China
What Does a New Dragon Stamp Say About China?
Associated Press A man shows Year of the Dragon stamps in Jiaxing on Thursday. Many Chinese lined up on Thursday to buy a stamp commemorating China’s Year of the Dragon, which begins Jan. 23. But the image of the only fictional Chinese Zodiac animal has caused controversy and criticism online for appearing evil and ferocious. For many, the image of a fang-baring, paw-brandishing dragon is too belligerent. In response, stamp designer Chen Shaohua said that the authoritative and powerful image of the dragon was meant to demonstrate a confident and rising China. On his personal blog , he compared his design to the previous two dragon stamps. He said the one for 1988 was a traditional Chinese paper-cut dragon because China was in a difficult time of reform then, and the design intentionally played down the dragon’s stateliness. In 2000, the last Year of the Dragon, the government was promoting a policy of keeping a low international profile, so the design depicted an elegant and sagacious dragon. For the year of 2012, he wrote, “As one of the most influential major states in the world, China is rebuilding its national confidence.” But many disagree. On his microblogging Sina Weibo account, Wang Ran, chief executive of boutique investment bank China eCapital Corp., compared the dragon to China’s notorious city inspectors, who are sometimes caught on camera beating up street vendors. “City inspectors are now on a stamp,” he tweeted. Writer Zhang Yihe wrote on her weibo she was “scared to death” by the stamp. Scholar Wu Jiaxiang uses the Chinese expression 张牙舞爪, which literally means “baring fangs and brandish paws,” to describe the image. He says animals make those gestures when they are scared or startled. In a separate post, he used to stamp image to accompany his tweet about Chinese President Hu Jintao’s newly published essay that urges the country to defend against the West’s assault on the country’s culture and ideology. Yet writer Xiong Peiyun says the image can be interpreted in other ways, “One is locking the ruler in a cage, and the other is keeping the power outside.” –Li Yuan; follow her on Sina Weibo @CWSJ
- Associated Press
- A man shows Year of the Dragon stamps in Jiaxing on Thursday.
Many Chinese lined up on Thursday to buy a stamp commemorating China’s Year of the Dragon, which begins Jan. 23. But the image of the only fictional Chinese Zodiac animal has caused controversy and criticism online for appearing evil and ferocious.
For many, the image of a fang-baring, paw-brandishing dragon is too belligerent. In response, stamp designer Chen Shaohua said that the authoritative and powerful image of the dragon was meant to demonstrate a confident and rising China.
On his personal blog , he compared his design to the previous two dragon stamps. He said the one for 1988 was a traditional Chinese paper-cut dragon because China was in a difficult time of reform then, and the design intentionally played down the dragon’s stateliness. In 2000, the last Year of the Dragon, the government was promoting a policy of keeping a low international profile, so the design depicted an elegant and sagacious dragon.
For the year of 2012, he wrote, “As one of the most influential major states in the world, China is rebuilding its national confidence.”
But many disagree. On his microblogging Sina Weibo account, Wang Ran, chief executive of boutique investment bank China eCapital Corp., compared the dragon to China’s notorious city inspectors, who are sometimes caught on camera beating up street vendors. “City inspectors are now on a stamp,” he tweeted.
Writer Zhang Yihe wrote on her weibo she was “scared to death” by the stamp. Scholar Wu Jiaxiang uses the Chinese expression 张牙舞爪, which literally means “baring fangs and brandish paws,” to describe the image. He says animals make those gestures when they are scared or startled. In a separate post, he used to stamp image to accompany his tweet about Chinese President Hu Jintao’s newly published essay that urges the country to defend against the West’s assault on the country’s culture and ideology.
Yet writer Xiong Peiyun says the image can be interpreted in other ways, “One is locking the ruler in a cage, and the other is keeping the power outside.”
–Li Yuan; follow her on Sina Weibo @CWSJ
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
China continues to lose arable land because of erosion and economic development.
The country’s per capita income was at $6,567 (IMF, 98th) in 2009.
Nevertheless, key bottlenecks continue to constrain growth.
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.
By the early 1990s these subsidies began to be eliminated, in large part due to China’s admission into the World Trade Organization (WTO) in 2001, which carried with it requirements for further economic liberalization and deregulation.
The ministry made the announcements during a press conference held in Xiamen on the upcoming United Nations Conference on Trade and Development (UNCTAD) World Investment Forum and the 14th China International Fair for Investment and Trade.
“The growth rate (for ODI) in the next few years will be much higher than previous years,” Shen said, without elaborating.
China is expected to have 200 million cars on the road by 2020, increasing pressure on energy security and the environment, government officials said yesterday.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
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.
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.
Horses, donkeys, and mules are work animals in the north, while oxen and water buffalo are used for plowing chiefly in the south.
There are also extensive iron-ore deposits; the largest mines are at Anshan and Benxi, in Liaoning province.
China is among the world’s four top producers of antimony, magnesium, tin, tungsten, and zinc, and ranks second (after the United States) in the production of salt, sixth in gold, and eighth in lead ore.
Coal is the single most important energy source in China; coal-fired thermal electric generators provide over 70% of the country’s electric power.
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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What Does a New Dragon Stamp Say About China?
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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- Is journalist Vicky Xu preparing to return to China?
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