China
Lai’s Donations Transfix Hong Kong
Hong Kong media mogul Jimmy Lai’s support for the city’s democratic movement is hardly a secret, but reports of just how significant his financial support for these groups has been are causing a stir. Earlier this week, local media reported that donations by Mr. Lai–founder of Next Media Ltd., which owns publications in Taiwan and Hong Kong and is behind the cheesy, if popular, web cartoons of events in the news –totaled more than HK$60 million (US$7.7 million) over the last few years. The reports said the money was given to, among others, Hong Kong’s pan-democratic parties as well as the former head of the Catholic Church in Hong Kong, the outspoken Cardinal Joseph Zen. At a press conference on Wednesday, Cardinal Zen confirmed that he had indeed received significant donations from Mr. Lai, but he didn’t confirm the amount, according to his staff. He emphasized that the money was given to him for personal use rather than to the Church, and that there was no political motive attached. He said some of the money went to support underground churches in China as well as other charitable causes. Many of the other reports couldn’t be independently confirmed, and Next Media and Mr. Lai’s representatives didn’t return calls for comment. The reports cited documents that were leaked to a file-sharing service, though it was unclear by whom. Mr. Zen’s secretary, Teresa Fung, said Mr. Zen didn’t only donate money to the underground church on the mainland, but in fact donated more money to the official Beijing-sanctioned Catholic church, including paying for the expenses of Chinese priests’ visits Hong Kong and students traveling to Rome. Pro-Beijing voices in Hong Kong have been quick to lash out against Mr. Lai and Cardinal Zen. For example, Ta Kung Pao, a newspaper often seen as sympathetic to Beijing, labeled the two as “trouble-stirrers” in an article on Thursday, and accused Cardinal Zen of attempting to cause a schism in the mainland Catholic Church. Mr. Lai’s support for the Cardinal is no surprise, as their friendship goes back a long way. In an interview with The Wall Street Journal in 2007, Mr. Lai said he has few friends but counts Cardinal Zen as one of them, as he baptized Mr. Lai into Catholicism in 1997, and took him to visit Pope Benedict XVI in 2006. Cardinal Zen has also openly spoken out in support of Next Media’s Apple Daily newspaper for its stance on democracy in Hong Kong. Nor has he shied away from criticizing his friend for some of Next Media’s more sensationalist offerings. For example, in 2006, when one of its magazines featured a teenage Chinese pop star in a wet see-through nightgown and led to a child-pornography charge by Hong Kong’s prosecutor, Mr. Zen said he privately urged Mr. Lai to apologize for the incident. There are currently no laws in Hong Kong regulating the disclosure of political donations, but Thomas Yan, convener of The Frontier party, confirmed that the party did indeed receive HK$200,000 from Mr. Lai in 2006. “I think this whole situation is very tragic. It highlights that the pan-democrats’ resources here are very limited. People are hitting out over the fact that we have one big business backer, but why isn’t anyone questioning the donations that some of the pro-Beijing parties are receiving from large corporations and Chinese banks?” said Mr. Yan. Mr. Lai has said in the past that his political activism has made his publications the target of an advertising boycott by Hong Kong’s biggest conglomerates, which want to remain on good terms with Beijing. Andrew To, chairman of the League of Social Democrats, one of the parties reported by local media to have received donations from Mr. Lai, said he does not disclose the identity of donors to the party. The People’s Party declined to comment. The Civic Party and the Democratic Party did not respond to a request for comment –Isabella Steger
Hong Kong media mogul Jimmy Lai’s support for the city’s democratic movement is hardly a secret, but reports of just how significant his financial support for these groups has been are causing a stir. Earlier this week, local media reported that donations by Mr. Lai–founder of Next Media Ltd., which owns publications in Taiwan and Hong Kong and is behind the cheesy, if popular, web cartoons of events in the news –totaled more than HK$60 million (US$7.7 million) over the last few years. The reports said the money was given to, among others, Hong Kong’s pan-democratic parties as well as the former head of the Catholic Church in Hong Kong, the outspoken Cardinal Joseph Zen. At a press conference on Wednesday, Cardinal Zen confirmed that he had indeed received significant donations from Mr. Lai, but he didn’t confirm the amount, according to his staff. He emphasized that the money was given to him for personal use rather than to the Church, and that there was no political motive attached. He said some of the money went to support underground churches in China as well as other charitable causes. Many of the other reports couldn’t be independently confirmed, and Next Media and Mr. Lai’s representatives didn’t return calls for comment. The reports cited documents that were leaked to a file-sharing service, though it was unclear by whom. Mr. Zen’s secretary, Teresa Fung, said Mr. Zen didn’t only donate money to the underground church on the mainland, but in fact donated more money to the official Beijing-sanctioned Catholic church, including paying for the expenses of Chinese priests’ visits Hong Kong and students traveling to Rome. Pro-Beijing voices in Hong Kong have been quick to lash out against Mr. Lai and Cardinal Zen. For example, Ta Kung Pao, a newspaper often seen as sympathetic to Beijing, labeled the two as “trouble-stirrers” in an article on Thursday, and accused Cardinal Zen of attempting to cause a schism in the mainland Catholic Church. Mr. Lai’s support for the Cardinal is no surprise, as their friendship goes back a long way. In an interview with The Wall Street Journal in 2007, Mr. Lai said he has few friends but counts Cardinal Zen as one of them, as he baptized Mr. Lai into Catholicism in 1997, and took him to visit Pope Benedict XVI in 2006. Cardinal Zen has also openly spoken out in support of Next Media’s Apple Daily newspaper for its stance on democracy in Hong Kong. Nor has he shied away from criticizing his friend for some of Next Media’s more sensationalist offerings. For example, in 2006, when one of its magazines featured a teenage Chinese pop star in a wet see-through nightgown and led to a child-pornography charge by Hong Kong’s prosecutor, Mr. Zen said he privately urged Mr. Lai to apologize for the incident. There are currently no laws in Hong Kong regulating the disclosure of political donations, but Thomas Yan, convener of The Frontier party, confirmed that the party did indeed receive HK$200,000 from Mr. Lai in 2006. “I think this whole situation is very tragic. It highlights that the pan-democrats’ resources here are very limited. People are hitting out over the fact that we have one big business backer, but why isn’t anyone questioning the donations that some of the pro-Beijing parties are receiving from large corporations and Chinese banks?” said Mr. Yan. Mr. Lai has said in the past that his political activism has made his publications the target of an advertising boycott by Hong Kong’s biggest conglomerates, which want to remain on good terms with Beijing. Andrew To, chairman of the League of Social Democrats, one of the parties reported by local media to have received donations from Mr. Lai, said he does not disclose the identity of donors to the party. The People’s Party declined to comment. The Civic Party and the Democratic Party did not respond to a request for comment –Isabella Steger
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Lai’s Donations Transfix Hong Kong
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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