From the first issue in 1974 and well into the 2010s, the China Business Review was an indispensable resource for businesses, researchers, and policymakers who needed a first-hand account of the challenges and the tremendous opportunities posed by the China market.
As China pushes forward with its national anti-corruption campaign, companies are considering standards released by the International Standards Organization (ISO) to improve anti-bribery and corporate compliance programs.
2017 was Xi Jinping’s year. At the end of his first term, he swept away any opposition from within the Communist Party of China and successfully sealed his legacy by enshrining his ‘Xi Jinping thought’ into party canon. He also announced a ‘new era’ bearing his name, as well as set out his vision of a resurgent China that goes way beyond the five-year outlook of his predecessors.
China has relaxed restrictions on foreign investment in the country’s 11 free trade zones (FTZs), per a decision released by the State Council, China’s cabinet, on January 9.
This January 30, we convened top China policy experts, analysts, and business leaders to provide members with in-depth briefings on China’s 2018 economic forecast, its current business landscape, and best practices in approaching China trade policy. Representative Darin LaHood, a Republican Congressman from Illinois, gave the keynote speech.
On December 21, 2017, authorities clarified the criteria for withholding tax (WHT) deferral treatment on dividends for foreign investment in encouraged sectors in China. The Notice Regarding the Provisional Deferral Treatment for Withholding Tax on Distributed Profits used for Direct Re-investment by Foreign Investors (Caishui [2017] No.88, or Circular 88) subsequently came into effect on January 1, 2018. Released by the Ministry of Finance (MOF), State Administration of Taxation (SAT), National Development and Reform Commission (NDRC), and Ministry of Commerce (MOFCOMMOC), the WHT deferral treatment should be welcomed by foreign investors. The treatment aims to encourage long-term foreign investment in China.
Coworking and incubator spaces have expanded quickly throughout major cities as China’s entrepreneurial drive accelerates. While government had been slow to regulate coworking spaces–the use of such addresses for business registration has floundered in ambiguous territory–industry observers contend that the government is now working on a regulatory framework for the coworking industry and its tenants.
Recently, the city of Wuhan announced that they will be opening a police station run solely by artificial intelligence (AI) – no employees need apply. Although the station would be limited to vehicle and driver related administrative work, the government anticipates increasing AI use in many other areas of governance. Automated government offices like these are just one way that new technologies are being integrated into the Chinese society. It also represents a larger trend in the Chinese economy: the growth of the digital economy.
USCBC Gala 2017 was held on Wednesday, December 6 at the Omni Shoreham Washington. More than 460 leaders from the business, government, diplomatic, and think tank communities were in attendance. China’s top envoy to Washington, DC, His Excellency Cui Tiankai, was among the distinguished guests. Gala is USCBC’s flagship fundraiser and an important component of ensuring USCBC remains at the forefront of representing American business interests with China.
On behalf of all of us at the US-China Business Council, we would like to thank our member companies for their generous support of USCBC’s Shanghai CHOPS Conference 2017, held on November 30th at the Shanghai Hilton. The Shanghai China Operations (CHOPS) is an annual conference that brings together a range of business and policy experts to discuss important operating and policy developments affecting business in China. The event also provides a valuable opportunity to network with executives from USCBC member companies.
The digitization of business functions is not a new phenomenon, particularly in developed economies. However, the adoption of technology for HR and payroll processes in developing countries such as China is far less common. Arguably, it is in these countries where such IT solutions are the most needed, and could have the greatest transformative effect on business operations. Although China is rapidly developing into a mature economy, the HR and payroll processes of many companies operating in the country are still paper-based or recorded on rudimentary Excel spreadsheets.
