ASIA REPORT Issue N. 1

Page 1

Tax, Accounting, and Advisory news from Asia

ISSUE N 1


RsA asia

Asia Report Issue N. 1

© RsA asia The information included in this document is for general nature and was the most updated at the date of writing and may be changed due to the normal legislative process. Please contact your advisor for professional advice or to receive the most updated information for your specific case.

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RsA asia

Asia Report Issue N. 1

Summary

Numbers and figures Latest World Economic Outlook growth projections China international trade in 2019 and 2020

News Hainan: space base, freeport, and consumer expo Yuan global currency Investing in Zhejiang VAT and duties changes for China's steel industry Investing in Shandong China's Small Company Tax 2.5% Investing in Jiangsu IMF confirms China's record growth Investing in Guangdong

Events

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Asia Report Issue N. 1

Numbers and figures

News

Latest World Economic Outlook growth

Hainan: space base, freeport, and

projections

consumer expo

Annual percent change real GDP

China arrived on Mars with the Tianwen-1

Source: World Economic Outlook, April 2021, International Monetary Fund.

mission, which landed on May 15 on the red

Region World United States Euro Area Germany France Italy Spain Japan United Kingdom Canada China India ASEAN-5 Russia Brazil Mexico Saudi Arabia Nigeria South Africa

2020 -3.3 -3.5 -6.6 -4.9 -8.2 -8.9 -11.0 -4.8 -9.9 -5.4 2.3 -8.0 -3.4 -3.1 -4.4 -8.2 -4.1 -1.8 -7.0

2021 6.0 6.4 4.4 3.6 5.8 4.2 6.4 3.3 5.3 5.0 8.4 12.5 4.9 3.8 3.7 5.0 2.9 2.5 3.1

planet and departed from the Wenchang space

2022 4.4 3.5 3.8 3.4 4.2 3.6 4.7 2.5 5.1 4.7 5.6 6.9 6.1 3.8 2.6 3.0 4.0 2.3 2.0

base on the island of Hainan. The island province is increasingly vital in Beijing's

strategies:

technology,

space

research, free trade, luxury tourist destination, and free port to promote consumption and test new

investments.

During 2020, with its borders closed to international travel, Hainan has become the leading Chinese luxury tourism destination. It is generating the most significant turnover in the world in local stores of major international brands. In 2021, China organized the first consumer fair, right on the island of Hainan in the capital city of Haikou. The China International Consumer Products Expo was scheduled from 7 to May 10 by the provincial government and the Ministry of Commerce to promote the Hainan project as

China international trade in 2019 and

a new free trade zone.

2020 Source: UNCTAD, China Customs

According

to

Xinhua,

the

fair

saw

the

2019

Amount

World %

Growth

(USD bn)

(percent.)

(percent.)

participation of 2,500 brands, including over

Exports

2,499

13.1

0.5

1,300 from abroad, and Italy participated with

Imports

2,078

10.8

-2.7

more than 50 brands, including Armani,

2020

Amount

World %

Growth

(USD bn)

(percent.)

(percent.)

Exports

2,591

14.7

3.6

clothing, cars, and every main consumer

Imports

2,056

11.5

-1.1

product. During the Expo, the Hainan Design

Valentino, Sergio Rossi, Etro. The fair featured yachts, high-end products,

Week of November 2021 was announced, with

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Asia Report Issue N. 1

Italy as a partner country. It estimated that over

duties on imports from Hainan to mainland

100,000 visitors would be in the city by Haikou.

China.

The province was launched as a Free Trade Port and aimed to liberalize and facilitate trade,

Taxation for highly skilled, talented foreign

investment, international financial transactions

managers

to become a model free trade area.

guaranteeing the most advantageous individual

and

professionals

is

15%,

tax regime in mainland China. China has built its growth with long-term strategic plans, accurately calculating sectors,

Hainan is adjacent to Guangdong, the province

regions, and methods ideal for its development.

with the highest population and GDP in China.

The investment plan in Hainan province

In 2020, the province of Hainan recorded a

confirms Beijing's attention to the entire area,

gross domestic product exceeding 553 billion

which includes the southern provinces, and the

yuan (80 billion dollars), equal to the economy

sectors promoted in the development of the

of Sri Lanka. An increase during the pandemic

island are: high technology, tourism, agriculture,

period by 3.5%, higher than the national

medical,

performance confirmed at + 2.3% for China in

education,

culture,

logistics,

construction, finance, and energy.

2020.

China has promoted the island as a new Free

Yuan global currency

Trade Zone from June 1 2020, with a long-term

The implementation of the fourteenth Five-year

project that will lead the entire province to be a

Plan (2021-2025) through which China decides

free port by 2025. The purpose of providing

future economic and political strategies is

preferential

cross-border

approved on the occasion of the "Two

investments, lower taxation, and requirements

Sessions" of the Chinese People's Political

for the simplest visas.

Consultative Conference and by the "National

Companies registered in the territory and active

People's Congress” held in March 2021.

policies

for

in sectors incentivized by the government can benefit from an income tax rate of 15%, lower

The

than the ordinary rate of 25%. In addition, by

development, the dual-circulation strategy,

2025, the entire island will be duty-free, as is

promoting internal consumption and the Belt

the

Special

and Road initiative, attention to the environment,

Administrative Region. Today, the special

technological innovation, security and the role

policies are tested in the Yangpu Bonded Port

of the Chinese currency. In relation to the yuan,

area and then extended to the entire territory of

the “Two Sessions” confirms the objective

the island.

relative to the internationalization of the RMB,

Economic activities that will guarantee an

through weighted measures that aim to spread

added value produced locally of at least 30% in

the Chinese currency on foreign markets.

case

for

the

Hong

Kong

the processing of goods will also ensure zero

5

key

issues

include

sustainable


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Asia Report Issue N. 1

China has been awarded the role of second

Investment Bank (AIIB) with projects that

largest economy after overtaking Japan in 2010

include the use of RMB in many regions.

and, consequently, the United States, in terms of GDP at purchasing power parity, in 2018. In

Beijing first tested the use of its own currency in

2019 it was confirmed as the first economy in

Southeast Asian markets and hypothesized

terms of trade and export volume while in 2020

with the African Union its use in the entire

Beijing has overtaken Washington as a foreign

continent.

investment

economic

In the domestic market, China has promoted

acceleration is also accompanied by a greater

the creation of 12 Free Trade Zones, from

role of the national currency: the yuan (CNY /

Hainan Island to the Lingang district, in the

RMB) or "People's Currency".

municipality of Shanghai; these Free Trade

destination.

The

Zones serve to test new fiscal and financial In 2020 China trade in goods accounted for

reforms including more efficient ways of

4.646 billion and, even though the pandemic

converting and using foreign currency. The best

outbreak, the total volume of trade increases by

known

1.5% securing the country the role of first global

regions of the People's Republic of China, is

trading economy, this leads the currency to

Hong Kong, which has always represented a

increase its influence, although it is not fully

robust pillar among the financial markets of the

convertible and negotiable on the markets.

world and in addition to the stock exchange, it

among

the

special

administration

counts on one of the major ports for exchanges Since 2016, the International Monetary Fund

and on the most widely used hub for

has included the CNY in its basket, further

investments to and from mainland China.

accelerating

Chinese

European countries have helped promoting the

currency. China has pegged the yuan to the

development of the largest yuan market outside

dollar in an adjustable way. This floating peg

Hong Kong since they comprehended the trade

has seen a downward trend, implying that the

benefits of an increasing use of the Chinese

yuan has depreciated against the dollar,

currency. In recent years, an average of 40% of

making

more

global yuan transactions have been authorized

competitive against dollar prices around the

in Europe. The central role of the old continent

world.

in economic relations with China is witnessed

the

Chinese

spread

exports

of

the

relatively

by the special agreements in the 17 + 1 Among the strategies through which Beijing

association, which includes the Central-Eastern

promotes the global circulation of its currency is

European countries under the coordination of

the new Silk Road, with infrastructure projects

Beijing, by the Comprehensive Agreement on

aiming to an increase of the trade flow from

Investments, confirmed in December 2020, and

China to the rest of the world. The Belt and

by the number of countries that have joined the

Road initiative has among its lenders the Silk

Belt and Road Initiative (including Italy,

Road Fund and the Asian Infrastructure

Luxembourg, Austria, Greece, Hungary).

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Asia Report Issue N. 1

Despite the increase in global use, the yuan is

In terms of GDP, the Province of Zhejiang

still limited by restrictions on capital flows and

ranked fourth in China after Shandong province,

currency

country.

reaching USD 995 billion in 2020 and USD 896

Therefore, the US dollar remains the reference

billion in 2019 with a GDP per capita of USD

currency and many Chinese projects are

15.311. Along with GDP growth of + 6.8% in

carried out in USD but the growing trend of

2019 and +3.6% in 2020.

control

typical

of

the

investments towards China still promotes a greater use of the RMB. In fact, in 2020, Beijing

Main Economic Centers (GDP) in Zhejiang

surpassed the US in the number of Foreign

Hangzhou (USD 221 billion)

Direct Investments and signed the largest free

Ningbo (USD 172 billion)

trade agreement in the world; with the Regional

Wenzhou (USD 95 billion)

Comprehensive Economic Partnership, China

Shaoxing (USD 83 billion)

enhances its role in trade and finance in the

Jiaxing (USD 77 billion)

world market. Main Sectors in Zhejiang

Investing in Zhejiang

Industrial machinery

Zhejiang is an eastern coastal province of

Textile

China. Well-known for its entrepreneurial

E-commerce

initiative. Also, acknowledged for a strong

Automotive

concentration of IT and High-tech companies as well as a strong presence of non-state-

Main Industrial Areas in Zhejiang

owned companies. The Province of Zhejiang is

Zhejiang Pilot Free Trade Zone

an important production and logistics hub

Hangzhou Economic and Technological

providing a key manufacturing center for the

Development Zone

automotive, textile, clothing, and machinery

manufacturing sectors. Hangzhou is the capital

Development Zone

and the largest city in Zhejiang. With a

population of 58.5 million inhabitants covering a ▪

province ranks the 10th most populous among ▪

Zhejiang province accomplished 40.191 foreign

and

Technological

Wenzhou Economic and Technological

Jiaxing

Economic

and

Technological

and

Technological

Development Zone

investment companies with total exports of

USD 334.6 billion and total imports of USD

Pinghu

Economic

Development Zone

112.6 billion. In addition to an average urban USD

Economic

Development Zone

China.

of

Ningbo

Development Zone

total surface area of 101.800 km2, Zhejiang

salary

Xiaoshan Economic and Technological

13.433.

Yiwu

Economic

and

Technological

Development Zone ▪

Hangzhou

High-tech

Development Zone

7

Industrial


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▪ ▪ ▪ ▪

Asia Report Issue N. 1

Xiaoshan Linjiang High-tech Industrial

steel products in the international markets. The

Development Zone

cancellation will affect goods belonging to 146

Ningbo High-tech Industrial Development

different items classified in HS chapters 72 (Iron

Zone

and Steel) and 73 (Articles of Iron and Steel).

Wenzhou

High-tech

Industrial

Development Zone

In addition, on April 27th, the Customs Tariff

Zhoushan New Area

Commission of the State Council issued the Announcement [2021] No. 4 “On Adjusting the

(Zhejiang) Pilot Free Trade Zone

Tariff of Certain Steel Products”, which will

Established in 2017 (expanded in 2020) known

guarantee a better supply of steel materials by

as the Global center for trade of commodities.

reducing the import duty rates of certain steel

With a purpose to promote the integration and

products starting from May 1st, 2021.

the development of the Yangtze River Delta

In particular, the import duty rate for iron raw

and the allocation base for commodities, oil and

materials and recycled steel is lowered to a

gas, and build an international shipping and

provisional rate of 0%

logistics hub.

In 2020, China exported USD 33.4 billion of iron

The

target

advanced

and steel materials and USD 71.1 billion of

services,

articles made in iron and steel, accounting

logistics, digital economy, commodities, and

together for more than 4% of the total exports.

energy resources. Besides, the functional

In the same period, the import of iron and steel

areas include Zhoushan Offshore area (79.0 sq.

materials amount to USD 36.2 billion, while the

km), Zhoushan North area (15.6 sq. km),

import of articles in iron and steel totaled USD

Zhoushan South area (25.3 sq. km), Ningbo

9.5 billion, accounting together for 2.3% of total

area (46.0 sq. km), Hangzhou area (37.5 sq.

imports.

manufacturing

industries

are

industries,

trade

km), and Jinyi area (36.0 sq. km). China imports and exports of iron, steel, and articles thereof in 2020

VAT and duties changes for China's steel industry

HS Chapter 72

The Ministry of Finance and the State

Iron and steel: Exports 33.4 Billion USD /

Administration of Taxation jointly issued on

Imports 36.8 Billion USD

April 26th, the Announcement [2021] No. 16, “On the Cancellation of Export VAT refund for

HS Chapter 73

Certain Steel Products” starting from May 1st,

Articles of iron or steel: Exports 71.1 Billion

2021.

USD / Imports 9.5 Billion USD The implementation of the new policy will Chapter 72 + Chapter 73: Exports 104.5 Billion

increase the production cost for Chinese

USD / Imports 46.3 Billion USD

exporters and consequently raise the price of

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Asia Report Issue N. 1

Percentage of annual trade: Exports 4% and

Main Sectors in Shandong

Imports 2.3%

Investing in Shandong Shandong is a coastal province located in

Automotive

Domestic appliances

Petrochemical

Industrial machinery

Eastern China. An illustrious hub for the Main Industrial Areas in Shandong

maritime economy and one of the largest producers

of

agricultural,

livestock,

and

fisheries goods. Shandong province is also

Qingdao.

Qingdao Economic and Technological

Jiaozhou Economic and Technological Development Zone

the capital and the second-largest city in after

▪ ▪

for light and heavy industry in China. Jinan is

province

Shandong Pilot Free Trade Zone

Development Zone

known as the most important production center

Shandong

The

Dongying Economic and Technological Development Zone

Province of Shandong ranks as China's second

most populous with a population of 100.7

Yantai Economic and Technological Development Zone

million inhabitants covering a total surface area

of 157.100 km2.

Weihai Economic and Technological Development Zone

Shandong

province

accomplished

30.73

Dezhou Economic and Technological Development Zone

foreign investment companies with a total

export of USD 161.5 billion and a total import of

Liaocheng Economic and Technological Development Zone

USD 134.8 billion. In addition to an average

urban salary of USD 11.122.

Jinan High-tech Industrial Development Zone

In terms of GDP, the Province of Shandong

Development Zone

ranked third in China after Jiangsu province,

reaching USD 1,126 billion in 2020 and USD

USD 10.138. Along with GDP growth of +5.5%

Jinan (USD 136 billion)

Yantai (USD 110 billion)

Weifang (USD 82 billion)

Linyi (USD 66 billion)

Weihai High-tech Industrial Development Zone

Main Economic Centers (GDP) in Shandong ▪

Weifang High-tech Industrial Development Zone

in 2019 (5.5%) and +3.6% in 2020.

Qingdao (USD 169 billion)

Yantai High-tech Industrial Development Zone

1,021 billion in 2019 with a GDP per capita of

Qingdao High-tech Industrial

Jinan Comprehensive Bonded Zone

(Shandong) Pilot Free Trade Zone Established in 2019 known as a major hub for trading

9

with

Japan

and

South

Korea.


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Asia Report Issue N. 1

Creating a strategic location to increase

CNY (leading to an actual tax rate of 10% on

international trade and cooperation between

this portion).

China, Japan, and South Korea. The new Announcement No. 12 [2021] will The target industries are marine and maritime,

halve the tax burden on the part of income not

financial services, artificial intelligence, medical

exceeding 1 million CNY, leading to an actual

and

tax rate of 2.5% on this portion.

health

care,

information

technology,

logistics, shipping, high-end manufacturing.

The new measure will be applicable from

Besides, the functional areas include Qingdao

January 1st, 2021 to December 31st, 2022.

area (52.0 sq. km), Jilin area (38.0 sq. km), and Yantai area (30.0 sq. km).

Investing in Jiangsu Located in East China, Jiangsu is one of the most economically developed provinces in

China's Small Company Tax 2.5%

China. With its capital in Nanjing known as the

The Ministry of Finance and the State

second-largest city in the East China region.

Administration of Taxation have jointly issued

The Province of Jiangsu covers a total surface

the Announcement No. 12 [2021] “on the

area of 102.600 km2 alongside a population of

Implementation of the preferential income tax

80.7 million inhabitants. Jiangsu province is

policies for small and micro – enterprises and individual households”,

industrial to

and

further

acknowledged to be a strong production base

commercial support

of

the

industrial

machinery

and

equipment,

electronics, petrochemicals, textiles, and new

development of small businesses and to

materials.

implement the decisions of the State Council.

The Province of Jiangsu is a hub for foreign-

The Announcement No. 12 slightly amended

invested enterprises among the main recipients

the previous Announcement No. 13 [2019]

of FDI flowing into China. Accomplishing

issued in January 2019, by further reducing the

59.308 foreign investment companies with a

tax burden for entities with a taxable income not

total export of USD 394.8 billion and a total

exceeding RMB 1 million.

import of USD 234.7 billion. In addition to an

According to the Announcement No. 13 [2019],

average urban salary of USD 12.799.

small low profit companies with a taxable

In terms of GDP, the Province of Jiangsu

income up to 3 million CNY, a number of

ranked second in China after Guangdong

employees not exceeding 300 and total assets

province, reaching USD 1,582 billion in 2020

not exceeding 50 million CNY are eligible for a

and USD 1,431 billion in 2019 with a GDP per

reduced tax rate of 20% to be applied on 25%

capita of USD 17,735. Along with GDP growth

of the income up to 1 million CNY (leading to an

of +6.1% in 2019 and +3.7% in 2020.

actual tax rate of 5% on the first 1 million CNY of profit) and on 50% of the portion of income

Main Economic Centers (GDP) in Jiangsu

exceeding 1 million CNY and up to 3 million 10


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Asia Report Issue N. 1

Suzhou (USD 276 billion)

Nanjing (USD 202 billion)

(Jiangsu) Pilot Free Trade Zone

Wuxi (USD 170 billion)

Established in 2019 to promote regional

Nantong (USD 135 billion)

integration and development.

Changzhou (USD 106 billion)

With a purpose to facilitate the cooperation with provinces and cities along the Yangtze River

Main Sectors in Jiangsu

Economic Belt and the Yangtze River Delta.

New technologies

Industrial machinery

The

New materials

manufacturing, financial services, robotics,

Automotive

international trade, and commerce. Besides,

target

industries

are

high-tech

the functional areas include Suzhou Industrial Main Industrial Areas in Jiangsu ▪

Jiangsu Pilot Free Trade Zone

Suzhou Industrial Park

Nanjing

▪ ▪ ▪

Economic

and

Park area (60.1 sq. km) Jiangbei area (39.5 sq. km), and Lianyungang area (20.3 sq. km).

Technological

Development Zone

IMF confirms China's record growth

Kunshan Economic and Technological

The

Development Zone

Monetary Fund in April confirm the record

Taicang Port Economic and Technological

growth of the Chinese economy in the two-year

Development Zone

period 2020-2021.

▪ ▪ ▪ ▪ ▪ ▪ ▪

estimates

of

the

International

Nantong Economic and Technological Development Zone

new

Haimen Economic and

Growth of the Chinese economy Technological

China is the only one of the major countries that

Development Zone

in 2020 (+ 2.3%) marked positive growth, will

Lianyungang Economic and Technological

continue its trend with + 8.4% in 2021 (+0.3

Development Zone

compared to January data) well above the

Yangzhou Economic and Technological

prudential estimate of over 6% confirmed by the

Development Zone

Party in the Two Sessions of Beijing.

Nanjing High-tech Industrial Development Zone

According to the latest data, the Euro-zone will

Wuxi High-tech Industrial Development

see gross domestic product (GDP) grow by 4.4%

Zone

in 2021 (+ 0.2% compared to January data),

Suzhou High-tech Industrial Development

while Italy should grow by 4.2% in 2021 (+ 1.2%

Zone

compared to January data).

Wuxi High-tech Zone Comprehensive Bonded Zone

In the two-year period, Beijing grows well above

Wuzhong Comprehensive Bonded Zone

the average of the world economy (-3.3% in

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Asia Report Issue N. 1

2020 and +6% in 2021) and consolidates its

investment in research and development

development with a series of records during the

increasing by 79%.

pandemic. Also, for 2022 the International Monetary Fund expects a greater acceleration

Cities and provinces with the greatest

for China + 5.6% compared to future estimates

growth

for the United States and Europe

In the geography of Chinese growth, the provinces with the highest GDP in 2020 were

Record China in 2020

Guangdong, Jiangsu, Shangdong, Zheijiang,

China in the year of the health emergency

and Henan, while those with the highest growth

recorded

its

are Tibet, Guizhou, Yunnan, Anhui, and Hebei.

development. In 2020 it recorded the largest

The cities with the highest GDP according to

volume of exports and the greatest value in

data from the regional statistical institutes were

trade with other countries and has established

Shanghai with 3.9 billion yuan, followed by

itself as the first destination for foreign

Beijing,

investments.

Chongqing.

According to Chinese Customs data, total

Guangdong

imports and exports of goods increased in 2020

inhabitants reside, is one of the nation’s main

to over 4.600 USD billion. Exports increased by

manufacturing

3.6% with a trade surplus of approximately 535

highest regional GDP in 2020 with over 11

USD billion. Beijing achieved the largest trade

trillion yuan (1.7 trillion dollars). Guangdong’s

in 2020 with the countries of South East Asia (+

GDP in 2020 exceeded that of South Korea

6.7%) and with the European Union (+ 4.9%)

(fourth largest economy in Asia) and came very

a

number

of

records

in

Shenzhen,

Guangzhou,

province,

centers

where

and

115

and

million

recorded

the

close to the value of Italian gross product. Foreign investments Foreign Direct Investments (FDI) in mainland

Air traffic and the new rich

China increased by 6.2% to a record high of

As evidence of the volume of trade and

999.98 billion yuan in 2020, according to

investment, Guangzhou Baiyun International

estimates by the Ministry of Commerce.

Airport was the busiest airport in the world in 2020, recording a total of 43.768 million

The main investments were made in the high-

passengers. it is the first time that a Chinese

tech industrial sectors and in the tertiary sector.

airport exceeds the passenger volume of

Foreign investment in the service sector is

Atlanta, a long-time airport with domestic and

estimated at 776 billion yuan in 2020, up 14%

international

traffic

records.

year-on-year and showing the trend of an economy aiming for mature development. The

If the country’s industry is based in the south,

high-tech industry has seen an increase in

there is no shortage of wealthy entrepreneurs

capital

in the north. Beijing, in fact, according to the

flow

from

abroad

by

28%

with

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Asia Report Issue N. 1

Forbes 2021 ranking is the city with the highest

of Mainland China encompassing 4.4% of the

number of billionaires in the world, surpassing

national territory.

New York in the global ranking. Foreign investments are mainly located along The pandemic has helped accelerate Chinese

the Eastern Coast and in Beijing. The Province

growth with a series of economic records

of Guangdong accomplished 170.968 foreign

testifying to its rise. The same International

investment companies with total exports of

Monetary Fund, which today confirms this

USD 629.9 billion and total imports of USD 407

development, is waiting to overtake the United

billion. In addition to an average urban salary of

States, a moment in which it could move from

USD 13.395.

Washington to Beijing, because according to its statute it must be based in the largest economy.

In terms of GDP, the Province of Guangdong still leads in China reaching USD 1,706 billion in 2020 and USD 1,547 billion in 2019 with a

Investing in Guangdong

GDP per capita of USD 13,425. Along with GDP

The People’s Republic of China consists of 34

growth of +6.2% in 2019 and +2.3% in 2020.

provincial-level administrative units, among which the Guangdong Province is known to be

Main

Economic

the main economic area of Southern China for

Guangdong

Centers

international trade, for the production of

Shenzhen (USD 387 billion)

electronic and textile products, for research and

Guangzhou (USD 339 billion)

technological innovation. Holding the largest

Foshan (USD 154 billion)

number of FDI. With a population of 115.21

Dongguan (USD 136 billion)

million inhabitants covering a total surface area

Huizhou (USD 60 billion)

(GDP)

in

of 177.900 km2, Guangdong ranks as the most Main Sectors in Guangdong

populous among all the provinces in China. Guangzhou is the capital of Guangdong

Electronics

Province with a maritime heritage located on

Automotive

Pearl River. The historical Guangzhou port is

Industrial machinery

the most important foreign trading port in South

Logistics

China. Main Industrial Areas in Guangdong Pearl River Delta Economic Belt is a key region

Guangdong Pilot Free Trade Zone

for the development of the Southern area of

Guangzhou Economic and Technological Development Zone

China. With a purpose to trade with Southeast ▪

Asian countries. Attained 13.1% of the national

Guangzhou Nansha Economic and Technological Development Zone

GDP growth alongside 11.7% of the population

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Asia Report Issue N. 1

Zhuhai Economic and Technological Development Zone

Zhanjiang Economic and Technological Development Zone

Huizhou Data Bay Economic and Technological Development Zone

Guangzhou High-tech Industrial Development Zone

Shenzhen High-tech Industrial Park

Guangzhou Export Processing Zone

Guangzhou Bonded Logistics Park

Guangzhou Nansha Free Trade Port Area

Shenzhen Yantian Comprehensive Bonded Zone

Guangdong Shenzhen Export Processing Zone

(GUANGDONG) Pilot Free Trade Zone aims to deepen (Guangdong - Hong Kong - Macau) cooperation and open up to the world by creating an investment environment to comply with international standards. Also, promote the 21st Century Maritime Silk Road. The target industries are shipping, logistics, financial services, health, education, high-end manufacturing, international trade. Besides, the functional areas include the Nansha area (60.0 sq. km), Hengqin area (28.0 sq. km), and Qianhai Shekou area (28.2 sq. km).

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Asia Report Issue N. 1

Trends in Banking and Fintech: a new global scenario after Covid 19

Events

Apr 10

EU-China Cooperation. Green Transition and Digital Economy Between National Policies and Multipolarism.

Structuring Business in China Apr 9

Jul 19 - 24

Cancellation of Non-taxable Allowances for Foreign Employees

China-Italy New Tax Treaty and International Taxation

Mar 31

Jun 3

China's Five-Year Plan & Tax Policy 2021-2025

China and America - economy, trade and finance in North, Central and South America

Mar 30

May 25

Structuring Business in China and the Far East China: a different reality

Mar 6

May 18

Tax Planning in China Individual Income Tax What To Expect In 2022

Feb 22

May 14

Asia-Pacific A to Z: Discover Every Market of the Fastest-growing Region

CSCC Summer School Introduction

Jan 26

May 13

Journey into China

Taxation and Cross border e-commerce

Jan 9

May 12

China's Changing Role in Global Supply Chains May 11

Belt Road Journey - Xi’an 30 Apr – 6 May

China's Personal and Corporate Tax Planning Apr 24

15


RsA asia We are tax and corporate advisory firm assisting companies, multinational groups and institutions in the Asian region. Our organization has made service quality its distinctive feature through the experience and professionalism of our advisors who, by combining their skills and expertise, provide a wide range of tax, corporate and consulting services, both nationally and internationally. The firm brings a new approach to professional services; we like to do things differently and we strongly believe in the value of results. The firm combines a multidisciplinary vision and focus on different business sectors, providing tax and advisory services in the Far East.

www.rsa-tax.com info@rsa-tax.com


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