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China

Outlook on China-Hungary Bilateral Trade and Investment Relations

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China and Hungary have had a strong relationship since 1949, with significant exchanges in energy and infrastructure. Hungary plays a key role in economic ties between China and Central and Eastern European countries. The two nations support each other’s interests and cooperate in various areas, with bilateral trade reaching $14.52 billion in 2023. Major projects include a high-speed rail connecting Budapest and Belgrade, with Hungary welcoming increased Chinese investment in key sectors.


The relationship between China and Hungary dates to October 1949, during the first week of the formation of the People’s Republic of China. Over the years, this bilateral relationship has fostered significant exchanges in energy and infrastructure. Diplomatic ties between the two nations remain strong, characterized by regular high-level visits and dialogues. Both countries actively support each other’s core interests and cooperate within multilateral frameworks, including the United Nations and the China-Central and Eastern European Countries (China-CEEC) cooperation mechanism.

As a member of the 17+1 cooperation framework, Hungary plays a pivotal role in facilitating economic ties between China and Central and Eastern European countries. Hungary was the first European country to sign the BRI cooperation document with China, which aligned with Budapest’s “Eastern Opening” strategy. This enhanced bilateral practical cooperation in trade, investment, finance, and other areas. In fact, Hungary is the third-largest trade partner of China in the Central and Eastern European area, while China remains Hungary’s largest trade partner outside the European Union. In 2023, bilateral trade volume surged to US$14.52 billion, marking a remarkable 73 percent increase since 2013.

A major highlight of their cooperation is China’s financing of a high-speed rail project connecting the capitals of Hungary (Budapest) and Serbia (Belgrade).

Furthermore, the China (Xi’an) – Hungary Economic and Trade Cooperation Exchange Meeting, held in Budapest in June 2024, reflects Hungary’s eagerness for increased Chinese investment in sectors like modern agriculture, food processing, machinery manufacturing, geothermal and photovoltaic energy, and tourism.

China and Hungary have maintained robust bilateral trade cooperation, overcoming challenges and achieving substantial growth over the years. According to the China Economic Information Service (CEIS), bilateral trade between the two countries reached US$14.52 billion in 2023, representing a 73 percent increase compared to 2013.

The focus of this trade relationship lies in high-value-added machinery, electrical equipment, and advanced technology products. Specifically, the following categories of items account for over 80 percent of the bilateral trade volume: electric motors, electrical equipment and components; boilers, machinery and parts; vehicles and parts; and optical, photographic, and medical equipment and components.

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

Revealing the Encouraged Industries of Hainan in 2024: Unlocking Opportunities

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The 2024 Hainan Encouraged Catalogue, issued by the NDRC, MOF, and STA, aims to boost industries in the Hainan Free Trade Port. It prioritizes sectors like tourism, modern services, and high technologies, offering incentives for foreign investment and market access expansion since 2020. The Catalogue includes 176 entries across 14 categories, with 33 new additions focusing on cultural tourism, new energy, medicine and health, aviation, aerospace, and environmental protection.


The National Development and Reform Commission (NDRC), in collaboration with the Ministry of Finance (MOF) and the State Taxation Administration (STA), has issued the Catalogue of Industries Encouraged to Develop in Hainan Free Trade Port (2024 Version), hereinafter referred to as the “2024 Hainan Encouraged Catalogue.” The updated Catalogue took effect on March 1, 2024, replacing the previous 2020 Edition.

Beyond the industries already addressed in existing national catalogues, the new entries in the 2024 Hainan Encouraged Catalogue are based on practical implementation experiences and the specific needs within Hainan, prioritizing sectors such as tourism, modern services, and high technologies.

The Hainan FTP has been providing incentives to draw investors to invest and establish businesses in the region, especially foreign investment. Alongside a phased approach to opening the capital account and facilitating free capital movement, Hainan has significantly expanded market access for foreign enterprises since 2020, particularly in sectors such as telecommunications, tourism, and education.

The Hainan Encouraged Catalogue comprises two main sections:

Similar to the approach adopted by the western regions, foreign-invested enterprises (FIEs) should always implement their production or operations in accordance with the Catalogue of Encouraged Industries for Foreign Investment.

On top of the industries already addressed in existing national catalogues, the 2024 Hainan Encouraged Catalogue encompasses 14 distinct categories and a total of 176 entries especially encouraged in the region, including 33 new additions compared to the 2020 Edition. These new entries predominantly span cultural tourism, new energy, medicine and health, aviation and aerospace, and ecological and environmental protection, among others.

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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Key Guidelines for Companies in Compliance Audits for Personal Information Protection Standards

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China’s standards authority has released draft standards for personal information protection compliance audits, potentially making them mandatory for companies in 2023. The audits will require companies to undergo annual or biennial checks based on the number of people’s information they handle. The draft standards outline the audit process and requirements, seeking public feedback until September 11, 2024.


China’s standards authority has released draft standards for conducting personal information protection compliance audits. Regular compliance audits to ensure compliance with personal information protection regulations may become a requirement for companies in China under draft measures released in 2023. We explain the audit processes and requirements proposed in the draft standards.

The Standardization Administration of China (SAC) has released a set of draft standards for conducting personal information (PI) protection compliance audits. Under draft measures released by the Cyberspace Administration of China (CAC) in August 2023, companies that process the PI of people in China are required to undergo regular compliance audits.

Specifically, companies that process the PI of over one million people must undergo a compliance audit at least once a year, while companies that process the PI of under one million people must carry out an audit at least once every two years. 

While the draft measures stipulate the obligations of the auditing body and the audit scope, the draft standards outline the specific audit process, including evidence management and permissions of the audit organization, as well as the professional and ethical requirements of auditors. 

The Secretariat of the National Cybersecurity Standardization Technical Committee is soliciting public feedback on the draft standards until September 11, 2024. Public comment on the draft measures released in August last year closed on September 2, 2023, but no updated document has yet been released. 

The draft standards outline five stages of the PI protection compliance audit: audit preparation, implementation, reporting, problem rectification, and archiving management. 

Auditors are required to accurately document identified security issues in the audit working papers, ensuring that the records are comprehensive, clear, and conclusive, reflecting the audit plan and its execution, as well as all relevant findings and recommendations. 

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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A Comprehensive Guide to China’s Expanded 144-Hour Visa-Free Transit Policy at 37 Ports

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China has expanded its 144-hour visa-free transit policy, allowing travelers from 54 countries to visit certain areas without a visa. Zhengzhou in Henan Province and eight cities in Yunnan Province are now included. The policy aims to promote people-to-people exchange and requires travelers to meet specific requirements.


China has expanded the 144-hour visa-free transit policy, which allows people from certain countries to enjoy six days of travel to select areas of the country without applying for a visa beforehand, to cover 54 countries and 37 ports. Zhengzhou in Henan Province and eight more cities in Yunnan Province can benefit from this policy as of July 15, 2024. Amid China’s continuous efforts to promote people-to-people exchange, we explain who is eligible for the 144-hour visa-free transit and where in China you can travel on this special entry permit.

The National Immigration Administration (NIA) has expanded China’s 144-hour visa-free transit policy to 37 ports as of July 15, 2024. Zhengzhou aviation port in Henan now offers this policy, with the stay limited to the administrative region of Henan Province. The stay range of Yunnan Province’s policy has been expanded from Kunming to eight other cities (prefecture-level) including Lijiang, Yuxi, Pu’er, Chuxiong, Dali, Xishuangbanna, Honghe, and Wenshan. Additionally, Zhengzhou Xinzheng International Airport, Lijiang Sanyi International Airport, and Mohan Railway Port have been added as ports applicable to the 144-hour visa-free transit policy.

In this article, we explain how this 144-hour visa-free transit policy works and summarize some frequently asked questions.  

Under the 144-hour visa-free transit policy, foreign travelers can enjoy a six-day stay in certain Chinese cities without a visa, provided they come from 54 eligible countries, enter and exit China from eligible ports, stay within the allowed cities and regions, as well as satisfy other requirements.  

To obtain this visa exemption, the foreign national must have a valid passport from one of the 54 countries, which are: 

As per the requirements of China’s National Immigration Authority (NIA), people applying for 144-hour visa-free transit must have: 

You may also be required to answer some questions at immigration control upon arrival.  

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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