China
China’s First Aviation Biofuel Test
An hour-long flight around Beijing late last month by an aging jumbo-jet signaled the Chinese aviation industry’s hitch aboard a growing worldwide trend: fueling aircraft with plant oil. The 20-year-old Air China 747-400 was powered in part by a biofuel produced from a shrub called jatropha . The flight was deemed a success by Chinese aviation regulators, who represent an important global constituency that coordinates 15,000 commercial flights per day and one of the fastest-growing markets. Particularly important, industry officials said, was that the entire project was conducted in China, starting with the planting of jatropha shrubs in the mountains of Yunnan province. “This is China making sure it is comfortable with it,” Marc Allen, president of Boeing Co.’s China division, said in an interview Tuesday. “It’s proving out commercial viability.” Since an inaugural 2008 Air New Zealand flight powered by biofuel, carriers around the world have tested jatropha-based fuel as a cleaner alternative to traditional kerosene jet fuel. Jatropha is hailed by supporters as something of a wonder-plant for the oil that can be extracted from its seeds. Supporters emphasize it grows where other plants don’t and isn’t edible, therefore doesn’t leave anyone hungry the way biofuels from crops like corn might do. A drawback: The cost is twice that of traditional fuel. In recent months, jatropha blends, now governed by a global standard , have fueled jet flights over the Atlantic and even powered fighter planes. For selected European carriers, biofuel is becoming part of the everyday operation, in particular at KLM Royal Dutch Airlines and Deutsche Lufthansa AG . China’s one-hour flight on Oct. 28 in the airspace above Beijing was run in coordination with a number of companies, plus the General Aviation Administration of China. The plane was operated by Air China and powered by United Technologies Corp. Pratt & Whitney engines – though only one of four was running the biofuel blend. Honeywell International Inc. and PetroChina Co. cooperated on the fuel production. Boeing’s Mr. Allen cheered the flight as an “A-Z biofuels test,” from “growth and harvest up through take off and landing.” He quipped, “This is about biofuels with Chinese characteristics.” While Beijing hasn’t fixed plans for widespread adoption of aviation biofuels – and it faces logistical challenges in doing so – the test bodes well for relatively quick rollout of the program if the government chooses to do so. Spurring the efforts were presidential-level Sino-U.S. agreements dating to 2009 to cooperate on biofuels, as well as private-public partnerships. The rush into biofuels by the global aviation industry reflects a firestorm of protest from environmentalist groups that charge the carbon footprint associated with high-speed flight remains too high. Some scoff at biofuel-powered flight, saying it often amounts to PR gimmickry by carriers. Others suggest it is a temporary response to high crude oil prices. Some critics worry arable land for growing food will be threatened and argue that biofuel production isn’t necessarily as clean as proponents contend. But the trend is taking hold, according to Honeywell’s chairman and chief executive officer, Dave Cote, who recently told investors he had expected the “brilliant idea” to be hamstrung by infrastructure challenges. “It’s accelerating a lot faster than I expected largely because of pull from the aviation industry as they start worrying about carbon footprint and how do they reduce emissions and all that kind of thing,” Mr. Cote said. The use of jatropha-based fuel could have particular appeal in China, which has plentiful swathes of dry and barren land to devote to growing the plant. PetroChina has planted nearly 200,000 hectares worth of jatropha in various locations around the country, a company executive told the state-run Global Times last week , adding that China boasted more than 58 million hectares of barren mountain land suitable for the plant, also known as the tung tree. While the test underscores how China is warming to biofuels and eager to clear its own skies, it is pushing back aggressively on Europe’s strategy to tax the carbon emission of air carriers, as are regulators and carriers in many other countries . Aviation enthusiasts usually clamor for seats on inaugural flights but China’s biofuel test plane carried only three: the pilots. Flight Captain Zheng Weimin, according to the China Daily, said everything went fine. “I detected no obvious difference in engines powered by the biofuel blend and conventional jet fuel,” he said. – James T. Areddy. Follow him on Twitter @jamestareddy
An hour-long flight around Beijing late last month by an aging jumbo-jet signaled the Chinese aviation industry’s hitch aboard a growing worldwide trend: fueling aircraft with plant oil. The 20-year-old Air China 747-400 was powered in part by a biofuel produced from a shrub called jatropha . The flight was deemed a success by Chinese aviation regulators, who represent an important global constituency that coordinates 15,000 commercial flights per day and one of the fastest-growing markets. Particularly important, industry officials said, was that the entire project was conducted in China, starting with the planting of jatropha shrubs in the mountains of Yunnan province. “This is China making sure it is comfortable with it,” Marc Allen, president of Boeing Co.’s China division, said in an interview Tuesday. “It’s proving out commercial viability.” Since an inaugural 2008 Air New Zealand flight powered by biofuel, carriers around the world have tested jatropha-based fuel as a cleaner alternative to traditional kerosene jet fuel. Jatropha is hailed by supporters as something of a wonder-plant for the oil that can be extracted from its seeds. Supporters emphasize it grows where other plants don’t and isn’t edible, therefore doesn’t leave anyone hungry the way biofuels from crops like corn might do. A drawback: The cost is twice that of traditional fuel. In recent months, jatropha blends, now governed by a global standard , have fueled jet flights over the Atlantic and even powered fighter planes. For selected European carriers, biofuel is becoming part of the everyday operation, in particular at KLM Royal Dutch Airlines and Deutsche Lufthansa AG . China’s one-hour flight on Oct. 28 in the airspace above Beijing was run in coordination with a number of companies, plus the General Aviation Administration of China. The plane was operated by Air China and powered by United Technologies Corp. Pratt & Whitney engines – though only one of four was running the biofuel blend. Honeywell International Inc. and PetroChina Co. cooperated on the fuel production. Boeing’s Mr. Allen cheered the flight as an “A-Z biofuels test,” from “growth and harvest up through take off and landing.” He quipped, “This is about biofuels with Chinese characteristics.” While Beijing hasn’t fixed plans for widespread adoption of aviation biofuels – and it faces logistical challenges in doing so – the test bodes well for relatively quick rollout of the program if the government chooses to do so. Spurring the efforts were presidential-level Sino-U.S. agreements dating to 2009 to cooperate on biofuels, as well as private-public partnerships. The rush into biofuels by the global aviation industry reflects a firestorm of protest from environmentalist groups that charge the carbon footprint associated with high-speed flight remains too high. Some scoff at biofuel-powered flight, saying it often amounts to PR gimmickry by carriers. Others suggest it is a temporary response to high crude oil prices. Some critics worry arable land for growing food will be threatened and argue that biofuel production isn’t necessarily as clean as proponents contend. But the trend is taking hold, according to Honeywell’s chairman and chief executive officer, Dave Cote, who recently told investors he had expected the “brilliant idea” to be hamstrung by infrastructure challenges. “It’s accelerating a lot faster than I expected largely because of pull from the aviation industry as they start worrying about carbon footprint and how do they reduce emissions and all that kind of thing,” Mr. Cote said. The use of jatropha-based fuel could have particular appeal in China, which has plentiful swathes of dry and barren land to devote to growing the plant. PetroChina has planted nearly 200,000 hectares worth of jatropha in various locations around the country, a company executive told the state-run Global Times last week , adding that China boasted more than 58 million hectares of barren mountain land suitable for the plant, also known as the tung tree. While the test underscores how China is warming to biofuels and eager to clear its own skies, it is pushing back aggressively on Europe’s strategy to tax the carbon emission of air carriers, as are regulators and carriers in many other countries . Aviation enthusiasts usually clamor for seats on inaugural flights but China’s biofuel test plane carried only three: the pilots. Flight Captain Zheng Weimin, according to the China Daily, said everything went fine. “I detected no obvious difference in engines powered by the biofuel blend and conventional jet fuel,” he said. – James T. Areddy. Follow him on Twitter @jamestareddy
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China’s First Aviation Biofuel Test
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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