China
New Bohai Bay Leak Looks to be Less Severe
Associated Press/Xinhua An oil rig at the Jinzhou 9-3 Oilfield off the coast of Jinzhou, in a photo released by the state-run Xinhua News Agency. A fresh oil leak in China’s Bohai Bay appears to be far less severe than a series of recent mishaps in the northern waters that sparked a national outrage and knocked one of the nation’s largest offshore production bases out of action. In the latest incident, owner-operator China National Offshore Oil Ltd.’s Cnooc Ltd. unit said Friday it has taken 1,600 barrels per day of production offline to deal with the spill and surface sheens. The company didn’t estimate when the production might resume. Cnooc said its initial estimate of the Jinzhou 9-3 West oil spill — caused when a working vessel dragged an anchor across an undersea pipeline and ruptured it — was 0.38 cubic meters, or just over two barrels. That’s a far cry from a series of leaks in recent months at a separate Bohai Bay production base, which 51% owned by Cnooc and 49% by Houston-based ConocoPhillips, operator of the field. More than 3,300 barrels of oil was spilled during multiple incidents over the summer at a site called Peng Lai, sparking harsh public and government criticism of the U.S. company’s performance and prompting authorities to order the production to be shuttered in early September. China’s State Oceanic Administration said it scrambled aircraft and boats Friday night after the latest spill but also suggested in a statement (in Chinese) that the incident was minor and Cnooc’s response was adequate. The spill news was getting relatively little attention in China’s media. At least one official of the Oceanic administration, which manages China’s offshore activity, has described the spills around Peng Lai as China’s worst offshore accident. The agency continues to feature news about the incident prominently on its website. The incidents grabbed headlines for weeks in China, as well as senior leadership attention. In daily reports , Conoco has chronicled its efforts to deal with the aftermath of the accidents in the hopes of eventually returning to production, saying it is working under the active supervision of its partner Cnooc. Conoco, which has taken initial steps to pay compensation , says its ongoing efforts include reducing undersea pressure around Peng Lai that it says caused oil to seep out and to look for ways to seal sources of the leaking. It is also revising its overall development plan. –James T. Areddy; Follow him on Twitter @jamestareddy
- Associated Press/Xinhua
- An oil rig at the Jinzhou 9-3 Oilfield off the coast of Jinzhou, in a photo released by the state-run Xinhua News Agency.
A fresh oil leak in China’s Bohai Bay appears to be far less severe than a series of recent mishaps in the northern waters that sparked a national outrage and knocked one of the nation’s largest offshore production bases out of action.
In the latest incident, owner-operator China National Offshore Oil Ltd.’s Cnooc Ltd. unit said Friday it has taken 1,600 barrels per day of production offline to deal with the spill and surface sheens. The company didn’t estimate when the production might resume.
Cnooc said its initial estimate of the Jinzhou 9-3 West oil spill — caused when a working vessel dragged an anchor across an undersea pipeline and ruptured it — was 0.38 cubic meters, or just over two barrels.
That’s a far cry from a series of leaks in recent months at a separate Bohai Bay production base, which 51% owned by Cnooc and 49% by Houston-based ConocoPhillips, operator of the field. More than 3,300 barrels of oil was spilled during multiple incidents over the summer at a site called Peng Lai, sparking harsh public and government criticism of the U.S. company’s performance and prompting authorities to order the production to be shuttered in early September.
China’s State Oceanic Administration said it scrambled aircraft and boats Friday night after the latest spill but also suggested in a statement (in Chinese) that the incident was minor and Cnooc’s response was adequate. The spill news was getting relatively little attention in China’s media.
At least one official of the Oceanic administration, which manages China’s offshore activity, has described the spills around Peng Lai as China’s worst offshore accident. The agency continues to feature news about the incident prominently on its website. The incidents grabbed headlines for weeks in China, as well as senior leadership attention.
In daily reports, Conoco has chronicled its efforts to deal with the aftermath of the accidents in the hopes of eventually returning to production, saying it is working under the active supervision of its partner Cnooc.
Conoco, which has taken initial steps to pay compensation, says its ongoing efforts include reducing undersea pressure around Peng Lai that it says caused oil to seep out and to look for ways to seal sources of the leaking.
It is also revising its overall development plan.
–James T. Areddy; Follow him on Twitter @jamestareddy
Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2009 stood as the second-largest economy in the world after the US, although in per capita terms the country is still lower middle-income.
The Chinese government seeks to add energy production capacity from sources other than coal and oil, and is focusing on nuclear and other alternative energy development.
The country’s per capita income was at $6,567 (IMF, 98th) in 2009.
Nevertheless, key bottlenecks continue to constrain growth.
China is the world’s largest producer of rice and is among the principal sources of wheat, corn (maize), tobacco, soybeans, peanuts (groundnuts), and cotton.
China has acquired some highly sophisticated production facilities through trade and also has built a number of advanced engineering plants capable of manufacturing an increasing range of sophisticated equipment, including nuclear weapons and satellites, but most of its industrial output still comes from relatively ill-equipped factories.
By the early 1990s these subsidies began to be eliminated, in large part due to China’s admission into the World Trade Organization (WTO) in 2001, which carried with it requirements for further economic liberalization and deregulation.
Both forums will start on Tuesday.
“The growth rate (for ODI) in the next few years will be much higher than previous years,” Shen said, without elaborating.
China is expected to have 200 million cars on the road by 2020, increasing pressure on energy security and the environment, government officials said yesterday.
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.
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.
China’s leading export minerals are tungsten, antimony, tin, magnesium, molybdenum, mercury, manganese, barite, and salt.
Major industrial products are textiles, chemicals, fertilizers, machinery (especially for agriculture), processed foods, iron and steel, building materials, plastics, toys, and electronics.
Since the 1980s China has undertaken a major highway construction program.
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New Bohai Bay Leak Looks to be Less Severe
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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