China
Li Na French Open Win Demonstrates ‘Superiority of Socialism’
Christophe Ena/Associated Press A socialist forehand with Chinese characteristics? Feng Zi/European Pressphoto Agency A provincial sports chief speaks to reporters after watching Li Na win the French Open in Wuhan, Li’s hometown, in central China’s Hubei province, June 4, 2011. More In Li Na Li Na Is Magnanimous in Victory Li Na Heats Up After Firing Husband China Watch: The Costs of Going Home, China the Next Egypt? In Chinese Tennis, Women Hold Up All The Sky Li and Zheng Lose in Australia , But Chinese Tennis Scores a Victory Apparently it wasn’t Wheaties that made Chinese tennis star Li Na a champion. In case global tennis fans had any questions about how the 30-year-old became China’s first Grand Slam singles champ at Roland Garros, the Communist Party chief from Ms. Li’s home province of Hubei provided an answer. “Li winning the French Open was a showcase of her competitive strength as well as a demonstration of the superiority of socialism with Chinese characteristics under the leadership of the Communist Party of China,” the party secretary, Li Hongzhong, said at a ceremony in her honor this week, according to the Party-backed Global Times tabloid. It’s an interesting theory for an athlete whose acumen with a racket parallels her reputation as an off-court rebel constantly clashing with China’s rigid state sports training system. But in the aftermath of her victory, the tattooed Ms. Li appears to have at least accepted – if not fully embraced – the hero’s welcome, which has catapulted her to the ranks of gold medal winners and NBA basketball star Yao Ming. “I want to thank the country, Hubei, my family and all my coaches for their support. I’m willing to dedicate my victory to the country,” Ms. Li said, according to the Global Times. Her speech this week in Hubei followed words of gratitude she offered after her victory for Sun Jinfang, director of China’s Tennis Sport Management Center with the General Administration of Sport, who’d heaped criticism on Ms. Li ‘s decision to finally break ties with the state sports system in 2008. Ms. Li appeared to put hard feelings aside, accepting a 600,000 yuan ($93,000) prize from the local government. It’s a fraction of the €1.2 million she pocketed for winning the French Open, but a tidy sum nonetheless from a still-developing region. She stopped short of performing the entire prodigal child act, however. A spokesman for the Hubei Administration of Sports said Ms. Li had already agreed to serve as deputy director of the province’s tennis administration center after she retired. Ms. Li denied the new gig, apparently not prepared to join the government of a province more famous for its freshwater fishing industry than its ability to produce athletic stars. “I heard about it, but haven’t taken it seriously,” she told a gaggle of reporters on Tuesday at a trendy shopping area in downtown Beijing, according to the state-run Xinhua news agency. “I am not capable of managing others.” –Brian Spegele. Follow him on Twitter @bspegele .
- Christophe Ena/Associated Press
- A socialist forehand with Chinese characteristics?
- Feng Zi/European Pressphoto Agency
- A provincial sports chief speaks to reporters after watching Li Na win the French Open in Wuhan, Li’s hometown, in central China’s Hubei province, June 4, 2011.
Apparently it wasn’t Wheaties that made Chinese tennis star Li Na a champion.
In case global tennis fans had any questions about how the 30-year-old became China’s first Grand Slam singles champ at Roland Garros, the Communist Party chief from Ms. Li’s home province of Hubei provided an answer.
“Li winning the French Open was a showcase of her competitive strength as well as a demonstration of the superiority of socialism with Chinese characteristics under the leadership of the Communist Party of China,” the party secretary, Li Hongzhong, said at a ceremony in her honor this week, according to the Party-backed Global Times tabloid.
It’s an interesting theory for an athlete whose acumen with a racket parallels her reputation as an off-court rebel constantly clashing with China’s rigid state sports training system. But in the aftermath of her victory, the tattooed Ms. Li appears to have at least accepted – if not fully embraced – the hero’s welcome, which has catapulted her to the ranks of gold medal winners and NBA basketball star Yao Ming.
“I want to thank the country, Hubei, my family and all my coaches for their support. I’m willing to dedicate my victory to the country,” Ms. Li said, according to the Global Times.
Her speech this week in Hubei followed words of gratitude she offered after her victory for Sun Jinfang, director of China’s Tennis Sport Management Center with the General Administration of Sport, who’d heaped criticism on Ms. Li ‘s decision to finally break ties with the state sports system in 2008.
Ms. Li appeared to put hard feelings aside, accepting a 600,000 yuan ($93,000) prize from the local government. It’s a fraction of the €1.2 million she pocketed for winning the French Open, but a tidy sum nonetheless from a still-developing region.
She stopped short of performing the entire prodigal child act, however. A spokesman for the Hubei Administration of Sports said Ms. Li had already agreed to serve as deputy director of the province’s tennis administration center after she retired. Ms. Li denied the new gig, apparently not prepared to join the government of a province more famous for its freshwater fishing industry than its ability to produce athletic stars.
“I heard about it, but haven’t taken it seriously,” she told a gaggle of reporters on Tuesday at a trendy shopping area in downtown Beijing, according to the state-run Xinhua news agency. “I am not capable of managing others.”
–Brian Spegele. Follow him on Twitter @bspegele.
China has generally implemented reforms in a gradualist or piecemeal fashion.
In 2006, China announced that by 2010 it would decrease energy intensity 20% from 2005 levels.
China is the world’s fastest-growing major economy, with an average growth rate of 10% for the past 30 years.
Some economists believe that Chinese economic growth has been in fact understated during much of the 1990s and early 2000s, failing to fully factor in the growth driven by the private sector and that the extent at which China is dependent on exports is exaggerated.
Its mineral resources are probably among the richest in the world but are only partially developed.
A report by UBS in 2009 concluded that China has experienced total factor productivity growth of 4 per cent per year since 1990, one of the fastest improvements in world economic history.
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.
The ministry made the announcements during a press conference held in Xiamen on the upcoming United Nations Conference on Trade and Development (UNCTAD) World Investment Forum and the 14th China International Fair for Investment and Trade.
Last year was the eighth consecutive year that the nation’s ODI had grown.
China is aiming to be the world’s largest new energy vehicle market by 2020 with 5 million cars.
Although China is still a developing country with a relatively low per capita income, it has experienced tremendous economic growth since the late 1970s.
Despite initial gains in farmers’ incomes in the early 1980s, taxes and fees have increasingly made farming an unprofitable occupation, and because the state owns all land farmers have at times been easily evicted when croplands are sought by developers.
In terms of cash crops, China ranks first in cotton and tobacco and is an important producer of oilseeds, silk, tea, ramie, jute, hemp, sugarcane, and sugar beets.
Livestock raising on a large scale is confined to the border regions and provinces in the north and west; it is mainly of the nomadic pastoral type.
China is one of the world’s major mineral-producing countries.
Alumina is found in many parts of the country; China is one of world’s largest producers of aluminum.
Major industrial products are textiles, chemicals, fertilizers, machinery (especially for agriculture), processed foods, iron and steel, building materials, plastics, toys, and electronics.
Shanghai and Guangzhou are the traditionally great textile centers, but many new mills have been built, concentrated mostly in the cotton-growing provinces of N China and along the Chang (Yangtze) River.
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Li Na French Open Win Demonstrates ‘Superiority of Socialism’
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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