China
A Notable No-Show at Communist Party’s 90th Birthday
China’s Communist Party does not generally like surprises – especially not during minutely choreographed ceremonies like the one held Friday to celebrate the 90th anniversary of its founding. So tongues quickly began wagging when Jiang Zemin, the 84-year-old former Party chief and President, failed to appear alongside other retired leaders at the anniversary celebrations, screened live on state television. Most of the other big guns were there, including 82-year-old former Premier Zhu Rongji, now sporting a mop of grey hair instead of the standard dye-induced black favored by incumbent leaders. Li Peng, another ex-Premier, was also there, although he appears to be still using the dye, boasting a full head of glossy black hair despite being just a few weeks younger than Mr. Zhu. But as the China Central Television camera lingered on each of the elders, there was no sign of Mr. Jiang, who was succeeded as Party chief by Hu Jintao in 2002 and stood alongside him at a ceremony to mark the 60th anniversary of the People’s Republic in 2009. Mr. Jiang’s surprising, and very obvious, absence is now certain to fuel rumors circulating in Beijing in recent months that he may be severely unwell, and therefore losing his ability to influence key Party decisions – including a once-a-decade leadership change next year. The official People’s Daily reported in May that Mr. Jiang was among current and former leaders who sent condolences on the death of former Vice Premier Chen Muhua, but his name was not listed among those who actually attended the cremation. His no-show at the 90th anniversary ceremony is much more significant, however, especially given the presence of retired leaders who were junior to him in ranking. Whatever the actual reason, his absence creates the perception within the Party that whatever influence he wields behind the scenes is diminishing relative to other current and retired leaders, each of whom represents their own interest group. Mr. Jiang does not have any formal power, but is consulted on major Party decisions, copied in on many important internal Party documents, and permitted to write notes alongside them, according to Chinese and Western political analysts. Retired leaders are also thought to have a say in the selection of the next Politburo Standing Committee – the top decision-making body – which is due to see seven of its nine members retire next year. Vice President Xi Jinping, 58, has already been anointed as the next Party chief and president through his promotion to a key military post last year, but other seats on the Standing Committee are up for grabs. The final lineup will not be known until the 18th Communist Party Congress in autumn next year, but the Party’s Organization department is expected to circulate a list of a dozen or so potential candidates amongst the Party elite some time this year. So the maneuvering has begun as current leaders try to promote proteges to secure their legacies, vested interests and continued influence, while candidates for promotion seek to burnish their credentials and out-flank potential rivals. Bo Xilai, the 61-year-old Party chief of Chongqing, has been the most brazen in his power play, overseeing a high-profile campaign to revive the spirit of Chairman Mao Zedong, mainly through revolutionary singing pageants . He even roped in Henry Kissinger , the former U.S. Secretary of State who negotiated the re-opening of diplomatic ties with China, to attend a red singing contest in Chongqing this week. Wang Yang, the 56-year-old Party chief of the southern province of Guangdong, has had a tougher time of late with a series of incidents of labor unrest on his patch, but he appeared to hit back this week with what some analysts say was an oblique attack on Mr. Bo’s “red” campaign. “For a mature ruling political party, it’s more important to study and review its history and strengthen a sense of anxiety than to just sing the praises of its brilliance,” he was quoted as saying by the People’s Daily web site. There has also been fresh talk this week that Li Keqiang, who is 56 and currently a vice premier, might not be the clear frontrunner for the premiership. Mr. Li – who studied law — was once considered Mr. Hu’s preferred successor, and was thereafter tipped to take over as premier, overseeing the entire Chinese economy. But Wang Qishan, another vice premier responsible for the financial system, has been persistently discussed in business circles as a stronger candidate to guide the world’s second largest economy — even though, at age 63, he would only be allowed to serve one five-year term. “A powerful personality, Wang has the potential to press for more decisive reforms, albeit within the considerable constraints of China’s collective leadership,” wrote the Eurasia Group in a research note Thursday. – Jeremy Page
China’s Communist Party does not generally like surprises – especially not during minutely choreographed ceremonies like the one held Friday to celebrate the 90th anniversary of its founding. So tongues quickly began wagging when Jiang Zemin, the 84-year-old former Party chief and President, failed to appear alongside other retired leaders at the anniversary celebrations, screened live on state television. Most of the other big guns were there, including 82-year-old former Premier Zhu Rongji, now sporting a mop of grey hair instead of the standard dye-induced black favored by incumbent leaders. Li Peng, another ex-Premier, was also there, although he appears to be still using the dye, boasting a full head of glossy black hair despite being just a few weeks younger than Mr. Zhu. But as the China Central Television camera lingered on each of the elders, there was no sign of Mr. Jiang, who was succeeded as Party chief by Hu Jintao in 2002 and stood alongside him at a ceremony to mark the 60th anniversary of the People’s Republic in 2009. Mr. Jiang’s surprising, and very obvious, absence is now certain to fuel rumors circulating in Beijing in recent months that he may be severely unwell, and therefore losing his ability to influence key Party decisions – including a once-a-decade leadership change next year. The official People’s Daily reported in May that Mr. Jiang was among current and former leaders who sent condolences on the death of former Vice Premier Chen Muhua, but his name was not listed among those who actually attended the cremation. His no-show at the 90th anniversary ceremony is much more significant, however, especially given the presence of retired leaders who were junior to him in ranking. Whatever the actual reason, his absence creates the perception within the Party that whatever influence he wields behind the scenes is diminishing relative to other current and retired leaders, each of whom represents their own interest group. Mr. Jiang does not have any formal power, but is consulted on major Party decisions, copied in on many important internal Party documents, and permitted to write notes alongside them, according to Chinese and Western political analysts. Retired leaders are also thought to have a say in the selection of the next Politburo Standing Committee – the top decision-making body – which is due to see seven of its nine members retire next year. Vice President Xi Jinping, 58, has already been anointed as the next Party chief and president through his promotion to a key military post last year, but other seats on the Standing Committee are up for grabs. The final lineup will not be known until the 18th Communist Party Congress in autumn next year, but the Party’s Organization department is expected to circulate a list of a dozen or so potential candidates amongst the Party elite some time this year. So the maneuvering has begun as current leaders try to promote proteges to secure their legacies, vested interests and continued influence, while candidates for promotion seek to burnish their credentials and out-flank potential rivals. Bo Xilai, the 61-year-old Party chief of Chongqing, has been the most brazen in his power play, overseeing a high-profile campaign to revive the spirit of Chairman Mao Zedong, mainly through revolutionary singing pageants . He even roped in Henry Kissinger , the former U.S. Secretary of State who negotiated the re-opening of diplomatic ties with China, to attend a red singing contest in Chongqing this week. Wang Yang, the 56-year-old Party chief of the southern province of Guangdong, has had a tougher time of late with a series of incidents of labor unrest on his patch, but he appeared to hit back this week with what some analysts say was an oblique attack on Mr. Bo’s “red” campaign. “For a mature ruling political party, it’s more important to study and review its history and strengthen a sense of anxiety than to just sing the praises of its brilliance,” he was quoted as saying by the People’s Daily web site. There has also been fresh talk this week that Li Keqiang, who is 56 and currently a vice premier, might not be the clear frontrunner for the premiership. Mr. Li – who studied law — was once considered Mr. Hu’s preferred successor, and was thereafter tipped to take over as premier, overseeing the entire Chinese economy. But Wang Qishan, another vice premier responsible for the financial system, has been persistently discussed in business circles as a stronger candidate to guide the world’s second largest economy — even though, at age 63, he would only be allowed to serve one five-year term. “A powerful personality, Wang has the potential to press for more decisive reforms, albeit within the considerable constraints of China’s collective leadership,” wrote the Eurasia Group in a research note Thursday. – Jeremy Page
Here is the original post:
A Notable No-Show at Communist Party’s 90th Birthday
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. |
Read the rest of the original article.
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
- China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
- 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
- Vietnam’s Approach to China: A Balance of Cooperation and Struggle