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.
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China
Understanding risks for Australia of China’s slowing economy is Chalmers’ top priority at upcoming Beijing talks
Treasurer Jim Chalmers will visit Beijing for the Australia-China Strategic Economic Dialogue, addressing economic ties, trade issues, and concerns regarding China’s investments in Australia amidst complex bilateral relations.
When Treasurer Jim Chalmers travels to Beijing later this month, he and his counterpart at China’s peak economic agency, the National Development and Reform Commission, won’t be short on important topics to discuss.
Chalmers will be attending the Australia-China Strategic Economic Dialogue, one part of a tripartite agreement secured by the Gillard government in 2013.
The purpose was to hold annual talks at the highest level. The agreement also includes a Leaders’ Dialogue and a Foreign and Strategic Dialogue involving the two countries’ foreign ministers.
Troubled times
The dialogue was last held in September 2017 as the state of official ties began turning south.
It was then formally suspended by Beijing in May 2021 after the Morrison government cancelled the Victorian state government’s Memorandum of Understanding to participate in China’s “belt and road initiative”.
Its resurrection has been slow in coming. The stabilisation in the bilateral relationship under the Albanese government has already seen reciprocal visits involving leaders and foreign ministers. But it was not until June the two sides signed a new memorandum to bring back the dialogue.
The fact Chalmers was able to confirm the trip last Sunday is another sign Canberra and Beijing remain committed to talking. This is despite there being numerous issues over which they are at odds.
Chalmers’ concerns
For the Treasurer, the priority will be getting a first-hand read on China’s struggling economy and the risks this presents to Australia’s own outlook.
When announcing the visit he alluded to one scenario his department was tracking that could see Commonwealth budget revenue take a $4.5 billion hit due to falling prices for key commodity exports, including iron ore and lithium.
Slowing Chinese growth and falling commodity prices are clearly not positives for Australian income, but Chalmers is unlikely to return in a state of panic.
The latest trade figures show China continuing to import Australian iron ore and lithium at record or near record volumes.
Despite slowing growth China is still importing large volumes of Australia’s iron ore.
Dean Lewins/AAP
This points to increasing supply and a lack of demand from other countries being at least as relevant in explaining recent price falls. And both are coming off extraordinary price spikes to now be approaching levels more in line with historical averages.
The impact of Chinese growth on its demand for Australian goods and services has also never been a simple, one-to-one relationship. That remains true today.
A complex relationship
Australian wine exports, for example, are booming after Beijing removed tariffs earlier this year.
China’s customs agencies put the value of imported Australian wine over the past three months at US$252 million, or around A$400 million. This topped the $A357 million sold over the past year to the US, Australia’s second largest customer.
Students from China are also commencing at Australian universities in record numbers, albeit this is likely to fall next year due to restrictions imposed by Canberra, not Beijing.
That China remains a stand-out market is reflected in the large numbers of businesses and politicians attending the Australia-China Business Council’s Canberra Networking Day on Thursday. Trade Minister Don Farrell, Foreign Minister Penny Wong, Shadow Trade Minister Kevin Hogan and Shadow Foreign Minister Simon Birmingham are all slated to give speeches.
Chalmers will also be keen to raise the lingering import ban Beijing imposed in 2020 affecting Australian lobsters. Trade Minister Don Farrell said in June he was “very confident that in the near future” the ban would be lifted. Chalmers’ visit might provide the occasion to announce a final resolution.
China’s concerns
For China, top of the list of concerns will be Australia’s treatment of Chinese investors, particularly in sectors like critical minerals. In the past they have been welcomed but since 2020 there’s been an apparent de-facto ban on further involvement.
A recent survey of Chinese businesses in Australia pointed to generally positive sentiment. Almost 80% said they were optimistic about the outlook of the local business environment. Still, while 72.5% did not consider they had experienced discriminatory treatment, 42.4% felt the enforcement of Australia’s laws and regulations lacked transparency.
It’s not hard to see why. When Chalmers was asked in an interview last Sunday whether or not he wanted “China’s investment in critical minerals processing in Australia”, he did not reply with a “no”. Nor did he provide even a qualified “yes”.
China will likely also be seeking reassurance Canberra will not join Washington and some other capitals usually regarded as geopolitically “like-minded” in putting up tariff barriers on Chinese imports.
This reassurance shouldn’t be difficult for Chalmers to provide. Unlike the US, Australia’s economic relationship with China remains overwhelmingly complementary. Last year, Australia’s exports to China exceeded imports by $110.7 billion.
And low-cost, high-quality imports from China, such as electric vehicles, would be welcomed by the government amid a cost-of-living crisis and the net zero transition.
Late last month, Chris Bowen, Australia’s Minister for Climate and Energy, hosted his Chinese counterpart for the 8th Australia-China Ministerial Dialogue on Climate Change in Sydney.
A bipartisan approach
Trade with China also enjoys bipartisan support. In March, Minister Farrell touted the potential for two-way trade to increase from $300 billion to $400 billion.
Not to be outdone, opposition leader Peter Dutton said in June he’d “love to see the trading relationship [with China] increase two-fold”.
Chalmers was on the money this week in stating Australia’s relationship with China is now “full of complexity and full of opportunity”. His upcoming trip can only help in managing the former and realising the latter.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
China
Establishing a Family Office in Hong Kong
Hong Kong’s strategic location, strong financial infrastructure, and favorable tax regime make it a prime hub for family offices, with over 2,700 operating by 2023. Its evolution as a wealth management center supports effective family wealth transfer and management strategies.
Hong Kong’s strategic location, robust financial infrastructure, favorable tax regime, and high quality of life make it an ideal destination for establishing family offices, offering comprehensive support for wealth management and long-term family planning.
Hong Kong’s family office sector has seen remarkable growth, with a recent market study revealing that over 2,700 single-family offices were reportedly operating in the city as of December 31, 2023. This significant number highlights Hong Kong’s position as a global hub for family offices, complementing its long-standing reputation as an international center for asset and wealth management.
Historically, Hong Kong’s role in managing family wealth dates back to the late 1800s, and it has evolved into one of Asia’s largest cross-border wealth management centers. The recent surge in family offices can be attributed to the city’s strategic initiatives, including the development of a world-class family office regime. The Hong Kong government’s ongoing efforts to attract more family offices have led to new policies and incentives, reinforcing the city’s status as a premier destination for global family offices.
In this article, we explore the key factors that shape Hong Kong’s family office sector and a outline the steps to establish a family office in Hong Kong.
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A family office is a specialized entity designed to manage the wealth and needs of high-net-worth individuals and families. By consolidating investments and financial management under one roof, a family office provides greater control, transparency, and efficiency. This is particularly crucial as we approach a significant intergenerational wealth transfer, with an estimated US$8 trillion expected to change hands by 2029, according to Credit Suisse.
Family offices vary in structure, typically tailored to the specific needs of the family. Commonly, they involve a holding company or investment vehicles within a trust, centralizing financial operations and bringing dedicated expertise in-house. This setup also offers younger generations a platform to gain experience in investment management and business operations, preparing them to manage family wealth in the future.
This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
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Business
China Stimulates Economic Growth Through New Policies – London Business News | Londonlovesbusiness.com
Chinese officials will report on policies aimed at boosting economic growth, focusing on structural optimization and sustainability post-National Day festivities, addressing challenges like the pandemic and trade tensions.
Key Economic Growth Policies
Senior officials from China’s National Development and Reform Commission (NDRC), led by Zheng Shanjie, will report on key economic growth policies this Tuesday. The conference will focus on implementing progressive measures aimed at revitalizing the economy and ensuring sustainable long-term development. Following a festive season, including National Day, authorities emphasize the importance of leveraging this period to invigorate economic activities.
Addressing Economic Challenges
China is currently facing significant challenges that threaten its status as the world’s second-largest economy. Factors such as the pandemic and international trade tensions have contributed to a recent economic slowdown. In response, the government has enacted measures like interest rate cuts and relaxed real estate market restrictions, aiming to boost essential sectors such as construction and consumption.
The Role of the NDRC
The NDRC plays a pivotal role in these policy implementations. By coordinating various measures, the agency seeks to balance short-term growth with structural optimization for future stability. As China navigates this critical juncture, the decisions made at the upcoming conference will be vital for ensuring economic resilience and positioning the nation as a global leader.
Source : China boosts economic growth with new policies – London Business News | Londonlovesbusiness.com