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China

The Most Powerful Chinese Leader of the “New Era”, Xi Jinping Pursues Chinese Dream

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At the close of the 19th National Congress of the Communist Party of China during October 18-24, Xi Jinping continued the second term of his presidency flanked by another six members of the new Politburo Standing Committee. 

Highlight

  • A unanimous vote by 19th National Congress delegates firmly endorsed Xi Jinping’s second term of presidency, whilst “Xi Jinping Thought” on Socialism with Chinese Characteristics for a New Era, has been enshrined in the party’s constitution – a move which consolidates his power and elevates Xi Jinping into his new pantheon as one of the most influential Chinese leaders to date, placing him in the same league as Chairman Mao Tse-tung, founder of the Communist Party
  • China’s economic reform and liberalization of trade, investment and finance will accelerate and intensify over the next five years, directly benefitting the Thai economy and especially the export and tourism sectors.

 

Aside from Xi Jinping, General Secretary of the Communist Party of China and President of the People’s Republic of China and Li Keqiang, Premier of the State Council, there are five other members of the Politburo Standing Committee who are all new to the committee:

1) Li Zhanshu, Director of the General Office of the Communist Party of China and Director of the Office of the National Security Commission,

2) Wang Yang, Vice Premier of the State Council,

3) Wang Huning, a political theorist and Director of the Central Policy Research Office,

4) Zhao Leji, Director of the Central Organization Department and Secretary of the Central Commission for Discipline Inspection and

5) Han Zheng, Party secretary of Shanghai. However, the potential successors of Xi such as Hu Chunhua, Party Secretary of Guangdong, and Chen Min’er, Party Secretary of Chongqing, were not elected to sit on the new Politburo Standing Committee. Therefore, it is expected that Xi Jinping may be preparing for a third term of presidency.

The 14 principles of Xi Jinping thought that have now been enshrined in the party’s constitution are a guide for China to achieve a modern, prosperous, and progressive socialist state.

Covering both economics and politics, the ideologies include significant economic elements such as a call for “comprehensively deepen reform” with the adoption of “new vision for development,” and the policy direction in improving the quality of life of Chinese people and, at the same time, preserving the environment so that humans and nature can coexist in harmony.

The ideologies also place importance on the expansion of China’s influence on the world stage under the vision to build a community of shared future for mankind. While the political essences of the ideologies concentrate on centralization of power by emphasizing the power of the Communist Party in decision-making, law enforcement and governance and ensuring absolute power of the Party over the People’s Army. It also emphasizes the importance of the “One Country, Two Systems” policy, which refers to the mainland China and the special administrative regions of Hong Kong and Macao and the “One China” policy, which cements the relationship between mainland China and Taiwan.

Over the past five years, under the leadership of Xi Jinping, China has entered a “new era,” bringing many impressive achievements, in all economic, social or political aspects.

Years of rapid economic expansion has raised China’s GDP to CNY 80 trillion, contributing to 30% of global economic growth from 2013 to 2016. China’s economic structure has shifted toward an innovation-driven era resulting in the emerging digital industry and, along with it, the introduction of numerous technological products such as high-speed rail, delivery drone and electric vehicle. Moreover, China continues to lead all other nations on the foreign trade and investment front, particularly under Belt and Road Initiatives. Even China’s measures to elevate the poor has achieved a high level of success, raising over 60 million people out of poverty.

Author: Jiramon Sutheerachart

 

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Trends and Future Prospects of Bilateral Direct Investment between China and Germany

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China and Germany experienced a decline in direct investment in 2023 due to global economic uncertainty and policy changes. Despite this, China remains an attractive destination for German FDI. Key industries like automotive and advanced manufacturing continue to draw investors, although FDI outflows from Germany to China decreased by 30% in the first three quarters of 2023. Despite this, the actual use of foreign capital from Germany to China increased by 21% in the same period according to MOFCOM. The Deutsche Bundesbank’s FDI data and MOFCOM’s actual use of foreign capital provide different perspectives on the investment trends between the two countries.


Direct investment between China and Germany declined in 2023, due to a range of factors from global economic uncertainty to policy changes. However, China remains an important destination for German foreign direct investment (FDI), and key industries in both countries continue to excite investors. We look at the latest direct investment data between Germany and China to analyze the latest trends and discuss key factors that could shape future business and commercial ties.

Direct investment between China and Germany has undergone profound changes over the past decade. An increasingly complex investment environment for companies in both countries has led to falling two-way FDI figures in the first three quarters of 2023, in stark contrast to positive trends seen in 2022.

At the same time, industries with high growth potential, such as automotive and advanced manufacturing, continue to attract German companies to China, and high levels of reinvested earnings suggest established firms are doubling down on their commitments in the Chinese market. In Germany, the potential for electric vehicle (EV) sales is buoying otherwise low investment among Chinese companies.

According to data from Deutsche Bundesbank, Germany’s central bank, total FDI outflows from Germany to China fell in the first three quarters of 2023, declining by 30 percent to a total of EUR 7.98 billion.

This is a marked reversal of trends from 2022, when FDI flows from Germany to China reached a record EUR 11.4 billion, up 14.7 percent year-on-year.

However, according to China’s Ministry of Commerce (MOFCOM), the actual use of foreign capital from Germany to China increased by 21 percent year-on-year in the first eight months of 2023. The Deutsche Bundesbank’s FDI data, which follows standards set by the IMF, the OECD, and the European Central Bank (ECB), includes a broader scope of transactions within its direct investment data, including, broadly, direct investment positions, direct investment income flows, and direct investment financial flows.

Meanwhile, the actual use of foreign capital recorded by MOFCOM includes contracted foreign capital that has been concluded, including the registered and working capital paid by foreign investors, as well as the transaction consideration paid for the transferred equity of domestic investors.

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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Manila blasts China’s ‘unprovoked aggression’ in latest South China Sea incident

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China’s coast guard on Saturday fired a water cannon at a Philippine supply boat in disputed waters in the South China Sea, causing “significant damages to the vessel” and injuring its crew, the Philippine coast guard said.

Manila was attempting to resupply troops stationed on a ship at the Second Thomas Shoal, known locally as Ayungin Shoal, when the Chinese coast guard and maritime militia “harassed, blocked, deployed water cannons, and executed dangerous maneuvers against the routine RoRe (rotation and resupply) mission,” said the Philippine National Task Force for the West Philippine Sea.

The West Philippine Sea is the part of the South China Sea that Manila claims as its jurisdiction.

The Chinese coast guard also set up “a floating barrier” to block access to shoal where Manila ran aground an old warship, BRP Sierra Madre, to serve as a military outpost.

The Philippine task force condemned China’s “unprovoked aggression, coercion, and dangerous maneuvers.”

Philippines’ RoRe missions have been regularly blocked by China’s coast guard, but this is the first time a barrier was set up near the shoal. 

The Philippine coast guard nevertheless claimed that the mission on Saturday was accomplished.

Potential consequences

The Second Thomas Shoal lies within the country’s exclusive economic zone where Manila holds sovereign rights. 

China, however, claims historic rights over most of the South China Sea, including the Spratly archipelago, which the shoal forms a part of.

A Chinese foreign ministry’s spokesperson on Saturday said the Philippine supply vessel “intruded” into the waters near the shoal, called Ren’ai Jiao in Chinese, “without permission from the Chinese government.”

“China coast guard took necessary measures at sea in accordance with law to safeguard China’s rights, firmly obstructed the Philippines’ vessels, and foiled the Philippines’ attempt,” the ministry said.

“If the Philippines insists on going its own way, China will continue to adopt resolute measures,” the spokesperson said, warning that Manila “should be prepared to bear all potential consequences.”

Chinese Maritime Militia vessels near the Second Thomas Shoal in the South China Sea, March 5, 2024. (Adrian Portugal/Reuters)

U.S. Ambassador to the Philippines MaryKay Carlson wrote on social media platform X that her country “stands with the Philippines” against China’s maneuvers.

Beijing’s “interference with the Philippines’ freedom of navigation violates international law and threatens a free and open Indo-Pacific,” she wrote.

Australian Ambassador to the Philippines Hae Kyong Yu also said that Canberra shares the Philippines’ “serious concerns about dangerous conduct by China’s vessels adjacent to Second Thomas Shoal.” 

“This is part of a pattern of deeply concerning behavior,” Yu wrote on X.

Edited by Jim Snyder.

Read the rest of this article here >>> Manila blasts China’s ‘unprovoked aggression’ in latest South China Sea incident

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Foreigners in China: 2024 Living and Working Guidelines

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China’s Ministry of Commerce released updated guidelines for foreign businesspersons living and working in China in 2024. The guidelines cover accommodations, visas, work permits, and emergency protocols. It also outlines responsibilities regarding social security premiums and individual income tax obligations. prompt registration for temporary accommodation is required upon arrival.


The updated 2024 guidelines for foreign businesspersons living and working in China, released by the country’s Ministry of Commerce, outline essential procedures and considerations covering accommodations, visas, work permits, and emergency protocols.

On January 25, 2024, China’s Ministry of Commerce (MOFCOM) released the latest version of the Guidelines for Foreign Businessmen to Live and Work in China (hereinafter referred to as the “guidelines”).

The document is divided into four main sections, labeled as:

Furthermore, the guidelines elucidate the regulatory framework governing foreign businessperson’s responsibilities concerning social security premiums and individual income tax obligations.

This article provides a comprehensive overview of the guidelines, delving into their significance and implications for foreign businesspersons in China.

Upon arrival in China, prompt registration for temporary accommodation is required.

If staying in a hotel, registration can be facilitated by the hotel staff upon presentation of a valid passport or international travel documents.

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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