Business

China Releases 12th Five-Year Plan for Foreign Trade Development

By Xiaolei Gu

May 4 – China’s Ministry of Commerce released the 12th Five-Year Plan (FYP) for Foreign Trade Development last week, which aims at an annual growth of 10 percent during 2011-2015 and a total of US$4.8 trillion by 2015.

The 12th FYP outlines the fruitful achievements made during the 11th FYP, analyzes the new domestic and international environment for foreign trade, and identifies challenges and opportunities during 2011-2015. More importantly, it lays out the development goals accompanied by the major tasks and protective measures necessary to achieve the goals. Below is a brief summary of the key information taken from the 12th FYP for Foreign Trade Development. Continue reading →

Posted in Business | Tagged 12th Five-Year Plan, China Development Goals, FDI, Foreign Trade, Ministry of COmmerce | Leave a comment

China Crackdown on Illegal Employment and Visa Overstays by Foreign Nationals

May 2 – In a report to the National People’s Congress Standing Committee on April 25, Deputy Minister of Public Security Yang Huanning noted that the government will reinforce its management of foreign nationals who have entered China illegally, have overstayed their allotted time, or who are illegitimately working in the country. Continue reading →

Posted in Business, Legal and Regulatory, Regulatory Update | Tagged China Expats, China Visas, Deportation, Illegal Immigrants | Leave a comment

China-U.S. to Boost Accounting Communication and Cooperation

Apr. 30 – In a meeting with a delegation from the American Institute of Certified Public Accountants on Monday, April 23, Deputy Minister of Finance and President of the Chinese Institute of Certified Public Accountants, Li Yong, emphasized the importance of communication and cooperation between China and the United States in the field of accounting. He noted that such dialogue not only conforms to the trend of global governance in international accounting, but also serves the interest of the strategic economic and trade partnership between China and the United States.

Li put forward the role and performance of public accounting in China and the future development of the industry in China during the visit of the U.S. delegation. Continue reading →

Posted in Business, Economy and Politics, Finance, Tax and Accounting | Tagged Accounting Standards, American Institute of Certified Public Accountants, China Accounting, Chinese Institute of Certified Public Accountants, U.S.-China Relations, U.S.-China Trade | Leave a comment

New Issue of China Briefing: Hong Kong and Singapore Holding Companies

Apr. 30 – The new issue of China Briefing Magazine, titled Hong Kong and Singapore Holding Companies, is out now and immediately available as a complimentary PDF download on the Asia Briefing Bookstore.

While a variety of exotic locations are excellent options for holding company establishments in terms of tax and administrative efficiency, a majority of SMEs choose Hong Kong holding companies for their China investments due to its geographical proximity. But for foreign investors looking to invest in China “and beyond,” Singapore is looking increasingly appealing as a holding company destination.

In this issue of China Briefing, we take a closer look at the benefits of both Hong Kong and Singapore holding companies, how to establish and maintain a company in each of these jurisdictions, and the relevant double tax agreements. Continue reading →

Posted in Business, Economy and Politics, FDI and Foreign Trade, Featured, Legal and Regulatory | Tagged Asia Holding Companies, Holding Companies, Hong Kong, Hong Kong Holding Companies, Hong Kong Vs. Singapore, Singapore, Singapore Holding Companies | Leave a comment

ASEAN-China Center to Raise Awareness of Free Trade Area

Apr. 27 – In order to promote greater awareness of the ASEAN-China Free Trade Area (ACFTA), the intergovernmental non-profit organization the “ASEAN-China Center” will be inviting experts in the field of economics and business to give lectures.

In an interview with the China Daily, the center’s Secretary-General Ma Mingqiang raised concerns over the fact that many people, especially people in small business in China and the ASEAN nations, are not aware of the ACFTA and thus do not know how they can benefit from the cooperation agreement. The lectures provided by the Center will focus on informing businesspeople about what ACFTA is and what benefits it could potentially bring to their business. Continue reading →

Posted in Business, FDI and Foreign Trade, Markets | Tagged ACFTA, ASEAN, ASEAN-China Center, ASEAN-China Free Trade Area, Free Trade Agreements, FTA | Leave a comment

CEPA Rules of Origin for Hong Kong-Mainland Trade in Goods

Apr. 24 – In order to enjoy zero tariffs under the Closer Economic Partnership Agreement (CEPA), goods exported from Hong Kong to Mainland China must fulfill the rules of origin and show evidence of being “made in Hong Kong.”

The execution of the rules of origin is detailed in the “Customs Provisions of the People’s Republic of China on Executing the Rules of Origin for Trade in Goods under the Mainland/Hong Kong Closer Economic Partnership Arrangement (haiguanshuling No.106, hereinafter refers as ‘Provisions’),” which was promulgated in December 2003 and came in effect from January 1, 2004. Continue reading →

Posted in Business, FDI and Foreign Trade, Finance, Tax and Accounting, Legal and Regulatory, Manufacturing, Shipping & Logistics | Tagged CEPA, Closer Economic Partnership Agreement, Hong Kong, Made in Hong Kong | Leave a comment

Suzhou’s Development Zones – An Introduction to Xiangcheng District

By Michael Keller

Apr. 24 – An opening and project signing ceremony was held at Suzhou’s Xiangcheng District on January 11 in which 16 projects were allocated to different firms – 8 domestic and 8 foreign – with total investment amounting to RMB7.7 billion.

Twelve of these projects are in the categories of either advanced manufacturing (precision machinery, electronic equipment components) or emerging sectors (new materials, environmental protection). Among the firms included were PolyOne, Evans, Digital Innovation Display, and Doony. Continue reading →

Posted in Business, FDI and Foreign Trade, Manufacturing | Tagged Development Zones, Suzhou, Suzhou Industrial Park, Suzhou New District, Wuzhong, Xiangcheng District | Leave a comment

Report: American and Chinese Perceptions on U.S.-China Relations

Apr. 23 – An overwhelming majority of the American and Chinese public believes trade is mutually beneficial, but concerns about the trade deficit, intellectual property protection, job loss, product safety, and corruption also make trade the leading source of bilateral conflict, according to the 2012 Public Perceptions & Opinions Survey released on Friday by the Chinese-American cultural-exchange advocacy organization the Committee of 100.

The survey findings provide unique, comprehensive and comparative information that can be used to enhance U.S.-China relations and formulate recommendations on how to forge mutually beneficial partnerships, including leader-to-leader, people-to-people, organization-to-organization, and many others to foster greater understanding and build trust between the United States and China. Continue reading →