May Leaves China with Trade Deals amid Brexit Uncertainty
UK Prime Minister Theresa May wrapped up her China visit on Friday, concluding the three-day trip with the announcement of a series of trade agreements.
May announced deals with China worth over £9.3 billion (US$13.26 billion), which the government claims will create more than 2,500 jobs in the UK. The Chinese government also agreed to end its ban on UK beef, while allowing increased market access for dairy producers and certain UK financial service firms.
Chinese President Xi Jinping pledged to upgrade the “golden era” in bilateral relations, at a time when the UK seeks alternative trade partners as it extricates itself from the EU. Currently, China-UK trade is worth about £59 billion (US$84.1 billion) per year.
However, May failed to endorse Xi’s signature Belt and Road Initiative despite China lobbying her to sign a memorandum of understanding in support of the plan. While May balked at the chance to become the first Western country to formally sign on with the Belt and Road, the two countries agreed to an RMB 10 billion (US$1.58 billion) fund for projects in countries covered by the initiative.
During the visit, which included stops in Wuhan, Beijing, and Shanghai, May also stressed the need to address plastic waste management, and gave Xi a box set of the BBC nature series Blue Planet II. May endeared herself to Chinese social media users, who referred to her warmly as Auntie May.
China Briefing is published by Asia Briefing, a subsidiary of Dezan Shira & Associates. We produce material for foreign investors throughout Asia, including ASEAN, India, Indonesia, Russia, the Silk Road, and Vietnam. For editorial matters please contact us here, and for a complimentary subscription to our products, please click here.
Dezan Shira & Associates is a full service practice in China, providing business intelligence, due diligence, legal, tax, IT, HR, payroll, and advisory services throughout the China and Asian region. For assistance with China business issues or investments into China, please contact us at firstname.lastname@example.org or visit us at www.dezshira.com
Dezan Shira & Associates is a pan-Asia, multi-disciplinary professional services firm, providing legal, tax and operational advisory to international corporate investors. Operational throughout China, ASEAN and India, our mission is to guide foreign companies through Asia’s complex regulatory environment and assist them with all aspects of establishing, maintaining and growing their business operations in the region. This brochure provides an overview of the services and expertise Dezan Shira & Associates can provide.
This Dezan Shira & Associates 2017 China guide provides a comprehensive background and details of all aspects of setting up and operating an American business in China, including due diligence and compliance issues, IP protection, corporate establishment options, calculating tax liabilities, as well as discussing on-going operational issues such as managing bookkeeping, accounts, banking, HR, Payroll, annual license renewals, audit, FCPA compliance and consolidation with US standards and Head Office reporting.
In this issue of China Briefing magazine, we analyze macro-level foreign investment trends into China, and how the high-tech sector stands out above others. We then shift our focus to China’s healthcare sector in the context of policy reforms and demographic changes. We also examine how to invest in China’s education industry and how China’s war on pollution introduces new opportunities for foreign investors.