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China

China’s slower growth raises concern at the Asian Financial Forum

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For seven years in a row, the Asian Financial Forum takes place in Hong Kong, but this year several speakers voiced their concern about the current global economic situation.

This year’s Forum theme – “Asia: Shaping the New Paradigm for Growth” – captures Hong Kong’s singular ability to bring East and West together in pursuit of business and investment opportunities.

said Mr C Y Leung, HKSAR Chief Executive at Asian Financial Forum 2016 Opening Session.

But the year of the monkey began with a gloomy perspective as Stock markets in the US and around the world ended the week with massive selloffs.

Fears that the slowdown in China and plunging oil and commodity prices will trigger a new financial crisis was the main concern among the participants following a real time polling.

Another sharp fall on Chinese markets, with the Shanghai Composite Index dropping 3.55 percent, followed by a 6 percent fall in oil prices to $29 a barrel, set off a wave of selling.

The Chinese market is once again giving the world equities big swings, as economic data weakens and oil prices drop.

China’s authorities’ efforts to stabilize markets have had little effect as worries over China’s economy are spreading to U.S. and European markets in sync.

Asian Economic Forum in Hong Kong

Slow growth in China most likely to impact Asia’s economy according to 44.8% of AFF audience in Hong Kong

Eighteen days into 2016, however, and some of you may well be wondering what opportunities we plan on connecting. Wondering, too, whether a new growth paradigm is possible under the clouds that continue to weigh on the global economic landscape.

according to Mr C Y Leung, HKSAR Chief Executive

Many observers say they have a feeling of déjà vu  as sharp swings since the start of 2016 seem reminiscent of the summer’s crash. Last August, global stock markets mirrored Shanghai’s moves, but today the reversal of US monetary policy is adding concerns to the “New normal”.

So, yes, the challenges remain considerable. Recovery among the major advanced economies is still generally sluggish. The United States Federal Reserve took the first step to normalise interest rates in December. But uncertainties regarding the pace of normalisation continue to blunt the global economy.

added Mr C Y Leung

Regulatory reform has been a key feature of the post-financial crisis era and subsequent recovery and AFF 2016 will welcome Dr. Ben S. Bernanke, former Chairman of the Board of Governors of the United States Federal Reserve System (2006-2014), as its Keynote Luncheon speaker on 19 January to share his insights on the outlook for the world economy.

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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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China Unveils 24 Fresh Initiatives to Draw in Foreign Investment

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China’s legislature has released a plan to attract foreign investment, aiming to improve the business environment and expand market access for foreign companies. The plan includes measures to ease administrative burdens and level the playing field for foreign companies, with a focus on key industries like manufacturing and telecommunications. Pilot projects in FTZs will relax restrictions on foreign investment in technological innovation.


China’s legislature has released a new plan to attract foreign investment after a year of falling foreign direct investment inflows. The plan, the latest in a series of efforts to boost foreign capital in China, proposes measures to improve the business environment, ease administrative burdens, expand market access in key industries, and even the playing field for foreign companies. We outline the policy proposals that could benefit foreign companies in the coming years.

The State Council has released a 24-point plan to boost foreign capital in China. The plan, titled the Action Plan to Solidly Promote High-Level Opening Up and Make Greater Efforts to Attract and Utilize Foreign Investment (the “Action Plan”), outlines various measures to attract foreign investment, including expanding market access in key industries, ensuring equal participation of foreign companies in government bidding, and facilitating cross-border data flows.

China has been striving to encourage and support foreign investment in recent years. Efforts ramped up in 2023 when levels of foreign direct investment (FDI) inflows to China fell by 8 percent year-on-year. In July 2023, the State Council issued a similar set of measures that aimed to improve the business environment for foreign companies, with suggestions including measures to strengthen intellectual property rights and ease regulations on cross-border data flows.

In this article, we outline some of the key measures proposed by the State Council to attract foreign investment in 2024.

One of the main measures in the Action Plan is to expand market access for foreign companies by “reasonably reducing” the negative list for foreign investment access. This document lists the industries and sectors that foreign investors are prohibited from participating in, and thus by shortening it, more sectors will become accessible to foreign investors. It was last updated at the end of 2021.

The Action Plan reiterates the directives mentioned in the GWR, stating that the government remove restrictions on foreign investment in the manufacturing sector, and continue to promote the opening up of telecommunications, medical, and other fields.

Meanwhile, the Action Plan also calls for carrying out pilot projects to relax foreign investment access in the field of scientific and technological innovation. This will be carried out in pilot free trade zones (FTZ) such as Beijing, Shanghai, and Guangdong, which will be permitted to select a number of qualified foreign-invested enterprises (FIEs) to expand access in areas such as the development and application of genetic diagnosis and treatment technologies.

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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