China quiet on global minimum corporate tax rate backed by G20 as questions over Hong Kong’s tax-haven status arise
Hong Kong is the world’s seventh-largest tax haven, and the largest in Asia. Analysts say China’s strained relationship with the United States could also come into play in international negotiations on a global tax deal. The losers are tax havens like Hong Kong,” she said, noting that for businesses incorporated in Hong Kong, the first HK$2 million (US$257,000) worth of profits are taxed at half the standard tax rate, while the remaining profits are taxed at the existing 16.5 per cent tax rate – both below the minimum 21 per cent rate proposed by the US. B China of course wants a fair tax environment. Rising protectionism is not good for the global economy. The US should make changes first,” Zhao said, arguing that time is on China’s side. Wang Dehua, a senior fiscal researcher with the Chinese Academy of Social Sciences, noted that some countries, such as Ireland, provide room for multinational companies to relocate their businesses to avoid taxes. And he said that an international consensus, not a specific tax rate, should be built to curb such actions. However, “tax arrangements are a sovereign matter. The proposal is still far from becoming a reality,” he added.
China on a mission to turn ‘junk’ patents into treasure
As part of its drive to achieve technological self-sufficiency, Beijing is overhauling its system of reward for patent filing Chinese universities file many more patents than their US counterparts but only a fraction are converted into commercial applications
China’s carbon neutral goal: Shanghai’s Yangshan port to embrace hydrogen fuel-cell batteries at automated terminal
Terminal introduced at the end of 2017 will replace existing energy sources with the batteries, operator Shanghai International Port Group says SIPG’s efforts showcase China’s determination to meet its carbon-neutrality goal for 2060: analyst
The Hidden Motive of China’s Zero Emissions Pledge: Energy Security
China’s embrace of electric vehicles and the hydrogen economy is also about reducing its reliance on foreign energy sources. As countries and industries around the world have adjusted the composition of their energy consumption in order to reduce energy security risks, the pressures and risks China faces in terms of energy security have become more prominent. Therefore, strategic level policies such as changing the composition of energy consumption and building a hydrogen energy society show their overall importance. It should be emphasized that this pressure is not a long-term one but rather an imminent risk. Countries around the world are turning to new energy sources not only based on industry and market considerations, but also because of the geopolitical complications to the energy security situation. China, as the world’s largest energy consumer, will be the first to bear the brunt of the pressure on energy security, hence it should immediately implement strategic policy adjustments.
Despite coronavirus vaccines and stronger economic data, investors should not be celebrating a global recovery yet
The IMF has noted a brightening in the global economy’s prospects, but the inequalities that characterise the post-pandemic recovery pose significant risks While financial markets no longer attach importance to countries’ ability to contain the virus, the handling of the pandemic remains key to economic performance and has major political consequences This suggests that one of Covid-19’s legacies is an increase in the populist and nationalist politics that were already gaining ground in advanced economies before the pandemic. While the response to the virus – in particular the imposition of nationwide lockdowns – has made the US even more polarised, it has also further undermined confidence in European integration. Marine Le Pen, the leader of France’s far-right party who hopes to win next year’s presidential election, has benefited hugely from the crisis. The breakthrough in the search for an effective vaccine against Covid-19 was a critical turning point in the pandemic. Yet, it is being compromised by a dangerously uneven recovery.
China inflation: factory gate prices jump most in almost three years in March as producers pass on rising costs
China’s official producer price index (PPI) rose to 4.4 per cent in March from a year earlier, compared with 1.7 per cent in February
China issues inflation warning as rising commodity, consumer prices threaten economic recovery
China’s Financial Stability and Development Commission, which is headed by Vice-Premier Liu He, released a rare one line statement on Thursday warning about the potential rise of commodity prices and consumer inflation Inflation is now a global concern as major central banks, including the US Federal Reserve, have injected massive liquidity to help coronavirus-hit economies
Chinese banks cut branches at a faster pace as costs bite and digital banking grows in popularity
Chinese banks closed 1,300 branches last year, and the trend has continued into this year amid rising costs and growing mobile banking popularity Postal Savings Bank of China, the lender with China’s largest branch network, insists its branches still have advantages over mobile banking
China’s factories automate as worker shortage looms
Young people today aren’t willing to work on factory floors, said Shirley Zhou, IT director at Midea, a home appliance giant based in southern China.To prepare for a future in which an aging population will further limit the labor supply, Midea has embarked on a three-year plan to incorporate more technology into its 34 factories. The challenge for factory efficiency in the future is a problem of education on digital knowledge, not age, said Junsong Peng, vice president and chief digital officer of software company SAP China.
Biden’s China policy is tougher on financial firms than Trump’s was, report says
“We believe President Biden represents a greater risk for financial firms on the China front than President Trump,” Cowen Washington Research Group’s D.C.-based analyst Jaret Seiberg wrote in an April 7 note. ″(Delisting) is going to happen. Congress enacted legislation last year, and we see no probable scenario in which it repeals this law,” Seiberg said, noting it’s unlikely Beijing will allow the U.S. to inspect audits. Since taking office in late January, U.S. President Joe Biden has kept a firm stance on China.
Will the trade war between China and the United States come to end?
The recent trade conflict between the United States and China has had a direct effect on some of the world’s economic players. These two countries are attacking each other with declarations and a trade war; the relationship between the two countries can be defined as a love-hate relationship because the two countries have a lot of mistrust for each other, but they still need each other.
China’s March new yuan loans seen rebounding, but tightening fears grow: Reuters poll
New bank loans in China are expected to have rebounded in March from a sharp drop in February, a Reuters poll showed, as the central bank walks a tightrope between supporting the recovering economy and containing debt risks. Chinese banks are estimated to have issued 2.45 trillion yuan ($373.96 billion) in net new yuan loans last month, up from 1.36 trillion yuan in February, according to the median estimate in the survey of 25 economists. But that would be a 14% fall from the 2.85 trillion yuan issued the same month a year earlier, when tough measures to contain the coronavirus pandemic paralyzed much of the economy.
How Asia can prepare for the future of work after COVID-19
The future of work is constantly evolving, and COVID-19 has accelerated this phenomenon. The pandemic has not only led to the rise of remote work and growth in the e-commerce market but also facilitated the adoption of artificial intelligence (AI) and automation. How do these trends affect occupational transitions? In this episode, we discuss what all this means for Asia’s workforce and how companies and policy makers can support employees through these seismic changes. An edited transcript of the podcast follows. In this series, we feature leaders from across the region to discuss the forces, the opportunities, and the challenges that are shaping the future of Asia. I see things like a cashless economy or the availability of data and new businesses or new start-ups taking advantage of those data flows. I think those are also new emerging areas that we see from this trend.
Chinese supercomputing entities blacklisted by US
The US Commerce Department said on Thursday it was adding seven Chinese supercomputing entities to an American economic blacklist for assisting Chinese military efforts. The department is adding Tianjin Phytium Information Technology, Shanghai High-Performance Integrated Circuit Design Centre, Sunway Microelectronics, the National Supercomputing Centre Jinan, the National Supercomputing Centre Shenzhen, the National Supercomputing Centre Wuxi, and the National Supercomputing Centre Zhengzhou to its blacklist.
US blacklists seven Chinese supercomputer centres over weapons concerns
The Commerce Department says Beijing’s growing efforts in the field could have military uses that pose dangers Those put on the entity list include Wuxi’s National Supercomputing Centre, home to the Sunway TaihuLight, considered the world’s fastest when it was launched in 2016
US lawmakers prepare a sweeping effort to counter China
The Senate Foreign Relations Committee will meet next week to consider legislation intended to beat back Beijing’s expanding global influence The Strategic Competition Act of 2021 addresses economic competition with China, as well as issues like Hong Kong and Xinjiang
Smartphone brands in China are working on their own 5G chips: Report
While Qualcomm and MediaTek are the two primary chip suppliers of smartphone based chipsets, a growing number of Chinese OEMs are working on launching their own proprietary mobile processors.
China’s auto sales surge 75% in March, 12th straight monthly gain
Auto sales in China surged in March for their 12th consecutive month of gains, as the world’s biggest car market leads the sector’s recovery from the COVID-19 pandemic. Sales reached 2.53 million vehicles in March, up 74.9% year-on-year, data from the China Association of Automobile Manufacturers (CAAM) showed.
Why Chinese Consumers Buy Fake Luxury
Despite significant progress on the counterfeit front, it’s still easy for Chinese consumers to acquire any counterfeits they want. So what can brands do?
Can ASEAN offer a way out of the US–China choice?
The first Quad summit, held in March 2021, signals that a contest for both influence and methods is underway in the Indo-Pacific between China and the United States. The Quad’s alliance of major power democracies presents the firmest counter to the Chinese hub-and-spoke system. Some argue that ASEAN’s ‘fundamental purpose is not to solve problems but to manage mistrust and differences among its members’ yet the US–China rivalry not only threatens regional stability but ASEAN’s unity itself. If great power influence cleaves its members, the damage will be far greater. For better cohesion, ASEAN needs to find a stronger common purpose and look beyond diplomatic-level problems to assert its relevance among its people. Some may caution against demanding too much from ASEAN, but the region is only of interest to great powers because ASEAN states have grown rapidly. Like China, the capacity of ASEAN states will continue to transform as they develop and their people’s aspirations and expectations grow. ASEAN should stop playing the poor dependent and start demonstrating the superiority of its methods — or risk being sidelined.
Yes, The QUAD Will Endure!
The future of the Quadrilateral Security Dialogue (QUAD) will depend on the choices that China makes. The greater China’s belligerence, the faster will the QUAD’s military-security agenda gather steam, perhaps even moving up into a 2+2 dialogue format. While it is not an alliance as yet, it does oppose coercion in any form. Even as there is every reason to strive for an inclusive Indo-Pacific, the QUAD cannot, and should not, be hastily expanded, as it could dilute its focus.
Chile Covid-19 vaccination drive adds to Sinovac efficacy data
As the country grapples with rising infections, results from its vaccinated population echo Brazil’s trial of the Chinese jab The 56.5 per cent rate of effectiveness is lower than some rivals, but still higher than World Health Organization guidelines
How China took an unlikely lead in the global supply of Covid-19 vaccines
Chinese shots have reached more than 60 countries so far, as rich nations guard their doses for mass inoculation at home But the vaccines are still under review for WHO authorisation, and concerns remain over efficacy and data transparency
China is emerging as winner amid global COVID vaccine shortage
As the vaccine shortage makes countries desperate, they are buying China’s unproven vaccines by millions. Coronavirus numbers in India and the world aren’t looking good. More than 126 thousand infections have been recorded in India in last 24 hours. Worldover, more than 500 thousand people have tested positive every day in the last seven days. This is an average number. Brazil and India are the new hotspots. Two factors are causing spike in infections. One, the virus variants. Two, massive global shortage of vaccines. China is emerging as a winner in this situation. As the vaccine shortage makes countries desperate, they are buying China’s unproven vaccines by millions. As if overnight, china has become — the biggest producer and exporter of virus vaccines.
China set to clear Tencent’s $3.5 billion Sogou deal subject to data security conditions –
China’s antitrust regulator is ready to clear tech giant Tencent Holdings Ltd’s plan to take the country’s no.3 search engine Sogou private, three people with knowledge of the matter told Reuters, a move that signals the watchdog is willing to wave some deals through even as it ratchets up sector scrutiny. The regulator, State Administration of Market Regulation (SAMR), has no objection to the $3.5 billion deal for the 60% of U.S.-listed Sogou that Tencent doesn’t already own, the people said, as long as Tencent is willing to set up a special mechanism to ensure data security – a first for SAMR deal approvals. Tencent must also pay a comparatively small fine – 500,000 yuan ($76,000) – for not reporting deals properly for antitrust reviews, two of the people said, in line with past cases for similar violations.
How America Is Pushing China and Iran Together
The $400 billion Iran-China deal is not the culmination of a process or the start of a new era. It is, however, a critical inflection point in a relationship that will play an outsized role in a new era of great power competition.
China’s Shandong aircraft carrier ready for high seas test, insider says
CCTV video of life aboard massive vessel and glimpse at its technologies suggests it is ready for the next stage of its development, source close to navy says Shandong has already conducted nine sea trails, but they were all in Bohai Bay or the South China Sea, which is relatively close to its home base, military expert says
China drills deep in disputed South China Sea
Self-ruled Taiwan, which China also claims as its own territory, has threatened to shoot down Chinese drones spotted circling the Taipei-controlled Pratas Islands in the South China
US-China tech war: the world’s two largest economies are ‘most significant rivals’ in space by 2040, new report says
Space is increasingly in the cross-hairs of US officials as China pushes ahead with its own plans for stations in Earth’s orbit and around the moon. The US Space Force (USSF) is now one of the United States’ eight uniformed services and the world’s first and currently only independent military branch.
China refutes allegation of transfering pollutive enterprises to Kazakhstan: MOC
The allegation of China transfering pollutive production enterprises to Kazakhstan goes against the facts and has ulterior motives, a Ministry of Commerce (MOC) spokesperson said on Thursday. Kazakhstan is among the first members of the Belt and Road Initiative. In recent years, economic and trade cooperation between China and Kazakhstan has yielded fruitful results and benefited the two peoples, MOC spokesperson Gao Feng said at a press conference
The Olympic Spirit
The 2022 Winter Olympics are just around the corner, with the lead up and the event itself looking likely to be as action-packed and cliff-hanger focused as the games themselves. The Biden administration this week stated categorically that there is no discussion in progress with other countries about a coordinated boycott, but only after an official appeared to suggest there was. There have been calls to both Germany and Japan from Beijing to suggest that sports and politics don’t mix well, and the Japanese Prime Minister is due to meet with Biden in Washington next week. So at least everyone is talking to everyone else. But then there’s the mindset of Millennials and Generation Z, the age group of the athletes, how they see the world, and how that might impact on the Games themselves. And to what extent do US and European corporate sponsors feel like they are walking on thin ice these days? The internet has sparked so many changes, this is just one of them.
1OO years of achievements
Since its founding a century ago, the Communist Party of China has steadfastly led the Chinese people toward the dream of national rejuvenation Few countries in the world have a past associated with one of the great civilizations of history, but only the Chinese civilization can boast of having more than 4,000 years of continuity. Few countries in Asia and Africa that were under the domination of European imperialism managed to regain their status as a great power as in the past. Among these few is China
In Rural China, a Marriage, a Tearful Bride, and a Debate Over Consent
The marriage between a young woman with a severe intellectual disability and a man 35 years her senior has sparked a controversy over a common practice in rural China.
Tintin’s Chinese Change-Up
An unlikely friendship with Chinese artist Zhang Chongren helped the creator of the Belgian comic strip defy stereotypes—in 1934
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