Tax, Accounting, and Advisory news from Asia
ISSUE N 1
RsA asia
Asia Report Issue N. 1
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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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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
11
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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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RsA asia
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
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RsA asia
Asia Report Issue N. 1
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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