HONG KONG – China’s Ministry of Commerce (MOFCOM) in June 2017 published a draft Export Control Law (ECL) for public comment. In a Client Alert, lawyers Baker McKenzie says that, if enacted, the ECL will be the first set of comprehensive and unified export control legislation in China, which is aimed at upgrading the country's existing regime of various administrative regulations and rules. BM says the ECL is widely expected to be introduced in the National People's Congress within 2018.
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BEIJING - China on Tuesday again voiced opposition to a gathering in Vancouver of foreign ministers from 20 countries on security and stability on the Korean Peninsula. Canada and the United States will co-host the meeting to discuss measures to exert maximum diplomatic as well as economic pressures on North Korea to force it to end its nuclear and missile programmes.
SINGAPORE - Most Asia-Pacific sovereign ratings are likely to remain unchanged in the next one to two years, S&P Global Ratings said in a report released today. "All but two of our sovereign ratings in the region currently record a stable outlook,” S&P said. “Although economic growth rates this year are likely to be lower than 2017's, our current real GDP forecasts are mostly stronger than our 2018 growth forecasts made a year earlier.
HONG KONG - Business and finance professionals and senior Government officials from around the world will participate in the 11th Asian Financial Forum starting Monday January 15 at the Hong Kong Convention and Exhibition Centre (HKCEC).
HO CHI MINH CITY - Vietnam fulfilled and surpassed major economic goals in 2017 with its GDP growth rate among the highest globally. The Government’s target of 6.5-6.7% GDP growth for 2018 looks feasible as the stable macro-economic environment will expectedly continue into next year, according to Vietnam Asset Management in its monthly report.
HONG KONG - Hong Kong’s securities and derivatives markets set several new records in 2017, according to full year market statistics released by Hong Kong Exchanges and Clearing Limited (HKEX).
HONG KONG – French President Macron’s first state visit to China is not only relevant for France’s economic and political agenda but also for that of Europe, says Alicia Garcia Herrero, Chief Economist Asia Pacific for Natixis. She says Macron and China’s President Xi Jinping can be expected to increase the frequency of their State visits as well as bilateral exchanges to an extent that France might become China’s most relevant partner in Continental Europe.
SEOUL – According to South Korean officials, North Korea today agreed to send a delegation, including athletes, officials and supporters to the 2018 Winter Olympic Games in Pyongyang in February. Delegations from the two countries met today at the Peace House of Panmunjom in what were the first high-level talks between them for more than two years.
SEOUL – During a phone call between South Korea’s President, Moon Jae-in, and U.S. President Donald Trump on January 4 to discuss matters related to the PyeongChang 2018 Olympic and Paralympic Winter Games, the two Heads of State decided to temporarily halt U.S.-Korea joint military exercises during the sporting event, and agreed to do their best to ensure the successful and peaceful opening of the PyeongChang Games.
TAIPEI – Taiwan has formally protested a unilateral decision by China to launch four new flight routes – a northbound route known as M503 and three referred to as ‘east-west extension routes’ in the Taiwan Strait. Taiwan’s Government said China initiated the four routes on January 4 without prior communication with Taiwan and began flights the same day.
BEIJING – China’s Ministry of Finance, State Administration of Taxation (SAT), National Development and Reform Commission and Ministry of Commerce have jointly released Notice 88 which allows a non-resident enterprise to defer payment of tax on dividends derived from a Chinese enterprise if, among other things, the non-resident enterprise directly reinvests the dividends into industries “encouraged” by the Chinese Government.
NEW DELHI - First advance estimates for full year FY2018 (fiscal year ending March 2018) for India show that GDP growth is expected to slow to 6.5% for that period from 7.1% in the 12 months to March 2017. However, the forecast is mainly predicated on soft H1 FY2018 growth, ANZ Bank says.
BEIJING - Top researchers at China’s central bank, the People’s Bank of China, have agreed that higher interest rates will help squeeze asset bubbles and restrain debt expansion, providing a tool for broader oversight of financial activities, the China Daily reports.
HONG KONG – BBVA’s China Vulnerability Sentiment Index (CVSI) ended 2017 on a high note, extending previous gains. The improvement was underpinned by a shift in policy focus towards quality of growth, PBOC’s prudent monetary policy stance, a stable yuan and ongoing efforts to curb risks to financial stability emanating from housing, SOEs and the shadow banking sector, BBVA said.
SHANGHAI - During the 2018 New Year's holiday (December 30, 2017 to January 1, 2018), the total transaction volume of UnionPay reached a new record high of 700.8 billion yuan, growing by 36.8% compared to the 2017 New Year holiday period.
BEIJING - China won’t approve new commercial land-reclamation projects in 2018, amid rising concerns that such projects have led to severe damage of the marine ecosystem, according to a report today in Caixin.