China
China Says Fukushima Is No Chernobyl
China played down parallels between Japan’s nuclear crisis and Chernobyl, arguing that the impact from radiation on China has been just a tiny fraction of what it experienced from the Soviet Union’s nuclear disaster a quarter-century ago. The statement, published on the website of the Ministry of Environmental Protection (in Chinese here ), which regulates nuclear energy in China, comes as Beijing has placed increasing pressure on Japan to make its handling of the crisis more transparent. Japan on Tuesday raised the rating of the situation at the its Fukushima Daiichi nuclear power plant to level 7 from level 5 on the International Nuclear Event Scale , putting it in the same category as the 1986 Chernobyl disaster. “The impact on our country’s environment has been small,” the ministry’s statement read, “equivalent to about 1% of the impact of the Chernobyl incident on our country.” To put things in perspective: most of China is quite far from Fukushima—the distance to Beijing is more than 2,100 kilometers. But it is even farther from Chernobyl: more than 3,500 kilometers at the western most part of Xinjiang, and closer to 6,500 kilometers for Beijing. Chinese officials have worked to ease public anxiety over the effects of airborne radiation from Fukushima, which so far has been detected widely in China but only at very trace levels, according to government data. Japanese officials also have argued that even though they raised the crisis level, containing the problem is less difficult than during the Chernobyl incident. “It is quite different from Chernobyl,” said Hidehiko Nishiyama, spokesman for Japan’s Nuclear and Industrial Safety Agency at a press conference Tuesday. “First, the amount of released radiation is about a tenth of Chernobyl.” China last week said it was concerned over Japan’s decision to discharge some 11.5 million liters of radiation-contaminated water into the Pacific Ocean. The government also announced expanded food and feed import bans from 12 affected Japanese areas. Premier Wen Jiabao in a phone call Tuesday with Japanese Prime Minister Naoto Kan said China remained concerned about the incident, according the state-run Xinhua news agency , and urged Japan to act in accordance with international laws. –Brian Spegele, follow him on Twitter @bspegele
China played down parallels between Japan’s nuclear crisis and Chernobyl, arguing that the impact from radiation on China has been just a tiny fraction of what it experienced from the Soviet Union’s nuclear disaster a quarter-century ago. The statement, published on the website of the Ministry of Environmental Protection (in Chinese here ), which regulates nuclear energy in China, comes as Beijing has placed increasing pressure on Japan to make its handling of the crisis more transparent. Japan on Tuesday raised the rating of the situation at the its Fukushima Daiichi nuclear power plant to level 7 from level 5 on the International Nuclear Event Scale , putting it in the same category as the 1986 Chernobyl disaster. “The impact on our country’s environment has been small,” the ministry’s statement read, “equivalent to about 1% of the impact of the Chernobyl incident on our country.” To put things in perspective: most of China is quite far from Fukushima—the distance to Beijing is more than 2,100 kilometers. But it is even farther from Chernobyl: more than 3,500 kilometers at the western most part of Xinjiang, and closer to 6,500 kilometers for Beijing. Chinese officials have worked to ease public anxiety over the effects of airborne radiation from Fukushima, which so far has been detected widely in China but only at very trace levels, according to government data. Japanese officials also have argued that even though they raised the crisis level, containing the problem is less difficult than during the Chernobyl incident. “It is quite different from Chernobyl,” said Hidehiko Nishiyama, spokesman for Japan’s Nuclear and Industrial Safety Agency at a press conference Tuesday. “First, the amount of released radiation is about a tenth of Chernobyl.” China last week said it was concerned over Japan’s decision to discharge some 11.5 million liters of radiation-contaminated water into the Pacific Ocean. The government also announced expanded food and feed import bans from 12 affected Japanese areas. Premier Wen Jiabao in a phone call Tuesday with Japanese Prime Minister Naoto Kan said China remained concerned about the incident, according the state-run Xinhua news agency , and urged Japan to act in accordance with international laws. –Brian Spegele, follow him on Twitter @bspegele
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China Says Fukushima Is No Chernobyl
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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