China
China Watch: Interest Rates Hiked, Police Worked to Death
A daily list of the best of The Wall Street Journal’s China coverage and what the Journal’s reporters in China are reading and watching online. (NOTE: WSJ has not verified items in the ‘News Items’ section and does not vouch for their accuracy.) WSJ Highlights: China’s central bank raises interest rates again as it battles to stem inflation. International calls increase for China to release detained artist Ai Weiwei . Telecom equipment maker Huawei is a finalist for a contract to build out a 4G network for a U.S. wireless carrier. News Items: A statement from China’s Ministry of Public Security lists overwork as the leading cause of death for on-duty police officers . (Global Times) Chinese Premier Wen Jiabao says China’s corruption problem remains “grave” despite efforts to clean up the government. (Xinhua) Chinese paleontologists have identified a new dinosaur similar in size and temperament to Tyrannasaurus rex. Digging Deeper: Gray market: The BBC looks at how some are gearing up to profit from the rapid aging of China’s population . Shielding a killer? The China news blog Ministry of Tofu examines documents rising public anger over state-run media’s effort to humanize Yao Jiaxin , a student who stabbed a young mother to death after accidentally hitting her with his car. Say goodbye to the old boomtowns: AP offers a detailed look at the cost- and wage-driven exodus of manufacturing from southern China . Crackdown Watch: Arrest record: Foreign Policy’s Renee Xia offers a thorough, and therefore lengthy, run-down of Beijing’s campaign to suppress domestic critics through arrests, detentions and disappearances. New world order? Bloomberg reports on how fears that China may turn more firmly against the U.S. on Libya may be keeping Washington from talking tough on Beijing’s treatment of dissidents . Who, where, why? Shanghaiist publishes a map, produced by China Human Rights Defenders, of detainments and disappearances in China since February . Comment Watch: Not transparent enough: Military experts Andrew Erickson and Gabe Collins list the top items missing from China’s recently released Defense White Paper . Inevitable but not imminent: Economist Nouriel Roubini argues China won’t be able to avoid a hard landing but says it has a couple years to assume the crash position, via Naked Capitalism . Just Because: In honor of Tomb Sweeping Day, Xinhua runs an expose on China’s skyrocketing burial plot prices . Price per square meter for a little piece of Beijing real estate in the afterlife? Five times as much as a downtown apartment. –compiled by Josh Chin. Follow him on Twitter @joshchin
A daily list of the best of The Wall Street Journal’s China coverage and what the Journal’s reporters in China are reading and watching online. (NOTE: WSJ has not verified items in the ‘News Items’ section and does not vouch for their accuracy.)
WSJ Highlights:
- China’s central bank raises interest rates again as it battles to stem inflation.
- International calls increase for China to release detained artist Ai Weiwei.
- Telecom equipment maker Huawei is a finalist for a contract to build out a 4G network for a U.S. wireless carrier.
News Items:
- A statement from China’s Ministry of Public Security lists overwork as the leading cause of death for on-duty police officers. (Global Times)
- Chinese Premier Wen Jiabao says China’s corruption problem remains “grave” despite efforts to clean up the government. (Xinhua)
- Chinese paleontologists have identified a new dinosaur similar in size and temperament to Tyrannasaurus rex.
Digging Deeper:
- Gray market: The BBC looks at how some are gearing up to profit from the rapid aging of China’s population.
- Shielding a killer? The China news blog Ministry of Tofu examines documents rising public anger over state-run media’s effort to humanize Yao Jiaxin, a student who stabbed a young mother to death after accidentally hitting her with his car.
- Say goodbye to the old boomtowns: AP offers a detailed look at the cost- and wage-driven exodus of manufacturing from southern China.
Crackdown Watch:
- Arrest record: Foreign Policy’s Renee Xia offers a thorough, and therefore lengthy, run-down of Beijing’s campaign to suppress domestic critics through arrests, detentions and disappearances.
- New world order? Bloomberg reports on how fears that China may turn more firmly against the U.S. on Libya may be keeping Washington from talking tough on Beijing’s treatment of dissidents.
- Who, where, why? Shanghaiist publishes a map, produced by China Human Rights Defenders, of detainments and disappearances in China since February.
Comment Watch:
- Not transparent enough: Military experts Andrew Erickson and Gabe Collins list the top items missing from China’s recently released Defense White Paper.
- Inevitable but not imminent: Economist Nouriel Roubini argues China won’t be able to avoid a hard landing but says it has a couple years to assume the crash position, via Naked Capitalism.
Just Because:
- In honor of Tomb Sweeping Day, Xinhua runs an expose on China’s skyrocketing burial plot prices. Price per square meter for a little piece of Beijing real estate in the afterlife? Five times as much as a downtown apartment.
–compiled by Josh Chin. Follow him on Twitter @joshchin
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
One demographic consequence of the “one child” policy is that China is now one of the most rapidly aging countries in the world.
China is also the second largest trading nation in the world and the largest exporter and second largest importer of goods.
The PRC government’s decision to permit China to be used by multinational corporations as an export platform has made the country a major competitor to other Asian export-led economies, such as South Korea, Singapore, and Malaysia.
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
The country is one of the world’s largest producers of a number of industrial and mineral products, including cotton cloth, tungsten, and antimony, and is an important producer of cotton yarn, coal, crude oil, and a number of other products.
The technological level and quality standards of its industry as a whole are still fairly low, notwithstanding a marked change since 2000, spurred in part by foreign investment.
China’s increasing integration with the international economy and its growing efforts to use market forces to govern the domestic allocation of goods have exacerbated this problem.
Both forums will start on Tuesday.
Last year was the eighth consecutive year that the nation’s ODI had grown.
It also aims to sell more than 15 million of the most fuel-efficient vehicles in the world each year by then.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
Since the late 1970s, China has decollectivized agriculture, yielding tremendous gains in production.
Except for the oasis farming in Xinjiang and Qinghai, some irrigated areas in Inner Mongolia and Gansu, and sheltered valleys in Tibet, agricultural production is restricted to the east.
Sheep, cattle, and goats are the most common types of livestock.
Coal is the most abundant mineral (China ranks first in coal production); high-quality, easily mined coal is found throughout the country, but especially in the north and northeast.
There are also deposits of vanadium, magnetite, copper, fluorite, nickel, asbestos, phosphate rock, pyrite, and sulfur.
The largest completed project, Gezhouba Dam, on the Chang (Yangtze) River, opened in 1981; the Three Gorges Dam, the world’s largest engineering project, on the lower Chang, is scheduled for completion in 2009.
Beginning in the late 1970s, changes in economic policy, including decentralization of control and the creation of special economic zones to attract foreign investment, led to considerable industrial growth, especially in light industries that produce consumer goods.
Other leading ports are rail termini, such as Lüshun (formerly Port Arthur, the port of Dalian), on the South Manchuria RR; and Qingdao, on the line from Jinan.
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China Watch: Interest Rates Hiked, Police Worked to Death
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
China
Italy and China New DTA Set to Take Effect in 2025: Important Changes and Implications
Italy ratified an upgraded Double Tax Agreement (DTA) with China, effective in 2025, to reduce tax burdens, prevent evasion, and enhance investment. The DTA introduces modern provisions aligned with international standards, targeting tax avoidance and improving dispute resolution for Italian businesses.
Italy recently ratified the upgraded Double Tax Agreement (DTA), which will finally take effect in 2025. This agreement was signed in 2019 and was designed to reduce tax burdens, prevent tax evasion, and promote Italian investment in China.
On November 5, 2024, Italy’s Chamber of Deputies gave final approval to the ratification of the 2019 Double Tax Agreement (DTA) between Italy and China (hereinafter, referred to as the “new DTA”).
Set to take effect in 2025, the new DTA is aimed at eliminating double taxation on income, preventing tax evasion, and creating a more favorable environment for Italian businesses operating in China.
The ratification bill for the new DTA consists of four articles, with Article 3 detailing the financial provisions. Starting in 2025, the implementation costs of the agreement are estimated at €10.86 million (US$11.49 million) annually. These costs will be covered by a reduction in the special current expenditure fund allocated in the Italian Ministry of Economy’s 2024 budget, partially drawing from the reserve for the Italian Ministry of Foreign Affairs.
During the parliamentary debate, Deputy Foreign Minister Edmondo Cirielli emphasized the new DTA’s strategic importance, noting that the agreement redefines Italy’s economic and financial framework with China. Cirielli highlighted that the DTA not only strengthens relations with the Chinese government but also supports Italian businesses, which face increasing competition as other European countries have already established double taxation agreements with China. This ratification, therefore, is part of a broader series of diplomatic and economic engagements, leading up to a forthcoming visit by the President of the Italian Republic to China, underscoring Italy’s commitment to fostering bilateral relations and supporting its businesses in China’s complex market landscape.
The newly signed DTA between Italy and China, introduces several modernized provisions aligned with international tax frameworks. Replacing the 1986 DTA, the agreement adopts measures from the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and the OECD Multilateral Instrument (MLI), targeting tax avoidance and improving dispute resolution.
The Principal Purpose Test (PPT) clause, inspired by BEPS, is one of the central updates in the new DTA, working to prevent treaty abuse. This clause allows tax benefits to be denied if one of the primary purposes of a transaction or arrangement was to gain a tax advantage, a move to counter tax evasion through treaty-shopping.
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
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Business
China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
China’s new home prices fell for the 17th month in October, declining 0.5% from September, but slowing, indicating potential market stabilization amid supportive measures. Second-hand home prices showed mixed trends.
Decline in China’s Home Prices Stabilizes
China’s new home prices continued to decline in October for the 17th consecutive month, although the drop showed signs of slowing. Recent support measures from Beijing appear to be inching the market toward stabilization, as evidenced by a lighter decline compared to earlier months.
Monthly and Yearly Comparisons
According to the latest data from the National Bureau of Statistics, new home prices across 70 mainland cities fell by 0.5% from September, marking the smallest decrease in seven months. Year-on-year, prices dropped by 6.2%, slightly worse than the September decline of 6.1%. In tier-1 cities like Beijing and Shanghai, prices decreased by 0.2%, a smaller fall than 0.5% in the previous month.
Second-Hand Home Market Trends
Second-hand home prices in tier-1 cities experienced a 0.4% increase in October, reversing a 13-month downward trend. Conversely, tier-2 cities observed a 0.4% drop in second-hand prices, while tier-3 cities faced a similar 0.5% decline. Overall, recent trends indicate a potential stabilization in China’s property market.
Source : China’s new home prices slow 17-month decline after support measures kick in
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- Italy and China New DTA Set to Take Effect in 2025: Important Changes and Implications
- China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
- U.S. national debt is its Achilles’ heel, but China sees it as an opportunity
- Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
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