Tuesday, November 13, 2018

How China’s ambitious plan to tax global income faces opposition in US, Hong Kong and even Beijing

How China’s ambitious plan to tax global income faces opposition in US, Hong Kong...

China is facing great pressure to tone down its ambitious plan to tax the worldwide income of those who stay in the mainland for over 183 days, following opposition from a government department in charge of attracting overseas talent to Hong Kong, as well as hurdles to obtain information about its residents’ assets in the…
Despite little US presence, China’s import expo proved crowded enough on Day 1

Despite little US presence, China’s import expo proved crowded enough on Day 1

Crowds flocked to the opening of China’s import fair on Monday despite a big snub from Washington and the meagre presence of US exhibitors – allowing the Shanghai government to breathe a sigh of relief. With Beijing and Washington locked in a trade war, the US government had sent none of its senior government officials…
IMF chief Lagarde dismisses idea Beijing is manipulating the yuan as Washington turns up the heat

IMF chief Lagarde dismisses idea Beijing is manipulating the yuan as Washington turns up...

International Monetary Fund chief Christine Lagarde has dismissed the idea that China is manipulating its currency to gain a competitive advantage, giving verbal support to Beijing as Washington reiterates its concerns about the yuan’s exchange rate. Lagarde’s remarks on Thursday came just a day after US Treasury Secretary Steven Mnuchin warned China not to engage…
Fan Bingbing tax evasion scandal: four luxury brands caught up in the Chinese actress’ fall from grace

Fan Bingbing tax evasion scandal: four luxury brands caught up in the Chinese actress’...

China’s highest earning actress, Fan Bingbing, has not been seen in public since July when she was caught up in a tax evasion scandal. Her disappearance has fuelled rumours that the actress has been detained and faces punishment for improper tax filings. Fan is one of the country’s most well-known entertainers and endorses multiple brands…
Beijing ‘will not use yuan as trade war weapon’ as it hits two-year low of 6.97 to US dollar

Beijing ‘will not use yuan as trade war weapon’ as it hits two-year low...

China’s central bank has denied devaluing its currency to weather the trade war and sent a veiled warning to “forces trying to short the yuan” after it weakened to a 22-month low against the US dollar. Pan Gongsheng, a deputy governor of the People’s Bank of China (PBOC), said the State Administration of Foreign Exchange,…
Hong Kong, mainland China stocks tumble after Fed meeting prompts capital outflow worries

Hong Kong, mainland China stocks tumble after Fed meeting prompts capital outflow worries

Hong Kong stocks tumbled the most in more than two weeks on Friday, after a US Federal Reserve meeting signalling a gradual rate hike prompted worries about capital flow out of China. The benchmark Hang Seng Index tumbled 2.4 per cent, or 625.8 points, to 25,601.92, the largest daily loss since October 23. The gauge…
Mainland Chinese will overtake Americans to become largest group of international tourists by 2030, says Euromonitor

Mainland Chinese will overtake Americans to become largest group of international tourists by 2030,...

Tourists from mainland China are set to overtake Americans to become the biggest group of international travellers, according to a study by Euromonitor International. The number of Chinese people taking trips abroad will more than double to 259 million in 2030 from 97.5 million this year, said the report, unveiled at the World Travel Market…
Alibaba appoints Daniel Zhang to succeed Jack Ma as chairman in 12-month succession plan

Alibaba appoints Daniel Zhang to succeed Jack Ma as chairman in 12-month succession plan

Jack Ma will hand over the keys of Asia’s most valuable company to Alibaba Group Holding’s chief executive officer, in an unprecedented succession plan that will slowly take the focus off one of China’s most recognisable corporate names over the next 12 months. Under the plan, Daniel Zhang will be promoted to executive chairman on…
Why mainland Chinese children are starting to turn their backs on the family business

Why mainland Chinese children are starting to turn their backs on the family business

There is a saying in China that it is very hard, if not impossible, to pass on family wealth to the third generation. If a new survey by accounting giant PwC is anything to go by, it seems that increasingly the same could be said of the second generation. The children of family businesses in…
China’s stock regulator promises to protect investor interests as the market falls to four-year low

China’s stock regulator promises to protect investor interests as the market falls to four-year...

China’s securities regulator said it had met investors after the nation’s stock market fell to its lowest level in almost four years last week, pledging its commitment to protect their interests and ensure a fair and transparent capital market. In a rare move, Liu Shiyu, chairman of the China Securities Regulatory Commission, held a meeting…
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