China
Taiwan accelerates recovery efforts after worst quake in 25 years
Updated April 3, 2024, 11:20 p.m. ET.
Rescue workers are searching for people still missing or trapped in the rubble after the worst earthquake to hit Taiwan in 25 years amid fears that casualties may rise.
Taiwanese authorities said that at least nine people were killed, more than 1,000 injured and nearly 100 people remain trapped in collapsed tunnels, mostly in Hualien County on the east coast, where the 7.4 magnitude earthquake hit on Wednesday morning.
The quake has also severely damaged the infrastructure in the area, with roads blocked with fallen rocks and railway lines to Hualien cut off, just as Taiwanese people began a major public holiday on Thursday.
By mid-day Thursday, the railway line between Yilan and Hualien counties has reopened but many sections of the Central Cross-Island Highway, or Provincial Highway 8, remain closed.
The military has been called in to help with recovery efforts. Two C-130 transport aircraft were dispatched to bring rescue teams and equipment to Hualien.
The official Central News Agency (CNA) reported that ships are being mobilized to bring supplies to the county.
Missing hotel workers
Most of the fatalities, caused by falling rocks, happened in Hualien – a picturesque mountainous area popular with hikers and tourists. The death toll being five women and four men so far.
Rugged terrain and damaged roads have made search and rescue operations harder.
It was reported that 47 employees of a Hualien hotel and 24 tourists are still unaccounted for at Jiuqudong, one of the most scenic sections in Taroko Gorge.
Taiwan’s National Fire Agency said 71 people are still trapped in two mines in Hualien after some tunnels collapsed in the earthquake.
According to the Hualien County Government, more than 600 people including residents and visitors have been placed in temporary accommodation. Shelters have also been set up in New Taipei City to accommodate earthquake victims.
Aftershocks are still being felt across Taiwan, with the government warning that tremors of up to 7 magnitude may occur in the next three days.
The Ministry of Economic Affairs reported that almost 400,000 households were experiencing power outages, as well as water stoppages, nationwide.
Eighty cell phone base stations suffered damage in the earthquake, causing communication disruptions. The National Communications Commission said it would work to repair all the stations by Friday.
Leading semiconductor manufacturer TSMC suspended operations on Wednesday and evacuated workers from some plants.
Despite its strength, the April 3 earthquake has not caused many fatalities thanks to the fact that the epicentre was far from populous urban areas, according to experts. The public’s preparedness also played a factor, after the highly destructive earthquake in 1999 that killed 2,400 people.
‘Thanks, but no thanks’
Taiwan’s Vice President and President-elect Lai Ching-te on Wednesday went to Hualien to inspect the aftermath of the earthquake. Lai, who is to be sworn in next month, said he was “fully committed” to assisting the Hualien county government as it works to shelter those displaced by the quake and rebuild.
“The priority now is to find and rescue those who remain trapped,” he said.
Leaders and senior officials from 47 countries including Japan, the U.S., the U.K. – to name a few – have expressed solidarity and offered assistance to Taipei, according to Taiwan’s Presidential Office.
Tibetan spiritual leader the Dalai Lama also expressed his sympathy to the earthquake victims via a post on Facebook.
Zhu Fenglian, head of China’s Taiwan Affairs Office – the organization in charge of cross-Strait relations – said in a statement that the mainland was “deeply concerned about the earthquake and expressed sincere condolences to Taiwan compatriots affected by the disaster.”
China “is willing to provide disaster relief assistance,” Zhu said.
However, the offer was declined by the Taiwanese authorities. Taiwan’s Mainland Affairs Council said in a statement that “we express our gratitude to the Chinese side for their concern” but “there is no need for the Chinese side to assist.”
Taiwan’s former president Ma Ying-jeou is currently in China on a friendly visit that has been criticized by some legislators from the ruling Democratic Progressive Party (DPP).
Frightened but calm
Taiwanese people have been sharing their own experiences from Wednesday’s earthquake.
A man, who identified himself as Li and lives just 500 meters from central Hualien, told Radio Free Asia’s Mandarin service that his building was seriously damaged and its 200 residents were rescued but now need to be resettled.
“After the earthquake hit, the main door was sealed. I was locked in my room for about half an hour.
“The tremors broke the windows and deformed the building structure, the ceilings collapsed, and the window grills, making it impossible to climb out. I learned that some people couldn’t stand on the road and had to hug trees to steady themselves.”
Another man named Lin described the quake as huge.
“The earth was shaking up and down, left and right for nearly a minute.”
But he kept his cool, saying: “I am so experienced. I am really used to it in Taiwan.”
Lan, a woman who lives in Taipei, told RFA: “I was about to go to work at the time, and I was relatively calm.”
“I think Taiwanese people are actually quite well trained in this regard, we know roughly what to do and just follow the instructions.”
Some people said that they actually learned about the earthquake from mainland Chinese sources. China’s Sina News issued an alert at 8:01 a.m. on Wednesday saying “The China Seismological Network detected an earthquake of 7.4 magnitude near Taiwan, China.”
But there was also disinformation, according to a woman named Li from Taipei: “The first time I saw it, the news was from mainland China saying that an earthquake of magnitude 8.4 was detected in Taiwan.”
“They also talked about suspension of work [in Taiwan]. Fake news was all over the…
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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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