Finance

A step by step guide on how to open a bank account in China

China’s comprehensive 10-point monetary policy package, unveiled in May 2025, aims to stabilise financial markets and spur economic growth, offering new prospects for British businesses in a dynamic yet challenging landscape.

China’s updated 2025 Negative List for Market Access eases restrictions for British investors, opening doors in healthcare, education, and cultural sectors while introducing new oversight for tech industries.

China’s economic reforms have opened new doors for foreign investors, but restrictions remain in key sectors. Understanding the 2024 Negative List and regulatory nuances is crucial for British businesses eyeing the world’s second-largest market. China’s economic allure, with a projected GDP growth of around 5% for 2025, continues to draw global investors, including British firms seeking to tap its vast consumer base and innovation-driven markets. However, the country’s foreign investment …

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 …