China
New Report from Dezan Shira & Associates: China Takes the Lead in Emerging Asia Manufacturing Index 2024
China has been the world’s largest manufacturer for 14 years, producing one-third of global manufacturing output. In the Emerging Asia Manufacturing Index 2024, China ranks highest among eight emerging countries in the region. Challenges for these countries include global demand disparities affecting industrial output and export orders.
Known as the “World’s Factory”, China has held the title of the world’s largest manufacturer for 14 consecutive years, starting from 2010. Its factories churn out approximately one-third of the global manufacturing output, a testament to its industrial might and capacity.
China’s dominant role as the world’s sole manufacturing power is reaffirmed in Dezan Shira & Associates’ Emerging Asia Manufacturing Index 2024 report (“EAMI 2024”), in which China secures the top spot among eight emerging countries in the Asia-Pacific region. The other seven economies are India, Indonesia, Malaysia, the Philippines, Thailand, Vietnam, and Bangladesh.
The EAMI 2024 aims to assess the potential of these eight economies, navigate the risks, and pinpoint specific factors affecting the manufacturing landscape.
In this article, we delve into the key findings of the EAMI 2024 report and navigate China’s advantages and disadvantages in the manufacturing sector, placing them within the Asia-Pacific comparative context.
Emerging Asia countries face various challenges, especially in the current phase of increased volatility, uncertainty, complexity, and ambiguity (VUCA). One notable challenge is the impact of global demand disparities on the manufacturing sector, affecting industrial output and export orders.
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
Business
China and the UK Resume Economic and Financial Discussions After Six-Year Break
China and Britain resumed economic talks after six years, aiming to improve relations. Chancellor Reeves seeks cooperation but raises concerns over Russia’s support and Hong Kong’s civil liberties.
Resumption of Talks
Taipei, Taiwan (AP) — China and the United Kingdom have reignited economic discussions after a six-year pause, spurred by British Treasury Chief Rachel Reeves’ recent visit to Beijing. The Labour government aims to mend strained relations with China, the world’s second-largest economy. Reeves met with Chinese leaders and underscored the necessity for a "stable, pragmatic" partnership, emphasizing collaboration on mutual interests while maintaining transparency in disagreements.
Economic Collaboration
During her talks, Reeves sought to address key issues such as reducing economic support to Russia and advocating for basic rights in Hong Kong. Both nations signed agreements expected to infuse £600 million ($732 million) into the U.K. economy over the next five years. These agreements target crucial sectors including finance, with Reeves emphasizing that this renewed engagement may generate up to £1 billion for the U.K.
National Security Concerns
While seeking better ties, there are mounting concerns regarding national security and human rights abuses in China. Critics from the opposition have questioned the balance between economic opportunities and safeguarding Britain’s interests. Reeves acknowledged the importance of national security but highlighted the need for pragmatic relations with global partners, stating that ignoring China is not a viable option for the U.K.’s economic future.
Source : China and the UK restart economic and financial talks after a 6-year hiatus
China
Indonesia Needs to Take a Critical Stance on China’s Global Order Vision
During his visit to China, Indonesian President Prabowo secured $10 billion in investments and issued a Joint Statement, raising concerns about Indonesia’s neutrality amid China’s global vision and territorial claims.
Indonesian President’s Visit to China
During his visit to China from November 8 to 10, 2024, Indonesian President Prabowo Subianto secured a remarkable US$10 billion in investments and issued the Joint Statement on Advancing the Comprehensive Strategic Partnership. This document has raised eyebrows as it suggests alignment with China’s global vision, potentially undermining Indonesia’s traditionally impartial stance among major powers. Notably, it includes discussions on joint development in areas with overlapping territorial claims, despite Indonesia being a non-claimant in the contentious South China Sea.
Strengthening Bilateral Relations
President Prabowo considers China a significant partner, reflecting on centuries of bilateral collaboration. This visit highlights Indonesia’s commitment to enhancing cooperation across various sectors, including technology and green energy. China also pledged support for Prabowo’s free meal program, which is part of Indonesia’s larger Food Supplementation and School Feeding initiative, reinforcing the ties between the two nations.
Implications of the Joint Statement
The Joint Statement emphasized shared aspirations for the future but also raised concerns about Indonesia’s strategic positioning. By commending China’s narrative, particularly the concept of a "community with a shared future," Indonesia may inadvertently compromise its neutrality amid major power rivalries. Given the complexities surrounding this language, it is crucial for Indonesia to approach such statements carefully to uphold its independent foreign policy.
Source : Indonesia must be critical of China’s global order vision
China
Cross-Border Data Transfers: New Draft Guidelines Clarify Certification for Personal Information Protection
China’s draft measures for personal information protection in cross-border data transfers clarify certification procedures, eligibility, and requirements. Released by the Cyberspace Administration, they aim to enhance data governance and privacy, ensuring compliance and safeguarding personal information in international exchanges.
China’s new draft measures provide clarity on the certification process for personal information protection in cross-border data transfers (CBDT). Aimed at enhancing data governance, safeguarding privacy, and ensuring regulatory compliance, the draft measures outline eligibility criteria for applying the certification mechanism, specify the requirements, and detail the certification procedures.
On January 3, 2025, the Cyberspace Administration of China (CAC) issued a draft document titled Measures for the Certification of Personal Information Protection for Cross-Border Data Transfers (hereinafter, draft measures) for public consultation. The draft measures, comprising 20 detailed articles, outline a comprehensive framework for certifying the security and compliance of personal data transfers beyond China’s borders.
With the feedback deadline set for February 3, 2025, the draft measures represent a crucial step in China’s broader strategy to strengthen data governance, ensure cybersecurity, and address global concerns over the safety of cross-border information flows.
Article 3 of the draft measures defines “PI protection certification” in cross-border data transfers as the formal evaluation process carried out by bodies authorized by the State Administration for Market Regulation (SAMR).
These certification bodies are responsible for assessing the compliance of personal information processors with the requirements of secure cross-border data transfers. The certification ensures that processors—whether domestic or foreign—adhere to the stringent criteria set out in the regulations, thereby protecting individuals’ personal information while enabling international data exchanges. Certified entities must demonstrate their capacity to manage cross-border data transfers in compliance with the standards laid out by the CAC and SAMR.
The certification process not only verifies compliance but also serves as an assurance to the public and regulatory authorities that the certified processors meet the required data protection measures.
Moreover, the scope of “cross-border data transfers” encompasses several scenarios where personal information moves across national boundaries. These include:
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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