China
Smog, Bureaucratic Waffling Add to Beijing’s Murk
The first step to fixing a problem is admitting one exists. But in the face of growing public concern over a recent stretch of air pollution in the Chinese capital, local officials this week did little to ease the outcry. In the midst of an especially smoggy stretch of days this past week , local officials and state-run media did little to suggest Beijing was prepared to tackle its air pollution levels, among the worst of the world’s major cities. The state-run Global Times newspaper early this week reported a dense “fog” had descended over the capital. The local government was reporting “slight” pollution levels even as readings by the U.S. Embassy described pollution as “hazardous.” And in an interview published Friday in the Beijing Times newspaper , Du Shaozhong, a spokesman for the municipal environmental bureau, questioned the embassy’s independent readings, which have long been a point of contention between Beijing and Washington. “I’m not clear about their monitoring tools and methods, and how they ensure accuracy” Mr. Du said. The interview appeared to be a response to a wave of criticism he and the city’s environmental bureau have come under in recent days, particularly on Sina Weibo, the popular microblogging site owned by Sina Corp. Mr. Du has 79,000 followers on the site, and hundreds of them were demanding more information from the city on current air pollution levels. In particular, many wanted to know when the city would begin releasing measurements of PM2.5 pollution particles – that is, those particles 2.5 micrometers or smaller in diameter. The city currently releases measurements only for coarser PM10 particles. Experts say fine PM2.5 particles are especially dangerous and can easily penetrate a person’s lungs and bloodstream. The U.S. Embassy in Beijing publishes independent hourly PM2.5 readings as well as an air-quality index on an official embassy Twitter feed , much to Beijing’s chagrin. Leaked WikiLeaks cables this summer revealed a tense meeting between U.S. and Chinese officials in 2009 over the independent U.S. readings, which Beijing argued might confuse the Chinese public because the U.S. data conflicted with official Chinese data . The U.S. index regularly surpasses a level of 300, which the U.S. government classifies as hazardous pollution. On more than one occasion this year, the index has topped its ceiling of 500. Adding insult to insult to injury, the Hong Kong-based South China Morning Post, citing an air-purification equipment firm, reported Friday that top Communist Party officials had amassed fleet of air purifiers for buildings inside Zhongnanhai, the leadership’s heavily guarded residential compound. The SCMP said Broad Group, a Hunan-based air conditioner maker, had touted the Zhongnanhai air purifiers on its website. “They are everywhere in Zhongnanhai, from living rooms and meeting rooms to swimming pools and gyms,” the SCMP quoted Broad Group’s website as saying . “It is a blessing for the people that our purifiers have created a healthy and clean environment for state leaders.” The company’s claims couldn’t be independently confirmed. The state-run Global Times newspaper weighed in Wednesday with an editorial on the pollution. The gist: Be patient, people. “The public sees world standards, and they expect China to adopt the most advanced ones,” the editorial read. “But we must accept that the national can’t reach these standards quickly.” On Friday afternoon in Beijing, the U.S. Embassy’s air-quality index hovered around 170, or a mere “unhealthy” rating. That’s several steps below the “hazardous” levels of earlier this week. It’s a relative breath of fresh air for smog-weary Beijingers. –Brian Spegele. Follow him on Twitter @bspegele .
The first step to fixing a problem is admitting one exists. But in the face of growing public concern over a recent stretch of air pollution in the Chinese capital, local officials this week did little to ease the outcry. In the midst of an especially smoggy stretch of days this past week , local officials and state-run media did little to suggest Beijing was prepared to tackle its air pollution levels, among the worst of the world’s major cities. The state-run Global Times newspaper early this week reported a dense “fog” had descended over the capital. The local government was reporting “slight” pollution levels even as readings by the U.S. Embassy described pollution as “hazardous.” And in an interview published Friday in the Beijing Times newspaper , Du Shaozhong, a spokesman for the municipal environmental bureau, questioned the embassy’s independent readings, which have long been a point of contention between Beijing and Washington. “I’m not clear about their monitoring tools and methods, and how they ensure accuracy” Mr. Du said. The interview appeared to be a response to a wave of criticism he and the city’s environmental bureau have come under in recent days, particularly on Sina Weibo, the popular microblogging site owned by Sina Corp. Mr. Du has 79,000 followers on the site, and hundreds of them were demanding more information from the city on current air pollution levels. In particular, many wanted to know when the city would begin releasing measurements of PM2.5 pollution particles – that is, those particles 2.5 micrometers or smaller in diameter. The city currently releases measurements only for coarser PM10 particles. Experts say fine PM2.5 particles are especially dangerous and can easily penetrate a person’s lungs and bloodstream. The U.S. Embassy in Beijing publishes independent hourly PM2.5 readings as well as an air-quality index on an official embassy Twitter feed , much to Beijing’s chagrin. Leaked WikiLeaks cables this summer revealed a tense meeting between U.S. and Chinese officials in 2009 over the independent U.S. readings, which Beijing argued might confuse the Chinese public because the U.S. data conflicted with official Chinese data . The U.S. index regularly surpasses a level of 300, which the U.S. government classifies as hazardous pollution. On more than one occasion this year, the index has topped its ceiling of 500. Adding insult to insult to injury, the Hong Kong-based South China Morning Post, citing an air-purification equipment firm, reported Friday that top Communist Party officials had amassed fleet of air purifiers for buildings inside Zhongnanhai, the leadership’s heavily guarded residential compound. The SCMP said Broad Group, a Hunan-based air conditioner maker, had touted the Zhongnanhai air purifiers on its website. “They are everywhere in Zhongnanhai, from living rooms and meeting rooms to swimming pools and gyms,” the SCMP quoted Broad Group’s website as saying . “It is a blessing for the people that our purifiers have created a healthy and clean environment for state leaders.” The company’s claims couldn’t be independently confirmed. The state-run Global Times newspaper weighed in Wednesday with an editorial on the pollution. The gist: Be patient, people. “The public sees world standards, and they expect China to adopt the most advanced ones,” the editorial read. “But we must accept that the national can’t reach these standards quickly.” On Friday afternoon in Beijing, the U.S. Embassy’s air-quality index hovered around 170, or a mere “unhealthy” rating. That’s several steps below the “hazardous” levels of earlier this week. It’s a relative breath of fresh air for smog-weary Beijingers. –Brian Spegele. Follow him on Twitter @bspegele .
See the rest here:
Smog, Bureaucratic Waffling Add to Beijing’s Murk
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. |
Read the rest of the original article.
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
- China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
- Italy and China New DTA Set to Take Effect in 2025: Important Changes and Implications
- 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
- Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
- Vietnam’s Approach to China: A Balance of Cooperation and Struggle