East China

China Regulatory Brief: NOC Annual Reporting, China-Spain Trade Deals, New Measures for Domestic Delivery

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Hong Kong, Macau Professionals Permitted to be Partners in Accounting Firms in the Shanghai FTZ

On September 17, the Shanghai Municipal Government released the “Measures for Accounting Professionals in Hong Kong and Macau to be Partners in Accounting Firms in the Shanghai Free Trade Zone (Trial, Hu Fu Ban Fa [2014] No.43),” which will be effective October 1, 2014 to September 30, 2016. The Measures stipulates that accounting firms with partners from Hong Kong and Macau should meet the following conditions:

  • The number of partners from mainland China should be over 51 percent of the total partners;
  • The chief account (partner) must be a mainland partner; and
  • The Hong Kong/Macau professionals must work in the firm for at least 180 days each year.

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Wuxi: The Birthplace of China’s Modern Industry

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One of the birthplaces of modern industry in China and cultural center of the south Yangtze, Wuxi is known as “the pearl of Lake Tai.” Historically, the city has been famous as an important rice and silk market in South China since the Ming Dynasty. In this article, Rainy Yao from Dezan Shira & Associates takes a look at how today this city is transforming itself from a textile manufacturing center into a high-tech industrial hub. Continue reading…

Shanghai Chosen as Site of BRICS Development Bank

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SHANGHAI — Things came down to the wire in Brazil this week—not in the World Cup final but for the details of a development bank to be jointly funded by BRICS (Brazil, Russia, India, China and South Africa). In the end it was confirmed that the bank, aptly named the New Development Bank (NDB), would be headquartered in Shanghai and its initial presidency held by an Indian national. The move is widely expected to bolster Shanghai’s bid to become an international financial center by 2020.

The NDB, designed to finance infrastructure projects in BRICS and other emerging nations, will have an initial subscribed capital of US$50 billion, contributed in equal shares of US$10 billion by its 5 member states. Voting rights will be split between the five founding members and decisions made via a two-thirds majority. Although membership will be open to future additions, it is stipulated that BRICS must retain a controlling stake of at least 55 percent. Continue reading…

Qingdao’s Blue Economy: Marine Investment on the Rise

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Source: apec-china.orgQINGDAO — China’s State Council recently approved the establishment of the Qingdao West Coast New Area in eastern Shandong Province, ushering in a “bluer” economy for the city of Qingdao. The blue economy, generally defined as the sum of ocean-related industries, is widely seen as the economic future of Qingdao. As such, it presents significant opportunities for foreign investment.

China is the world’s second-largest oil consumer, behind the United States. In 2013, growth in China’s oil consumption accounted for one-third of the equivalent global figure. This latest initiative in Qingdao indicates the importance given to the development of deep-sea oil sources by the Chinese government. Despite the abundance of marine resources in the country, China’s lack of supporting technology and professional personnel have greatly impaired the development of its blue economy. Continue reading…

Pingtan Implements Pilot Foreign Investment Reforms

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SHANGHAI – On June 3, the Pingtan Comprehensive Pilot Zone (PCPZ) released the “Catalog of Simplified Approval for Foreign Investment Access to the Pingtan Comprehensive Pilot Zone (2014)” and the “Interim Measures on the Administration of Foreign-invested Enterprises (FIEs) in the Pingtan Comprehensive Pilot Zone,” which took immediate effect.

Pingtan, located in Fujian province, is situated next to Taiwan and therefore enjoys unique advantages in cross-strait exchanges and cooperation. With high-tech and modern service industries introduced from Taiwan, the PCPZ aims at further development in the wind power, sea water desalinization and tourism sectors. Continue reading…

Removal of Licensing Requirements for Foreign-Invested Advertising Agencies in the Shanghai FTZ

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By Kate Wang, Dezan Shira & Associates

On September 26, 2013, China’s State Administration of Industry and Commerce (State AIC) issued “Suggestions on Supporting the Construction of the Shanghai Free Trade Zone (FTZ)” (Suggestions) which, among other things, removed certain restrictions regarding the establishment of foreign-invested advertising enterprise in the Zone as stipulated under the Administrative Regulations for Foreign-invested Advertising Enterprises (Regulations).

Under the Regulations, foreign companies in China are required to meet certain shareholder qualifications and obtain a special license to engage in advertising. This means that they have to first seek approval from the Advertising Department under the Administration of Industry Commerce and submit proof that they meet the relevant requirements. More specifically, for a foreign investor to enter into a joint venture advertising enterprise with a Chinese company, the Regulations require that the foreign investor be themselves engaged in the advertising business and have three years or more experience doing so. Continue reading…

Investment Opportunities in Ningbo, China

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Located midway along the coastal line of the Chinese mainland, Ningbo serves as the economic center for the southern Yangtze River Delta. The city covers a land area of 9.8 km2 with an urban resident population of 9.7 million. According to the 2013 Ranking of Urban Competitiveness in China by Shanghai University of Finance and Economics, Ningbo ranks among the top five most competitive cities in China.

Given its geographic advantage, Ningbo is an important traffic hub and is now connected to adjacent regions with three major bridges. The city benefits from a multifaceted transportation system based on coordinated development of sea, land and air channels. Currently,Ningbo is constructing its own urban transit system, expected to cover the whole urban area.

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China Regional Focus: Suzhou, Jiangsu Province

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By Rainy Yao

Suzhou: Venice of the East

Suzhou is a major city in the southeast of Jiangsu Province, Eastern China and part of the Yangtze River Delta. Considered one of the richest major cities in China, Suzhou is known as the “Venice of the East.” In this article, Rainy Yao from Dezan Shira & Associates takes a look at this picturesque city filled with opportunities for foreign investment. Continue reading…

Dezan Shira & Associates

Meet the firm behind our content. Dezan Shira & Associates have been servicing foreign investors in China, India and the ASEAN region since 1992. Click here to visit their professional services website and discover how they can help your business succeed in Asia.

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