Beijing’s New Plan to Boost the Service Industry and Attract Foreign Investment

2023-11-30

A new plan to boost the Beijing service sector outlines a host of tasks to improve the city’s investment environment and ease of doing business. Key measures targeting foreign investment include expanding market access to foreign companies in key service fields, facilitating cross-border personal information transfer and cross-border funding, and optimizing visa procedures for foreign talent.

Featured Business News

Vietnam Briefing

Due Diligence Procedures for Real Estate M&A in Vietnam

11/29/2023

According to data from Mergermarket, there were 184 M&A deals in Vietnam in 2022, up from 109 in 2021, a 68% year-on-year increase. Vietnam is becoming an increasingly attractive destination for mergers and acquisitions (M&As), and the country’s real estate sector is a major contributor to this trend. Here’s what firms should know about due diligence in real estate M&As.

India Briefing

Navigating ESIC and Provident Fund Registration for Companies in India

11/29/2023

In the dynamic landscape of business expansion, ensuring compliance with statutory regulations is crucial. For businesses eyeing growth in India with plans to hire new employees, understanding the nuances of Employees’ State Insurance Corporation (ESIC) and Provident Fund (PF) registration is paramount.

Middle East Briefing

Türkiye’s Trade With The GCC: 2023/24 Status and Prospects

11/30/2023

Turkiye’s exports to the GCC over the past 20 years have increased from US$1.2 billion to US$9.5 billion dollars in 2023, with Turkish imports now at US$13.3 billion, up from less than US$1 billion two decades ago. Turkiye’s overall trade volume with the Persian Gulf has reached US$22 billion, with Ankara committed to tripling this figure by 2030. A more considered approach from Ankara is driving multilateral trade and investment worth tens of billions of dollars.

China Briefing

A Guide to Accounting and Audit in China 2024 – New Publication from China Briefing

11/28/2023

The start of a new year is a hectic time for foreign companies in China. To meet the various compliance deadlines scattered throughout the year, they need to begin the long and complicated process of financial reporting, months in advance. Failure to comply will risk them being hit with deteriorating credit, additional fines, and penalties, and such companies might not be able to remit their profits overseas. We walk companies through the audit process.

China Briefing

China 2024 FDI Trends – New Report from Dezan Shira & Associates

11/27/2023

2023 has been a mixed year for foreign direct investment into China, with US political pressure putting stresses on the amount of FDI coming into the country. Yet Beijing has been making efforts to diversify its FDI sources, and has been paying special attention to developing new, packaged FDI routes from the Middle East. Global changes lie ahead for West-East foreign investment flows.

ASEAN Briefing

Malaysia’s Budget 2024: Impact for Business

11/28/2023

Malaysia’s government has tabled its 2024 budget - the largest in the nation’s history with 303 billion ringgit (US$64.7 billion) being allocated. For the government to meet its fiscal responsibilities and reduce the deficit to 4.3% the 2024 budget has introduced several structural changes to Malaysia’s tax system which will impact businesses and individuals. This includes the introduction of a capital gains tax and the increase in service tax.

12/01/2023
Annual Confirmation for China IIT Special Additional Deductions Starts on December 1

China Briefing
12/01/2023
The New Frontier: Southeast Asia's Emerging Space Role

ASEAN Briefing
12/01/2023
India’s Outlook for 2024-25: Key Growth Areas and Investment Prospects

India Briefing
12/01/2023
Vietnam's Public Holidays in 2024

Vietnam Briefing
12/01/2023
Baltika Beer To Sell & Distribute Beer To South Africa

Russia Briefing
12/01/2023
E-Invoicing in China 2023: Fully Digitalized E-Fapiao Program Expanded Nationwide

China Briefing

The Bigger Picture

Silk Road Briefing

Xinjiang’s New Pilot Free Trade Zone – Kashgar, Urumqi and Horgos

11/30/2023

Xinjiang, China’s autonomous region in northwest China, has the largest number of land ports in the country, and is making significant progress in regional economic growth. Its land ports are registering far busier trade and handle more travellers in a drive to expand China's post-Covid opening up and reengagement with Central Asia and beyond. Xinjiang’s total exports are up nearly 50% in 2023 as China embarks on inland port upgrades.

Russia Briefing

Russia and ASEAN: The 2023 / 24 Trade and Investment Dynamics

11/30/2023

The ties between Russia and the Association of Southeast Asian Nations (ASEAN) are multifaceted and have evolved over the past decade with special focus from Moscow paid to the region following the eruption of the conflict in Ukraine. This is all part of Russia’s efforts to refocus its trade and supply chains to the East and is an important part of Russia’s pivot to Asia as it disengages with the European Union.

Silk Road Briefing

Energy Cooperation Key To China-Turkmenistan Relations

11/30/2023

Turkmenistan and China believe that energy cooperation is one of the priority areas of bilateral cooperation, following discussion held between Rashid Meredov, the Deputy Chairman of the Cabinet of Ministers, Minister of Foreign Affairs of Turkmenistan, and Ding Xuexiang, a Member of the Standing Committee of the Political Bureau of the CPC Central Committee, Vice Premier of China’s State Council, who has travelled to Ashgabat on a working visit.

Silk Road Briefing

The Belt and Road Initiative and Eurasian Economic Union: Legal Unification & Integration

11/28/2023

A common economic space between Europe and China remains an academic vision – but can it be realised? By Asials with additional commentary by Chris Devonshire-Ellis The combination of China’s Belt & Road Initiative (BRI) and the Eurasian Economic Union (EAEU) can form a common transcontinental economic space, according to numerous PRC and EAEU officials.[.....]

Our firm Dezan Shira & Associates provides legal, tax and operational advisory across Asia.

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The BRICS is Expanding, Should The United States Be Concerned?

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ASEAN

The New Frontier: Southeast Asia's Emerging Space Role

12/01/2023

The increasing deployment of satellites and other payloads into orbit by ASEAN countries opens numerous avenues for foreign investment in this burgeoning sector.

11/30/2023
Laos Raises Immediate Excise Tax Rates on Specific Products

Tax & Accounting
11/27/2023
Indonesia and Australia Sign MoU to Boost EV Collaboration

Industries
11/28/2023
Malaysia’s Budget 2024: Impact for Business

Economy & Trade
11/24/2023
Malaysia's New Transfer Pricing & APA Rules

Tax & Accounting
11/23/2023
Potential Pact for EV Minerals Between U.S. and Indonesia

Industries
11/21/2023
The Rise of Chinese Capital: Impact on ASEAN's Manufacturing Landscape

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China

Annual Confirmation for China IIT Special Additional Deductions Starts on December 1

12/01/2023

From December 1, 2023, the annual confirmation for Individual Income Tax (IIT) special additional deductions begins. Individuals, including expatriates in China, should check their eligibility for these deductions.