. Tony Chan, a bartender turned feng-shui master, was denied a final appeal of his claim to the multibillion-dollar estate of the woman he claims was his longtime lover: Hong Kong property heiress Nina Wang, who died of cancer in 2007 at the age of 69. Mr. Chan and his lawyers couldn’t be reached for comment. Mr. Chan may not have any cards left to play in his fight for her estate, as Monday’s ruling by the Court of Final Appeal upheld the decisions of the city’s two lower courts. But don’t worry, courtroom-drama mamas: This won’t be the last we’ll see of the toothy paparazzi favorite, because Mr. Chan’s defense against forgery charges in the estate case is ongoing. The initial trial last year—which sparked a local-media frenzy marked by salacious testimony about Mr. Chan’s relationship with Ms. Wang—centered on two opposing wills. One, dated 2002, named Ms. Wang’s Chinachem Charitable Foundation the beneficiary of her estate. But Mr. Chan, her personal feng-shui adviser and professed secret lover, produced another will dated 2006 that named him the sole beneficiary. A judge ruled in favor of Chinachem, saying Mr. Chan forged the 2006 document. Ms. Wang, once Asia’s richest woman , was a colorful public figure in Hong Kong, known for her bold mini-skirts and cartoonish pigtails that earned her the Cantonese nickname Siu Tim Tim, or “Little Sweetie.” But the stories from her family’s bizarre personal and legal battles may endure as long as the many towers and complexes her Chinachem Group developed in the Chinese territory. Her husband, Teddy Wang, was first kidnapped in 1983 and released after his family paid an $11 million ransom. But in 1990, he was kidnapped again, and disappeared. A court declared him dead nine years later, but his body was never found. Ms. Wang fought her own estate battle with her father-in-law, who claimed his son’s fortune as his own. She inherited the estate in 2005, two years before she died. –Allison Morrow
- Reuters
- Nina Wang and Tony Chan are shown in this undated photo provided by Mr. Chan’s lawyer in 2007.
Hong Kong’s most prominent feng-shui guru received yet another rejection from the High Court on Monday, ending a long, twisted legal saga that began with a property tycoon’s kidnapping and descended into a soap-opera-worthy war of wills, disputed love affairs, power struggles and—possibly—a bit of forgery.
Tony Chan, a bartender turned feng-shui master, was denied a final appeal of his claim to the multibillion-dollar estate of the woman he claims was his longtime lover: Hong Kong property heiress Nina Wang, who died of cancer in 2007 at the age of 69. Mr. Chan and his lawyers couldn’t be reached for comment.
Mr. Chan may not have any cards left to play in his fight for her estate, as Monday’s ruling by the Court of Final Appeal upheld the decisions of the city’s two lower courts. But don’t worry, courtroom-drama mamas: This won’t be the last we’ll see of the toothy paparazzi favorite, because Mr. Chan’s defense against forgery charges in the estate case is ongoing.
The initial trial last year—which sparked a local-media frenzy marked by salacious testimony about Mr. Chan’s relationship with Ms. Wang—centered on two opposing wills. One, dated 2002, named Ms. Wang’s Chinachem Charitable Foundation the beneficiary of her estate. But Mr. Chan, her personal feng-shui adviser and professed secret lover, produced another will dated 2006 that named him the sole beneficiary. A judge ruled in favor of Chinachem, saying Mr. Chan forged the 2006 document.
Ms. Wang, once Asia’s richest woman, was a colorful public figure in Hong Kong, known for her bold mini-skirts and cartoonish pigtails that earned her the Cantonese nickname Siu Tim Tim, or “Little Sweetie.” But the stories from her family’s bizarre personal and legal battles may endure as long as the many towers and complexes her Chinachem Group developed in the Chinese territory.
Her husband, Teddy Wang, was first kidnapped in 1983 and released after his family paid an $11 million ransom. But in 1990, he was kidnapped again, and disappeared. A court declared him dead nine years later, but his body was never found. Ms. Wang fought her own estate battle with her father-in-law, who claimed his son’s fortune as his own. She inherited the estate in 2005, two years before she died.
–Allison Morrow
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.
In 2009, the global economic downturn reduced foreign demand for Chinese exports for the first time in many years.
China is the world’s fastest-growing major economy, with an average growth rate of 10% for the past 30 years.
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
The two sectors have differed in many respects.
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.
According to the ministry, China’s ODI grew by 1.1 percent from a year earlier to $56.53 billion, which includes investment of $47.8 billion in non-financial sectors worldwide, up 14.2 percent year-on-year.
China is aiming to be the world’s largest new energy vehicle market by 2020 with 5 million cars.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
Even with these improvements, agriculture accounts for only 20% of the nation’s gross national product.
In terms of cash crops, China ranks first in cotton and tobacco and is an important producer of oilseeds, silk, tea, ramie, jute, hemp, sugarcane, and sugar beets.
Hogs and poultry are widely raised in China, furnishing important export staples, such as hog bristles and egg products.
Oil fields discovered in the 1960s and after made China a net exporter, and by the early 1990s, China was the world’s fifth-ranked oil producer.
China’s leading export minerals are tungsten, antimony, tin, magnesium, molybdenum, mercury, manganese, barite, and salt.
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.
Brick, tile, cement, and food-processing plants are found in almost every province.
Excerpt from:
Chan Denied, Ending Hong Kong Estate Saga
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
