China
China weaves a stronger social security net
Since Zhou Yulan’s husband died two years ago, the 76-year-old woman has lived alone in the dormitory provided by her husband’s former work unit.
HEFEI – Since Zhou Yulan’s husband died two years ago, the 76-year-old woman has lived alone in the dormitory provided by her husband’s former work unit.
She made a living collecting scraps, because her residency files had gone missing since she moved to the city of Chuzhou, Anhui province, over 10 years ago.
But with the help of community cadres, Zhou rebuilt her residency files and now has a monthly income of at least 740 yuan ($117.2).
“Now I can spend the rest of my life at ease,” Zhou said.
According to the latest census data, about 140 million residents over 60 in rural and urban areas do not have pension insurance, and many lack a stable source of income.
But with the help of new policies, Chinese people’s hopes of being looked after in their old age are becoming a reality.
The country kicked off the first rural pension insurance pilot programs in December 2009, and started urban pension insurance pilot programs in July 2011.
The new pension insurance is expected to cover the nation in 2012, making residents over 60 eligible to receive a monthly stipend.
According to China’s central government, the basic standard of the endowment is 55 yuan a month, and that will be raised as the program spreads across the nation.
China’s Minister of Finance Xie Xuren said that since 2003, China has increased the average retirement pension to 1,500 yuan per month, and will continue to increase the sum in 2012.
“China will also raise the minimum living standard, which was set up in 1999, by 12 or 15 yuan per month per person,” Xie added.
Living in a low-rent apartment provided by the local government in Chuzhou, Dai Yongtao feels satisfied in his twilight years.
Dai once lived alone in a rented room, as Dai’s son’s family earned a small sum of money and crowded in a small place.
In 2011, Dai moved to the apartment provided by the government for 30 yuan per month.
“I used to live in a room with only a bed, but now I have a kitchen and a bathroom,” Dai said.
In 2011, 35,800 low-rent housing units had been built in Chuzhou, and more than 10 million others were under construction by the end of October 2011.
The only thing Dai and Zhou worry about is medical expenses, but they needn’t be anxious any longer, as government-provided medical coverage in Chuzhou will cover a maximum of 100,000 yuan in medical expenses, according to community cadre Wu Jing.
China launched a three-year project to include 1.3 billion Chinese people in the medical care system reform of 2009.
According to the statistics given by the Ministry of Health, 89 percent of urban residents and 97 percent of rural residents enjoyed medical security in 2011, up from 55 percent and 21 percent, respectively, in 2003.
At the beginning of 2006, Chinese President Hu Jintao reiterated the importance of establishing a social security system in line with economic development and promoted the building of the system.
Chinese Vice Premier Li Keqiang called for more effective measures to ensure people’s basic livelihoods, during his recent trip to the economically under-developed northwestern Ningxia Hui autonomous region.
“The government should shoulder the responsibility of addressing people’s basic needs in various fields, such as education, medicine and old-age security,” Li said.
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China weaves a stronger social security net
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
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