China
Ai Weiwei, on Top of the Art World
Getty Images Ai Weiwei was named No. 1 in ArtReview’s Power 100. See photos of his recent work. More In Ai Weiwei Not Human: China Activist Lawyer Reveals Details of Detention China Threatens to Legalize Repression Ai Weiwei: ‘Beijing is a Nightmare’ Ai Weiwei Gets Back to Tweeting China Watch: Firms vs. Researchers, Ai Fined, Panda Census He tweets , he critiques China in the media, he directs photo shoots via Skype , and according to ArtReview, he’s the most powerful person in the art world. Ai Weiwei took the top spot in the magazine’s annual list of influencers , beating last year’s No. 1 pick Larry Gagosian, the well-known art dealer who represents Damien Hirst and Jeff Koons, among other art luminaries. Mr. Gagosian landed at No. 4 this year, behind curators Hans Ulrich Obrist and Julia Peyton-Jones, and Museum of Modern Art Director Glenn Lowry, who came in third place. According to ArtReview, the rankings are based on financial clout as well as activity over the past year. It’s been an eventful one for Mr. Ai, who was released in June after 81 days of detention by Chinese authorities. Since then he has spoken out about his imprisonment and resumed his use of Twitter, two activities that may violate the terms of his release . His work has been widely shown this year, with exhibitions in the U.S., United Kingdom, Taiwan, Austria and Switzerland, and over the summer, he participated in an unusual project with W magazine in which he used Skype to survey a New York photo shoot from Beijing. Continue reading on Scene
- Getty Images
- Ai Weiwei was named No. 1 in ArtReview’s Power 100. See photos of his recent work.
He tweets, he critiques China in the media, he directs photo shoots via Skype, and according to ArtReview, he’s the most powerful person in the art world.
Ai Weiwei took the top spot in the magazine’s annual list of influencers, beating last year’s No. 1 pick Larry Gagosian, the well-known art dealer who represents Damien Hirst and Jeff Koons, among other art luminaries. Mr. Gagosian landed at No. 4 this year, behind curators Hans Ulrich Obrist and Julia Peyton-Jones, and Museum of Modern Art Director Glenn Lowry, who came in third place.
According to ArtReview, the rankings are based on financial clout as well as activity over the past year. It’s been an eventful one for Mr. Ai, who was released in June after 81 days of detention by Chinese authorities. Since then he has spoken out about his imprisonment and resumed his use of Twitter, two activities that may violate the terms of his release.
His work has been widely shown this year, with exhibitions in the U.S., United Kingdom, Taiwan, Austria and Switzerland, and over the summer, he participated in an unusual project with W magazine in which he used Skype to survey a New York photo shoot from Beijing.
Annual inflows of foreign direct investment rose to nearly $108 billion in 2008.
In 2009, the global economic downturn reduced foreign demand for Chinese exports for the first time in many years.
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 two sectors have differed in many respects.
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 ongoing economic transformation has had a profound impact not only on China but on the world.
Globally, foreign investment decreased by almost 40 percent last year amid the financial downturn and is expected to show only marginal growth this year.
In 2009, global ODI volume reached $1.1 trillion, and China contributed about 5.1 percent of the total.
China reiterated the nation’s goals for the next decade – increasing market share of pure-electric and plug-in electric autos, building world-competitive auto makers and parts manufacturers in the energy-efficient auto sector as well as raising fuel-efficiency to world levels.
Although China is still a developing country with a relatively low per capita income, it has experienced tremendous economic growth since the late 1970s.
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.
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.
Fish and pork supply most of the animal protein in the Chinese diet.
China is one of the world’s major mineral-producing countries.
There are also deposits of vanadium, magnetite, copper, fluorite, nickel, asbestos, phosphate rock, pyrite, and sulfur.
In addition, implementation of some reforms was stalled by fears of social dislocation and by political opposition, but by 2007 economic changes had become so great that the Communist party added legal protection for private property rights (while preserving state ownership of all land) and passed a labor law designed to improve the protection of workers’ rights (the law was passed amid a series of police raids that freed workers engaged in forced labor).
Taiyuan and Xi’an are important centers in the less populated interior, and Lanzhou is the key communications junction of the vast northwest.
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Ai Weiwei, on Top of the Art World
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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- 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
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