China
China sent who to the UN?
Chinese Vice President Han Zheng told the U.N. General Assembly on Thursday that the world should resist U.S. hegemonism, reject the use of human rights as a “political tool” and never doubt Beijing’s plans to reunite China’s mainland with the democratic island of Taiwan.
The mostly anodyne speech hewed closely to standard lines often repeated by China’s leaders and, in the end, was less notable for its contents than for who delivered them: a little-known figure on the world stage promoted to vice president only six months ago.
Han was left to deliver China’s remarks after both President Xi Jinping and Foreign Minister Wang Yi opted to stay away from New York.
But the former Shanghai mayor showed he was well versed.
In a thinly veiled dig at the United States, Han said China “opposes hegemonism, power politics, unilateralism and Cold War mentality” and that “legitimate security concerns of all countries” had to be addressed, in apparent defense of Russia’s invasion of Ukraine.
The vice president attacked what he said was “double standards” in international criticism of its human rights abuses. He said Beijing opposed, “in particular, the use of human rights and democracy as a political tool to interfere in the affairs of other countries.”
Almost like clockwork, Han then reiterated Beijing’s stance that the democratic island of Taiwan is a renegade Chinese province.
“Taiwan has been an inalienable part of China’s territory since ancient times,” he said, adding no one in the world “should ever underestimate the firm resolve, strong will and the power of the Chinese people to safeguard their sovereignty and territorial integrity.”
Moscow trip
Xi was not the only leader to snub the assembly, with French President Emmanuel Macron and British Prime Minister Rishi Sunak, along with Russian President Vladimir Putin, also staying away from New York.
Xi’s decision to not even send Wang, though, was all the more conspicuous due to where the foreign minister was instead: Moscow, on a four-day trip to meet with Putin, inviting him to visit Xi next month for a high-profile Belt and Road conference in Beijing.
In the weeks leading up to the U.N. General Assembly, there had been speculation that Wang might use a trip to New York to also meet with U.S. Secretary of State Antony Blinken, who visited Beijing in June and extended an open invitation to Wang to make a return U.S. visit.
But a senior Russian official said on Tuesday that Wang’s trip to Moscow was important for the new Russia-China axis opposing the Western world, according to a report in the Associated Press.
“Amid the campaign unleashed by the collective West that is aimed at the double containment of Russia and China,” said Nikolai Patrushev, the secretary of Russia’s Security Council, “it’s particularly important to further deepen Russian-Chinese coordination and interaction on the international arena.”
Instead of meeting Wang, Blinken met with Han on Monday. The Chinese vice president seemed to tell reporters before the meeting that Beijing thought the United States could do more to thaw ties.
“We sincerely hope that the U.S. would take more concrete action to deliver on the common understanding between our leaders for the sound and steady growth in China-U.S. relations,” Han said.
Blinken, in diplomatic terms, called for more in-person meetings.
“From the perspective of the United States,” he said, “face-to-face diplomacy is the best way to deal with areas where we disagree, and also the best way to explore areas of potential cooperation between us. The world expects us to responsibly manage our relationship.”
No facetime
Blinken is one of four Biden administration cabinet members – along with Treasury Secretary Janet Yellen, climate envoy John Kerry and Commerce Secretary Gina Raimondo – to have visited Beijing since June, with no Chinese officials making the return visit so far.
Meetings between Biden and Xi – who have not met since last year’s G-20 summit in Bali, Indonesia, where they pledged to “responsibly manage” ties to avoid conflict – have also been postponed.
The pair were also expected to meet at this year’s G-20 summit in New Delhi earlier this month, but Xi chose not to attend. Biden said he was “disappointed,” but added that he was still “going to get to see him.”
Speculation has now shifted to the Asia-Pacific Economic Cooperation forum in San Francisco in November, where the two leaders could meet on the sidelines if the Chinese president, who has so far this year only left China for trips to Russia and South Africa, decides to attend.
Earlier this month, China’s spy agency hinted that a Biden-Xi meeting depended on the United States “showing sufficient sincerity.”
But there remains hope. Over the weekend, Biden’s national security adviser, Jake Sullivan, met with Wang in Malta while Wang was en route to Russia, reportedly to lay groundwork for a meeting.
The White House called the meeting “candid, substantive and constructive,” said that it built off Biden and Xi’s meeting in Bali and added that it hoped for “additional high-level engagement” soon.
Edited by Malcolm Foster.
Read the rest of this article here >>> China sent who to the UN?
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
- Is journalist Vicky Xu preparing to return to China?
- Guide for Foreign Residents: Obtaining a Certificate of No Criminal Record in China
- China Unveils Plan to Upgrade Industrial Equipment
