China
China Hands Out Punishment After Airlines’ Bizarre Mid-Air Stand-Off
Reuters A passenger jet flies towards Hongqiao Airport in Shanghai August 23, 2011. More In airlines Air Tickets Regain Altitude as High Speed Rail Line Runs Late Video: Now Boarding – Tokyo to Taipei Real Orders for Chinese Commercial Jet? The Great Disturbance in China’s Airspace: Private Jets Congested Airport May Hurt Air China And you thought driving in China was treacherous . The country’s General Administration of Civil Aviation on Monday announced its punishment for privately held Juneyao Airlines Co. after an incident earlier this month in the skies above Shanghai in which a Juneyao flight crew refused to give way to a Qatar Airways jet that had issued a “mayday” call and requested immediate permission to land as it ran low on fuel. Juneyao, one of relatively few private carriers in an industry dominated by state-run airlines, was ordered to reduce its flight capacity by 10% and temporarily barred from going ahead with expansion plans as well as hiring foreign pilots. Officials also banned the flight’s captain, a South Korean citizen, from continuing work as a pilot in China, the state-run Xinhua news agency reported. The Qatar Airways flight, a Boeing 777 en route from Doha, had been circling above Shanghai Pudong International Airport due to bad weather, Xinhua reported. Authorities decided to divert it to the city’s smaller Hongqiao International Airport as it ran low on fuel. The Juneyao pilot refused six orders from the control tower to yield and allow the Qatari jet to land first. Both flights eventually landed safely, but the Civil Aviation Administration said the Qatar jet had only about 18 minutes worth of fuel left when it finally landed at Hongqiao. Juneyao Airlines in a statement posted to its website on Tuesday, said it “would seriously draw lessons” from the case, and said the airline took responsibility for the incident. The Civil Aviation Administration statement said China would discuss with Qatari authorities whether the Qatar Airways crew could have done a better job predicting the fuel problem. China’s private airlines in have struggled to gain market share against state-owned airline giants such as Air China Ltd., China Southern Airlines Co. and China Eastern Airlines Corp. The growing woes of high-speed rail in China, which have been plagued by concerns over safety in the aftermath of a deadly accident in eastern China last month, are breathing new life into regional air routes in China. Domestic airlines had steeply discounted regional flights in June as the much-touted Beijing-Shanghai high-speed rail line prepared to open. But ticket prices have since returned to normal amid delays and safety concerns on the high-speed tracks . For his part, the Juneyao pilot claimed he’d also been running low of fuel, though the Civil Aviation Administration statement said his jet still had about 40 minutes left in fuel when it landed. “No matter the reason, it was wrong for the crew members of flight HO1112 not to carry out the instructions of air traffic controllers on Aug. 13,” the company said according to Xinhua. –Brian Spegele. Follow him on Twitter @bspegele .
- Reuters
- A passenger jet flies towards Hongqiao Airport in Shanghai August 23, 2011.
And you thought driving in China was treacherous.
The country’s General Administration of Civil Aviation on Monday announced its punishment for privately held Juneyao Airlines Co. after an incident earlier this month in the skies above Shanghai in which a Juneyao flight crew refused to give way to a Qatar Airways jet that had issued a “mayday” call and requested immediate permission to land as it ran low on fuel.
Juneyao, one of relatively few private carriers in an industry dominated by state-run airlines, was ordered to reduce its flight capacity by 10% and temporarily barred from going ahead with expansion plans as well as hiring foreign pilots. Officials also banned the flight’s captain, a South Korean citizen, from continuing work as a pilot in China, the state-run Xinhua news agency reported.
The Qatar Airways flight, a Boeing 777 en route from Doha, had been circling above Shanghai Pudong International Airport due to bad weather, Xinhua reported. Authorities decided to divert it to the city’s smaller Hongqiao International Airport as it ran low on fuel. The Juneyao pilot refused six orders from the control tower to yield and allow the Qatari jet to land first. Both flights eventually landed safely, but the Civil Aviation Administration said the Qatar jet had only about 18 minutes worth of fuel left when it finally landed at Hongqiao.
Juneyao Airlines in a statement posted to its website on Tuesday, said it “would seriously draw lessons” from the case, and said the airline took responsibility for the incident. The Civil Aviation Administration statement said China would discuss with Qatari authorities whether the Qatar Airways crew could have done a better job predicting the fuel problem.
China’s private airlines in have struggled to gain market share against state-owned airline giants such as Air China Ltd., China Southern Airlines Co. and China Eastern Airlines Corp.
The growing woes of high-speed rail in China, which have been plagued by concerns over safety in the aftermath of a deadly accident in eastern China last month, are breathing new life into regional air routes in China. Domestic airlines had steeply discounted regional flights in June as the much-touted Beijing-Shanghai high-speed rail line prepared to open. But ticket prices have since returned to normal amid delays and safety concerns on the high-speed tracks.
For his part, the Juneyao pilot claimed he’d also been running low of fuel, though the Civil Aviation Administration statement said his jet still had about 40 minutes left in fuel when it landed.
“No matter the reason, it was wrong for the crew members of flight HO1112 not to carry out the instructions of air traffic controllers on Aug. 13,” the company said according to Xinhua.
–Brian Spegele. Follow him on Twitter @bspegele.
In recent years, China has re-invigorated its support for leading state-owned enterprises in sectors it considers important to “economic security,” explicitly looking to foster globally competitive national champions.
In 2006, China announced that by 2010 it would decrease energy intensity 20% from 2005 levels.
The government has also focused on foreign trade as a major vehicle for economic growth.
Nevertheless, key bottlenecks continue to constrain growth.
Technology, labor productivity, and incomes have advanced much more rapidly in industry than in agriculture.
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.
The market-oriented reforms China has implemented over the past two decades have unleashed individual initiative and entrepreneurship, whilst retaining state domination of the economy.
Globally, foreign investment decreased by almost 40 percent last year amid the financial downturn and is expected to show only marginal growth this year.
From January to June, the ODI in financial sectors was up by 44 percent to $17.9 billion, and in July alone, the ODI recorded $8.91 billion, the highest this year.
It also aims to sell more than 15 million of the most fuel-efficient vehicles in the world each year by then.
China’s challenge in the early 21st century will be to balance its highly centralized political system with an increasingly decentralized economic system.
Agriculture is by far the leading occupation, involving over 50% of the population, although extensive rough, high terrain and large arid areas – especially in the west and north – limit cultivation to only about 10% of the land surface.
China is the world’s largest producer of rice and wheat and a major producer of sweet potatoes, sorghum, millet, barley, peanuts, corn, soybeans, and potatoes.
Fish and pork supply most of the animal protein in the Chinese diet.
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.
China’s leading export minerals are tungsten, antimony, tin, magnesium, molybdenum, mercury, manganese, barite, and salt.
Coal is the single most important energy source in China; coal-fired thermal electric generators provide over 70% of the country’s electric power.
The east and northeast are well served by railroads and highways, and there are now major rail and road links with the interior.
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China Hands Out Punishment After Airlines’ Bizarre Mid-Air Stand-Off
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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