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China’s Position on Global Digital Governance

2023-05-29
China’s Ministry of Foreign Affairs (MoFA) recently released a paper on “China’s Positions on Global Digital Governance,” reaffirming its stance on data sovereignty and responsible technology practices. The Positions hold importance in ongoing discussions on digital governance and provide valuable insights into China’s approach to the internet and technology matters, emphasizing respect for sovereignty and proper data acquisition. This article summarizes the key principles, proposals, and implications for businesses.

Featured Business News

Vietnam Briefing

Microinsurance in Vietnam: An Industry Overview

05/29/2023

Microinsurance is gaining significant traction worldwide, especially in developing countries. While these insurance products may have modest individual value, their potential is lucrative when extended to vast customer populations. In the context of Vietnam, we explore the current state of the microinsurance sector and identify areas where foreign insurance companies can find value.

Silk Road Briefing

Afghanistan Accepted Into China’s Belt & Road Initiative

05/29/2023

China and Pakistan have agreed to extend the Belt and Road Initiative into Afghanistan, potentially drawing in billions of dollars to fund infrastructure projects in the sanctions-hit country, according to Pakistan’s Foreign Ministry. The agreement was reached in Islamabad on Sunday (May 28). Afghanistan’s will now be part of a BRI reconstruction process including introducing elements of the US$60 billion China-Pakistan Economic Corridor (CPEC) into the Taliban-ruled country.

Middle East Briefing

Foreign Sole Traders In The UAE Should Consider Upgrading Business Licences To SME Status As Tax Incentives Apply

05/29/2023

Individually run businesses, and especially those in the ecommerce/tech space in the UAE, should seriously consider upgrading their licenses to SME status given the new provisions in the UAE Corporate Tax regulations. Changing from sole trader to SME status in the UAE can save US$546,000 in tax exposure.

China Briefing

The Evolving Face Of Foreign Investment In Beijing

05/28/2023

As China begins to open up and welcome foreigners back to the country, it is noticeable upon return that things have changed since that final, pre-Covid year of 2019. Not only, and understandably given the pandemic, did 95% of all foreigners leave the country to get back home, the political attitude and technologies have all shifted in the past three plus years. A third of a decade. Yet today, new employment and business opportunities await new, and returning expats and foreign investors. We explain why and look at where Beijing is going in the future.

China Briefing

China and Philippines to Implement RCEP Tariffs, Bolstering Trade Relations

05/26/2023

The Philippines has ratified the RCEP Free Trade Agreement, following which China has announced it will implement changes in the tariff rates for certain import items from June 2. The RCEP acts as a catalyst for closer economic ties and mutually beneficial outcomes among its 15 Asia-Pacific member countries. We explain the opportunities for both China and Philippines businesses as the RCEP begins to take shape.

ASEAN Briefing

Investment Hotspots in the Philippines: Promising Sectors to Watch

05/26/2023

The Philippines was among the world’s fastest-growing emerging markets in 2022, with GDP growth of 7.6%, the country’s fastest since 1976. The country has reduced its reliance on overseas remittances and has developed its industries to move up global value chains, presenting foreign investors with newfound opportunities. Some of the most dynamic sectors in the Philippines are business process outsourcing and semiconductor manufacturing, which are gradually contributing to a larger portion of the national GDP.

The Bigger Picture

Russia Briefing

Russian Auto Manufacturers Look To East African Assembly Plants

05/29/2023

Russia’s auto manufacturers are looking to Africa for price competitive operations as the Russian ‘Sanctions Road Initiative’ spreads its routes further away from Western influence. Evgeny Terekhin, Moscow’s Ambassador to Addis Ababa, in Ethiopia, has said that several Russian auto manufacturers are looking at Ethiopia as a possible destination for establishing a regional auto assembly plant.

Russia Briefing

US Fashion Brand 'Guess' Reacquires Russian Business: Analysis

05/28/2023

The American fashion brand Guess has reacquired its stake from its Russian partner in an unusual deal for the Russian fashion market, according to Kommersant. The move by the US clothing giant is atypical for the current market environment as the vast majority of Western companies exiting Russia are seeking to sell their assets to local investors. In 2022, Guess’s revenue in Russia increased by 24%.

Silk Road Briefing

China Increases BRI Investments Into Iran By 150%

05/28/2023

China’s Economic and Commercial Counselor of the Chinese Embassy in Tehran, Xu Qisong has said that China’s investment in Iran increased by 150% in 2022, according to the Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA). “In 2022, bilateral trade between China and Iran reached US$15.8 billion, an increase of 7% compared to the same period of the previous year. China has been Iran's largest trading partner for 10 consecutive years.”

Middle East Briefing

Iran’s Auto Manufacturing Industry Production Expands 48%

05/28/2023

Auto manufacturing in Iran has increased by 48% during the first two months of the current Iranian year. A total of 193,437 various vehicles (including passenger cars, pick-ups, buses and minibuses, vans, trucks and trailers and etc.) were produced in Iran, equating to a total annual production of about 1.2 million vehicles in total. That would place Iran as the world’s fifteenth largest manufacturer, poised to overtake the French with about 1.4 million.

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