China
Hong Kong’s Cinema on the Skyline
Lani Holmberg RooftopCinemaHK screens ‘Dirty Dancing’ at the top of Hong Kong’s M88 building. More In Hong Kong Watch: Seeing Clearly — With Lens-Free Glasses Asia Today: Private-Equity Firms See Bright Spot in Asia Chinese Couples Rush to the Altar on 11/11/11 Dual Exchange-Rate Regime For China? An Historical View U.S. Navy Commander Calls for Greater Dialogue Hong Kong has long been known for being a hub of film activity, and also for its skyline. It was just a matter of time before the two mashed up. RooftopCinemaHK, the brainchild of two Australian transplants, is in the middle of its second season, which has grown to 20 films following its initial eight-movie run in the spring. They’re projected on a 3.3-by-2.3-meter outdoor screen, above the traffic and under the stars, and next to a bar that helps fuel the relaxed atmosphere. The movie selection includes favorites and cult classics of relatively recent vintage, such as “The Big Lebowski,” “Saturday Night Fever” and “The Blues Brothers,” as well as Hong Kong’s martial-arts hit “Ip Man.” Past screenings have featured “Ferris Bueller’s Day Off,” “Dirty Dancing,” “The Italian Job” and “Scarface.” Simon Roberts, co-founder of the group along with James Fearnside, says the populist feel is no accident. “The curation process begins with us putting together a wish list and talking to our friends and our audience, and seeing what they want to see,” he says. “The next phase is then going to studios and seeing which ones we can partner with to get decent rates on the licensing fees.” See more on this story from Scene
- Lani Holmberg
- RooftopCinemaHK screens ‘Dirty Dancing’ at the top of Hong Kong’s M88 building.
Hong Kong has long been known for being a hub of film activity, and also for its skyline. It was just a matter of time before the two mashed up.
RooftopCinemaHK, the brainchild of two Australian transplants, is in the middle of its second season, which has grown to 20 films following its initial eight-movie run in the spring. They’re projected on a 3.3-by-2.3-meter outdoor screen, above the traffic and under the stars, and next to a bar that helps fuel the relaxed atmosphere.
The movie selection includes favorites and cult classics of relatively recent vintage, such as “The Big Lebowski,” “Saturday Night Fever” and “The Blues Brothers,” as well as Hong Kong’s martial-arts hit “Ip Man.” Past screenings have featured “Ferris Bueller’s Day Off,” “Dirty Dancing,” “The Italian Job” and “Scarface.”
Simon Roberts, co-founder of the group along with James Fearnside, says the populist feel is no accident.
“The curation process begins with us putting together a wish list and talking to our friends and our audience, and seeing what they want to see,” he says. “The next phase is then going to studios and seeing which ones we can partner with to get decent rates on the licensing fees.”
See more on this story from Scene
Annual inflows of foreign direct investment rose to nearly $108 billion in 2008.
One demographic consequence of the “one child” policy is that China is now one of the most rapidly aging countries in the world.
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.
Nevertheless, key bottlenecks continue to constrain growth.
Agricultural output has been vulnerable to the effects of weather, while industry has been more directly influenced by the government.
The technological level and quality standards of its industry as a whole are still fairly low, notwithstanding a marked change since 2000, spurred in part by foreign investment.
The market-oriented reforms China has implemented over the past two decades have unleashed individual initiative and entrepreneurship, whilst retaining state domination of the economy.
Both forums will start on Tuesday.
In this period the average annual growth rate stood at more than 50 percent.
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.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
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.
Due to improved technology, the fishing industry has grown considerably since the late 1970s.
Growing domestic demand beginning in the mid-1990s, however, has forced the nation to import increasing quantities of petroleum.
Alumina is found in many parts of the country; China is one of world’s largest producers of aluminum.
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).
Shanghai and Guangzhou are the traditionally great textile centers, but many new mills have been built, concentrated mostly in the cotton-growing provinces of N China and along the Chang (Yangtze) River.
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Hong Kong’s Cinema on the Skyline
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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