China
Taiwan’s president-elect hopes US can continue to support the island
Updated Jan. 15, 2024, 12:10 a.m. ET
Taiwan’s president-elect Lai Ching-te told a visiting delegation of former senior U.S. officials on Monday that he hopes the United States can continue to support Taiwan.
Lai added his administration will continue to defend peace and stability in the Taiwan Strait, according to media reports.
Lai from the ruling Democratic Progressive Party (DPP) became Taiwan’s president-elect on Saturday, beating Beijing-favored Hou Yu-ih of the Kuomintang (KMT) and Ko Wen-je of the Taiwan’s People Party (TPP).
His remarks came during the meeting with the high-level U.S. delegation’s three-day trip to the self-governed island to exchange views on bilateral issues and prospects.
The American Institute in Taiwan (AIT), the U.S.’s de facto embassy in the island, said in a statement on Sunday a delegation made up of former senior officials, including former National Security Advisor Stephen J. Hadley and former Deputy Secretary of State James B. Steinberg, would be in Taipei and would meet with “a range of leading political figures” on Monday.
The delegation also met incumbent President Tsai Ing-wen at the presidential office on Monday morning, where Hadley conveyed the American people’s congratulations on the election.
“Taiwan’s democracy has set a shining example to the world,” Hadley said, in comments released by Tsai’s office.
“We are honored to have the opportunity to meet with you today to reaffirm that the American commitment to Taiwan is rock solid, principled and bipartisan and that the United States stands with its friends,” said Hadley, adding that he looked forward to meeting Lai and other political leaders.
“We look forward to continuity in the relationship between Taiwan and the United States under the new administration, and for common efforts to preserve cross-strait peace and stability.”
Lai, the incumbent vice-president, has vowed to continue outgoing President Tsai’s efforts to bolster diplomatic ties with democratic allies and protect the island from “threats and intimidation” by China, which claims Taiwan as its own.
Key strategic allies of Taiwan extended congratulations following his triumph and the elections. Antony Blinken, the U.S. Secretary of State, commended Taiwan for its “strong democratic system and electoral process,” while Japan acclaimed the “seamless execution” of the democratic election.
However, Beijing said the DPP “did not represent mainstream public opinion,” referring to Lai garnering only 40% of the vote and the DPP failing to retain a majority in the legislature, adding that the result would not stop “the inevitable trend of China’s reunification.”
The Chinese foreign ministry on Sunday rebuked the U.S. State Department’s statement on the election as “seriously” in breach of the one-China principle, sending a wrong signal to the “Taiwan independence separatist forces”.
The ministry’s statement reiterated the “Taiwan question” – which Beijing calls the political foundation of bilateral relations – as the first red line that must not be crossed in US-China ties.
Separately, China’s mouthpiece publication, Global Times, warned on Sunday that China has “both the strength and determination to resolve the Taiwan question once and for all once Lai crosses the red line,” noting that the initiative on solving the Taiwan question firmly lies with the Chinese mainland.
The AIT said in a statement on Sunday the unofficial visit will “convey congratulations from the American people to Taiwan on its successful elections, support for Taiwan’s continued prosperity and growth, and our longstanding interest in cross-Strait peace and stability.”
Taiwan’s Ministry of Foreign Affairs also said on the same day that the delegation symbolizes bipartisan government support for Taiwan and demonstrates that democratic values are key factors in “propelling Taiwan towards the international stage and embracing the world,” according to the ministry.
When asked to comment on Taiwan’s election during a press briefing on Saturday, U.S. President Joe Biden reiterated Washington’s position of not supporting Taiwan independence.
In contrast to Beijing’s “one China principle,” which holds that Taiwan is an inalienable part of China and that it should be governed from Beijing, Washington espouses a “one China policy” that takes no position on sovereignty over Taiwan. While acknowledging Beijing’s position, Washington does not take a stance on its validity.
Edited by Elaine Chan and Mike Firn.
Updated to add remarks made by the president-elect Lai Ching-te and former U.S. National Security Advisor Stephen J. Hadley.
Read the rest of this article here >>> Taiwan’s president-elect hopes US can continue to support the island
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?
- 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
- China deepens engagement with new Indonesian president as top diplomat visits Jakarta
