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China

Taiwan’s president-elect hopes US can continue to support the island

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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.

Former National Security Advisor Stephen J. Hadley (second from right) and AIT Chairman Laura Rosenberger (second from left) in Taipei on Jan. 15, 2024. (Credit: Taiwan’s Ministry of Foreign Affairs)

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.

 

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China Unveils Plan to Upgrade Industrial Equipment

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China unveiled a comprehensive action plan for upgrading industrial equipment, with a focus on driving technological innovation and economic growth. The plan, released on April 9, 2024, aims to enhance competitiveness and sustainability within the manufacturing sector through extensive investment and regulatory support.


China announced an ambitious action plan for industrial equipment upgrading, which aims to drive technological innovation and economic growth through extensive investment and regulatory support.

On April 9, 2024, China’s Ministry of Industry and Information Technology (MIIT) and six other departments jointly released a notice introducing the Implementation Plan for Promoting Equipment Renewal in the Industrial Sector (hereafter referred to as the “action plan”).

Finalized earlier on March 23, 2024, this comprehensive action plan addresses critical issues related to technological innovation and economic development. It reflects China’s proactive stance in enhancing competitiveness and sustainability within its manufacturing sector. The initiative underscores the recognition of industrial equipment upgrading as a top policy priority.

The scope of China’s action plan to upgrade industrial equipment in manufacturing, is extensive, covering various aspects such as:

In line with China’s ambitious goals for industrial modernization and sustainable development, the action plan outlines several key objectives aimed at driving substantial advancements in the industrial sector by 2027.

These objectives encompass a wide range of areas, from increasing investment to enhancing digitalization and promoting innovation, including:

The objectives and key actions proposed in the action plan are summarized below.

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.

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China deepens engagement with new Indonesian president as top diplomat visits Jakarta

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China’s top diplomat met the outgoing Indonesian president and his successor in Jakarta on Thursday, as Beijing deepened its engagement with future leader Prabowo Subianto, amid a competition for regional influence with the United States.

The meeting with Chinese Foreign Minister Wang Yi was part of a joint commitment to advance the partnership between the two countries, said Prabowo, who visited Beijing in early April after his landslide win in the February general election.

“It is a great honor for me to welcome him [Wang] today. Thank you for the kind reception I received in Beijing a few weeks ago,” Prabowo said, according to an Indonesian defense ministry statement.

Chinese President Xi Jinping had invited Prabowo to visit, and the latter accepting the invitation raised eyebrows in Indonesia because no president-elect had made a foreign visit such as this one without being sworn in. China is Indonesia’s largest trading partner.

Wang, too, mentioned Prabowo’s Beijing trip, according to the same statement.

“We really appreciate and welcome Defense Minister Prabowo’s visit to China,” he said.

“We are committed to continuing to increase bilateral cooperation with Indonesia, both in the defense sector and other fields such as economic, social and cultural.”

Wang is scheduled to go to East Nusa Tenggara province on Friday to attend the China-Indonesia High-Level Dialogue Cooperation Mechanism, a process to support more effective bilateral cooperation. His Jakarta stop was the first of a six-day tour that also includes Cambodia and Papua New Guinea.

Chinese Foreign Minister Wang Yi (left) and Indonesian Foreign Minister Retno Marsudi attend a press conference after their meeting at the Ministry of Foreign Affairs in Jakarta, April 18, 2024. (Eko Siswono Toyudho/ BenarNews)

Prabowo and Wang discussed cooperation in the defense industry and sector, with potential measures such as educational and training collaboration, as well as joint exercises, said Brig. Gen. Edwin Adrian Sumantha, spokesman at the Indonesian defense ministry.

In fact, the ministry statement said that “China is Indonesia’s close partner and has had close bilateral relations, especially in the defense sector, for a long time.”

Of course, China has also invested billions of U.S. dollars in infrastructure projects in Indonesia, including as part of Beijing’s Belt and Road Initiative – the Jakarta-Bandung high-speed train, which began commercial operations in October 2023, is one such BRI project.

The two countries have drawn closer during outgoing President Joko “Jokowi” Widodo’s two terms, and Beijing would like that to continue as the U.S. tries to catch up with China’s gargantuan influence in Southeast Asia, analysts have said.

Indonesia, China call for ceasefire in Gaza

Both Indonesia and China shared the same position on Israel’s devastating attacks on Gaza, said Wang’s Indonesian counterpart, Retno Marsudi.

Israel’s air and ground strikes have killed more than 33,000 Palestinians following the Oct. 7 attack on the Jewish state by Palestinian militant group Hamas, which killed around 1,100 Israelis.

“We … have the same view regarding the importance of a ceasefire in Gaza and resolving the Palestinian problem fairly through two state solutions,” Retno told reporters in a joint press conference after meeting with Wang. 

“Indonesia will support full Palestinian membership in the U.N. Middle East stability will not be realized without resolving the Palestinian issue.”

For his part, Wang slammed Washington for repeatedly vetoing resolutions calling for Israel to end the attacks on the Palestinian territory it occupies.

“The conflict in Gaza has lasted for half a year and caused a rare humanitarian tragedy in the 21st century,” Wang told the media at the same press conference, according to the Associated Press.

“The United Nations Security Council responded to the call of the international community and continued to review the resolution draft on the cease-fire in Gaza, but it was repeatedly vetoed by the United States.”

The conflict in the Middle East offered a strategic opportunity for China to further expand its influence in Southeast Asia, said Muhamad Arif, a lecturer in international relations at the University of Indonesia.

“China is trying to strengthen its position as a key player in the region,” Arief told BenarNews.

China could present an alternative approach to the conflict in Gaza, he said, which may find approval in Southeast Asia’s largest country, Indonesia, and other Mulism-majority states in the region, such as Malaysia and Brunei.

BenarNews is an RFA-affiliated online news organization.

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New Publication: A Guide for Foreign Investors on Navigating China’s New Company Law

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The sixth revision of China’s Company Law is the most extensive amendment in history, impacting foreign invested enterprises with stricter rules on capital injection and corporate governance. Most FIEs must align with the New Company Law by July 1, 2024, with a deadline of December 31, 2024 for adjustments. Contact Dezan Shira & Associates for assistance.


The sixth revision of China’s Company Law represents the most extensive amendment in its history. From stricter capital injection rules to enhanced corporate governance, the changes introduced in the New Company Law have far-reaching implications for businesses, including foreign invested enterprises (FIEs) operating in or entering the China market.

Since January 1, 2020, the Company Law has governed both wholly foreign-owned enterprises (WFOEs) and joint ventures (JVs), following the enactment of the Foreign Investment Law (FIL). Most FIEs must align with the provisions of the New Company Law from July 1, 2024, while those established before January 1, 2020 have bit more time for adjustments due to the five-year grace period provided by the FIL. The final deadline for their alignment is December 31, 2024.

In this publication, we guide foreign investors through the implications of the New Company Law for existing and new FIEs and relevant stakeholders. We begin with an overview of the revision’s background and objectives, followed by a summary of key changes. Our in-depth analysis, from a foreign stakeholder perspective, illuminates the practical implications. Lastly, we explore tax impacts alongside the revisions, demonstrating how the New Company Law may shape future business transactions and arrangements.

If you or your company require assistance with Company Law adjustments in China, please do not hesitate to contact Dezan Shira & Associates. For more information, feel free to reach us via email at china@dezshira.com.

 

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.

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