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How to Tax in Asia's Digital Age
September 14, 2021-New global reforms will change where tech giants pay taxes in Asia and make the international tax system more robust.
Digitalization-the technology that powers fintech, e-commerce, and online services-enables us to make mobile money transfers, purchase goods and services online, and interact with people across the globe. It has created some of the largest global businesses, such as online platforms and marketplaces connecting producers and consumers across the world.
Asia alone has roughly two billion internet users, with considerable room to grow. Asia's advanced and emerging market economies have several locally headquartered tech giants-including Alibaba, JD.com, Tencent, Rakuten-and host foreign tech giants such as Facebook. A new set of agreed global tax reforms will change where these tech giants and other global giants pay taxes.
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Source: IMF
Taking the lead on climate action could be worth $11 trillion to India
September 13, 2021--Climate change is already impacting people's lives and livelihoods in India.
Left unchecked, people will be under even greater threat and the economy could lose $35 trillion by 2070, according to Deloitte.
But if India leads the way with climate action, it could gain $11 trillion in economic value.
India already produces advanced climate solutions, which it could export to the rest of the world.
India can lead the way on climate action and prosper, or do nothing and "impose steep economic costs"-as well as the continuing human and environmental cost-on the country, according to a new report.
Leaving climate change unchecked could cost India $35 trillion in lost economic potential over the next 50 years, finds the Deloitte Economics Institute in its report, India's turning point: How climate action can drive our economic future.
view the Deloitte Economics Institute report-India's turning point: How climate action can drive our economic future
Source: weforum.org
Chinese cross-listing fund shines light on surging demand
September 13, 2021--ETF listings on the mainland and Hong Kong accelerate from low base
Hong Kong's products invest directly in equivalent products listed on the Shanghai Stock Exchange and utilize the so-called "cross-list" construction to spend money on shares associated to China’s photovoltaic sector-which focuses on the conversion of sunshine to vitality.
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Source: FT.com
Chinese government summons gaming firms, says it will crack down on ride-hailing
September 9, 2021--Tech giants Tencent, NetEase urged to implement new gaming rules
Govt also targets ride-hailing in sweeping regulatory crackdown
Cyberspace body shuts, bans almost 1,800 'self-media' accounts
China's government on Wednesday summoned gaming firms including Tencent Holdings Ltd (0700.HK) and NetEase Inc (9999.HK) to ensure they implement new rules for the sector.
It also said it would crack down on illegal behaviour in the ride-hailing industry.
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Source: reuters.com
BlackRock raises $1bn for first foreign-run China mutual fund
September 8, 2021--Asset manager presses ahead with expansion into savings market despite concerns over Beijing's tech crackdown.
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Source: ft.com
What is behind China's Dual Circulation Strategy?
September 7, 2021--China's dual circulation strategy should not be dismissed as a buzzword: its implementation will entail major consequences.
Dual circulation may sound like a buzzword without much relevance,but it is not. It actually enshrines China's long-standing ambition to become self-sufficient.
Such an ambition was made known to the world in 2015 after the launch of China's industrial policy masterplan, Made in China 2025,even though the world at the time was still in full engagement with China. Since Trump's push for a trade and technology war against China,the Chinese leadership has been relying on a dual circulation strategy to support China's growth. This basically means insulating the domestic market from the rest of the world by eliminating any bottlenecks,whether in terms of natural resources or technology,so as to vertically integrate its production and achieve self-reliance served by China's huge domestic market. A relevant consequence for the world, though, is that China will no longer need to import high-end inputs, with obvious negative consequences for major exporters of technology, such as Germany, Japan, South Korea, and the U.S. As if this were not enough, the second aspect of dual circulation, boosting external demand, in a context of Western containment, will increase the importance of the Belt and Road Initiative (BRI) to ensure open markets in the emerging world.
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Source: bruegel.org
What's behind China's video game restrictions?
September 6, 2021--China placed strict limits on the time young people may spend playing online games.
The move is part of a broader effort to enforce social guidelines.
But cracking down on video game play is not unique to China.
Things were looking bad for young Chinese gamers by early August.
A state-run newspaper had just equated online gaming with "opium," likely striking a chord in the psyche of a country targeted by Western powers during the 19th century "Opium Wars" (remnants of that era of "national shame" are carefully preserved for tourists and schoolchildren).
Shares of the country's biggest game company crumpled in response to the harsh rhetoric, and by last week new rules had been issued that sharply limit the time children may spend on a wildly popular diversion.
Online gaming in the country is now only available to people younger than 18 from 8 p.m. to 9 p.m. on Fridays, Saturdays, Sundays and public holidays. The decree is supported by an "anti-addiction" registry.
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Source: World Economic Forum
Singapore to Host SPAC Listings, in a First Among Asian Financial Hubs
September 2, 2021--The city-state's enthusiasm for blank-check companies is in contrast with U.S. regulators’ hardening stance
Singapore will become the first major financial hub in Asia to allow blank-check companies to list.
On Thursday, the Singapore Exchange released new rules for special-purpose acquisition companies to be listed on its main board, concluding a monthslong consultation process just as American regulators step up scrutiny of the investment vehicles.
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Source: wsj.com/
South Korea gives green light to sale of China-listed ETFs
September 1, 2021--Move paves the way for implementation of cross-border ETF link between the two countries
South Korea's securities regulator has amended rules to allow domestic fund managers to offer Shanghai-listed exchange traded funds, paving the way for the implementation of the upcoming cross-border ETF link between the two countries.
Local fund groups can now register ETFs listed on the Shanghai Stock Exchange (SSE) for sale in South Korea, following an announcement by the Financial Services Commission last week.
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Source: ft.com
China's factory activity contracts for first time since April 2020
August 31, 2021--China's factory activity slipped into contraction in August for the first time in nearly 1-1/2 years as COVID-19 containment measures, supply bottlenecks and high raw material prices weighed on output in a blow to the economy.
The slowdown in the manufacturing sector underscores the fragility of the ongoing economic recovery and the impact of strict coronavirus curbs in the country, backing expectations Beijing will roll out more support measures to revitalise growth.
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Source: news.yahoo.com
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