Finance

Kristina Koehler-Coluccia, Head of Business Advisory at Woodburn Accountants & Advisors, offers a quick guide on the income tax implications of China’s “six-year rule” for foreigners working in China In 2019, China introduced a significant change to its individual income tax (IIT) system by implementing the “six-year rule” for foreigners. This rule, which starts applying in 2024, determines how foreign residents are taxed on their overseas income. What is the… …

As Chinese investment into London and the UK at large continues to grow, Neil Brigden, Director of FDI at London & Partners, tells Tom Pattinson how Chinese investment in the city has changed over the past 10 years and which sectors are attracting the most attention from investors. Are there any sectors that L&P is specifically targeting from China? London & Partners is focusing on supporting Chinese investment into areas …

Kristina Koehler-Coluccia, Head of Business Advisory at Woodburn Accountants & Advisors, offers a quick guide to local Chinese bank accounts for foreigners living and working in China, including business owners This article offers an overview of the essential information you need to know to open a bank account in China as a foreigner, including the general requirements, types of accounts and bank options. Different types of bank accounts in China… …

Minimum wages in China continue to rise. Over the past couple of years, more than 20 provinces in China have raised their minimum wage standard, including Beijing, Guangdong, Hainan, Shanghai and Xinjiang. So, what is the minimum wage in China in 2023? Currently, Shanghai has the highest monthly minimum wage among China’s 31 provinces (RMB 2,690/£303 per month) and Beijing has the highest hourly minimum wage (RMB 26.4/£2.97 per hour)…. …

China will exempt small businesses with monthly sales of RMB 100,000 or less, as well as taxpayers in specific industries such as lifestyle services, from value-added tax (VAT) throughout 2023. Kristina Koehler-Coluccia, Head of Business Advisory at Woodburn Accountants & Advisors, explains more The VAT incentives are meant to help vulnerable businesses overcome the difficulties of the Covid-19 pandemic and represent an extension of previous policies. A wide range of …

The UK finance sector is well positioned to take advantage of the surge in activity around models of green finance in China, and its use as an enabler of green growth The news that the UK saw its warmest year on record in 2022 – and the prediction that this year could be even hotter – is yet another reminder of the urgent need to enable a low-carbon future. One… …

The state is upping the ante in China’s venture capital and private equity markets – with mixed results. Will entrepreneurs soon find their prospects hinge on whether the focus of their innovation aligns with the Chinese government’s ideal for a technologically advanced state? Joe Cash investigates Spread across roadsides the length and breadth of the country, red banners with the ubiquitous phrase ‘Party Spirit’ extol the virtues of the Chinese… …

Li Keqiang’s economic policy – called Likonomics – has received new attention as China seeks to recover from the latest Covid outbreak, but weak domestic demand and a struggling property sector might force Chinese leaders to abandon Likonomics at the next Party Congress in autumn, writes Torsten Weller  The dramatic weakening of China’s economic performance – caused by the lockdowns in Shanghai and other big cities – has prompted Premier …

China is asking difficult questions of foreign investors and has seemingly changed how it approaches economic engagement with the wider world. British companies will need to pay even closer attention to what is coming out of Beijing if they are to stay ahead in China, cautions Joe Cash “The world is not waiting for China to resolve its Covid challenge… [foreign companies] move on, and China runs the risk of… …

China’s government wants to increase private investment in pension funds, with reforms that could lead to more fundamental changes in China’s financial services sector – and attractive new opportunities for UK insurers and financial institutions, writes Torsten Weller China’s demographic change has become one of the biggest challenges for Beijing, as policymakers try to avert the unwelcome prophecy of the country ‘getting old, before getting rich’. A dramatic drop in… …