Finance

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 …

As China’s economic growth slows, stable monetary and fiscal policy remain the top priorities for 2022. Beijing is also expected to focus more on housing, pronatalist incentives and ‘tertiary distribution’ under its new Common Prosperity policy From 8-10 December, Chinese leaders convened their annual Central Economic Work Conference (CEWC). The read-out of the conference stresses the urgent need to address ‘three pressures’: shrinking demand, supply shocks, and a weakening economic …

China offers a range of tax incentives to encourage the growth of industries and technologies such as semiconductors, artificial intelligence and biopharmaceuticals. But what kind of companies qualify for these innovation tax incentives? As China endeavours to shift from a low-end mass manufacturer to a high-end producer, the government has doubled down on encouraging targeted investments in R&D and technological innovation. The ongoing technology confrontation with the US is another …

Kristina Koehler-Coluccia from Woodburn Accountants & Advisors examines how changes to the Individual Income Tax Law (IIT) will affect earnings for foreign professionals living and working in China  A series of expatriate allowances and tax exemptions that had long been aimed at attracting foreign talent to China will no longer be valid starting 1 January 2022. This will directly impact the taxable income of foreigners working in the region. According …

Ride-hailing app Didi is under investigation and has been removed from app stores just days after its IPO in the latest crackdown on China’s tech industry that has also affected Alibaba, Tencent and Bytedance, writes Robynne Tindall. So what is Didi and what’s next for the app? Who or what is Didi? Didi, officially known as Didi Chuxing Technology co., is an online vehicle-for-hire-service. Its services include taxi-hailing, private car-hailing …

A record £2 billion fine against Alibaba for monopolistic behaviour and the uncertain fate of Ant Group have attracted worldwide attention toward China’s anti-trust policies, writes Torsten Weller. Here’s the background. In early April Chinese tech juggernaut Alibaba was dealt a regulatory double whammy. On 10 April, China’s market regulator, the State Administration of Market Regulation (SAMR), fined the company a record-breaking RMB 18.2 billion (£2 billion) for ‘serious anti-trust …

The Chinese banking system is famously complex. Here, Francesca Scortichini of Hawksford, explains the main types of bank accounts available to companies and the latest banking requirements in 2021 The banking system in China has experienced a profound transformation over the years. Most recently it has been the focus of a campaign aimed at modernising its traditionally closed system and preventing illegal practices. Its many peculiarities affect the daily operations …

What does the new draft Personal Information Protection Law mean to international financial institutions asks Yang Xun of LLinks Law Offices China recently issued the draft Personal Information Protection Law (the “PI Law”), which, if adopted, will be the first comprehensive high-level legislation on personal information protections in China. It details the rules for collection, storage, processing, and disposal of personal information, clarifies a number of controversial issues such as security …

In this six-part business guide to doing business in China produced by Hawksford, we’ll give an overview of what you need to consider before entering the market. Ranging from localisation, to the legal and banking systems, to type of company set up. This series is a great jumping-off point to understand the many nuances of doing business with China. PART 2: The banking system  The Chinese banking system is large …

Sir Douglas Flint, Chairman of Standard Life Aberdeen, was formerly chairman of HSBC and says the opportunities for British companies in China’s finance sector are only now becoming clear, writes Andrew Peaple Talk to Sir Douglas Flint for any length of time about China and there’s one word you will hear often: ‘opportunity.’ The Standard Life Aberdeen chairman has spent much of his career working in and around China, both …