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| NCO Opens Branch in Nordic Industrial Park in Ningbo |
| 2011.12.15 17:18:15 | |
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NCO has entered into agreement with the management of Nordic Industrial Park in
Ningbo to become sole service provider of accounting and tax services in the Nordic
Industrial Park (NIP) in Ningbo, Zhejiang Province.
NCO - Network Corporate Organisation - was founded in 2002 by a group of lawyers,
accountants and business specialists and is part of the AFP Group, an Asia-Pacific
regional group of companies headquartered in Hong Kong with offices located in key
financial centres worldwide. NCO provides services within incorporation, accounting,
tax, due diligence, HR-administration, and visa/employment permits.
Under the new agreement, NCO will from 1 January 2012 operate a branch office in
NIP with four staff members transferred from NIP. The focus will be on providing the
same high level of services as provided previously by NIP. NIP will complete the year
end closing of 2011, NIP and NCO will work together in January 2012, to ensure that
the transition going on smoothly. However, NCO will be able to offer clients in
Ningbo further services via offices in other cities in China (Beijing, Shanghai, Tianjin,
Guangzhou) and via NCO’s deeper expertise within tax and accounting.
NCO looks very much forward to servicing existing and new clients located in NIP, as
well as clients with activities in other parts of China, who can benefit further from a
presence in Ningbo.
Any questions regarding the new arrangement and NCO’s services in general, please
contact Fanny Li at NCO Shanghai office,
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, Tel.
8621-51699589, Ida Li at NCO Beijing office,
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Tel: +8610-8447
8118, Hugo Høllede at Denmark
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45-3917 9895.
Luka Lu,
Board Director, NCO Tags: NCO | Ningbo | Branch Office | Nordic Industrial Park | NIP Hits: 350 | Read more... |
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| File Your Trademark in China. Now. |
| 2011.12.13 22:06:14 | |
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A very important thing to do for any company doing business in China, is to register their trademarks.
A case that highlights the importance of registering trademarks, is the case between Apple Computer and Proview Technology
Apple Computer lost a trademark dispute over the iPad name, against Proview Technology.
Apple claim ownership of the iPad name and based its claim on agreement from 2006 between Proview and Apple, to buy the iPad name.
Proview had registered a trademark to the iPad name in 2000; this case shows that China is a first to file country.
Dan Harris from China Law Blog, explains how he helps a foreign company that wants to buy back a trademark from a Chinese company, first they find out more details about the Chinese company and what they use the trademark for.
Following the research they get a Chinese person to call the company with an offer, according to Dan Harris, if a lawyer calls the company it will drive up the price.
The best way for a company to protect its trademarks is register it as soon as possible.
Tags: Trademark; China: Trademark dispute Hits: 211 | Read more... |
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| China’s national Resource Tax reform |
| 2011.11.02 18:21:46 | |
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In the past months, Expressed in The Resource Tax reform is based upon the Interim Provisions on Resource Tax of the People’s Republic of China (State Council Decree No.139) implemented in 1993, where One of the reforms to the Resource Tax stipulates a new calculation method for the taxation of crude oil and natural gas. Currently crude oil and natural gas is taxed based on production volume (RMB 8 to RMB 30 for each ton of crude oil and RMB 2 to RMB 15 for every cubic kilometer of natural gas). The reformed Resource Tax calculates the tax on crude oil and natural gas based on their sales value at a rate ranging between 5 percent and 10 percent; this is planned to begin as of November 1st 2011. Foreign-invested onshore and offshore oil and gas fields will also be subject to follow the new Resource Tax reform. Foreign energy companies, which engage in Sino-foreign cooperative onshore and offshore oil and gas exploration, will be liable for the payment of resource taxes, rather than royalties. The reforms state that taxes on coal and non-ferrous metal ore will continue to be volume-based with tax rates on coking coal and rare earth ores increasing. Coking coal will be taxed at a rate of RMB 8 to RMB 20 per ton, while tax rates on other types of coal will remain the same at RMB 0.3 to RMB 5 per ton. The tax rates increasing for rare earths can be understood as rare earths are becoming scarcer. The urgency for conserving energy and reducing emissions is the reason behind the speedy implementation of the tax reforms. It can only be hoped though that the reforms will be effective and will be an initiator for further regulations on the protection of Tags: Provisional Regulations of the PRC | China’s Resource Tax reform | natural gas and crude oil | sales tax | Foreign energy companies | taxes on coal and non-ferrous metal Hits: 266 | Read more... |
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| A new regulation for the Grasslands of Inner Mongolia |
| 2011.11.02 18:15:38 | |
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On September 28th 2011, at a governmental executive meeting in Since January 1st 2005, enterprises which use the grasslands of Tags: grassland protection | vegetation recovery | Inner Mongolia Development and Refo | ecological compensation mechanism | The Administrative Regulation on Co Hits: 233 | Read more... |
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| China's Environmental Efforts |
| 2011.11.02 18:12:17 | |
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In recent years, Along with reforms of previous environmental regulations and the implementation of new regulations Tags: sustainability | economical growth | energy conservation in China | emissions reduction | Grasslands of Inner Mongolia | national Resource Tax | China’s State Council Hits: 235 | Read more... |
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| China's Inflation |
| 2011.10.16 19:12:57 | |
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New numbers from China's National Bureau of Statistics shows that China's Consumer Price Index (CPI) and Producer Price Index (PPI), both influential to inflation, have risen 6.1 and 6.5 percent this past September. The increase however is lower than last month, where PPI grew by 7.3 percent. Likewise the Producer Purchase Price (PPP) grew by 10 percent in September. Currently Europe's inflation is around 0.5 percent, macroeconomically speaking 2 percent being a healthy inflation rate, Europe falls far below while China towers ahead. Tags: Consumer Price Index | CPI | Producer Price Index | PPI | Producer Purchase Price | PPP Hits: 283 | Read more... |
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| A new system to combat bribery |
| 2011.10.14 01:56:02 | |
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A national system to combat bribery is planned to be set up by the end of this year, said a senior official of the Supreme People’s procuratorate. "These bribers, often targeting government officials, offer money to gain illegal returns. They have seriously disordered the market economy," Song has explained. According to Song, bribery tends to be observed mainly in capital-intensive industries such as in construction, finance, education, health and medicine, as well in the governmental sector. A system to record bribery was established in 2006, however at that time it was only available at a pronincial level. According to Song, the new system will be effective in provincial, city and county levels."The system will allow organizations and individuals to submit an enquiry about a certain company, and there will be sent a bribery record of the company if the company has problems," Song said. Companies that have a record of bribery may face restrictions towards their market access, canceling or degrading of their qualifications or even the termination of their company. Song explains that law enforcement authorities often hand out much more lenient punishment to those who offer bribes than those who take them. "Taking bribes results from giving bribes, so we must enhance efforts to fight against offering bribes," Song said. Tags: combat bribery | Song Hansong | Apartment of Duty Crime Prevention | market economy | government officials | national system | capital-intensive industries Hits: 267 | Read more... |
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| RMB and the USA |
| 2011.10.13 18:39:39 | |
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The U.S. Senate has approved the controversial bill aimed at urging China to raise the worth of their Yuan, now China urges Obama to think twice about their 'protectionist' act. Once the US has passed the bill through the Senate, China has warned that the legislation could result in a “trade war” of increasing protectionist retaliation. “The bill is a protectionist step that gravely violates World Trade Organization (WTO) rules,” said Ma Zhaoxu Foreign Ministry spokesman.“China urges the U.S. government, Congress and all quarters to resolutely oppose using domestic legislation to create a fuss about and put pressure on the RMB exchange rate,” continues Ma Zhaoxu Many U.S. lawmakers, traffic unions and industrialized lobbists back up the bill and believe that China is holding down the rate of their RMB to give its exports a competitve advantage in worldwide markets which to other countries gives China an unfair advantage. But, “Making groundless accusations about the RMB exchange rate will not solve the United States' lack of savings, trade deficit or high unemployment rate,” said the Chinese Central Bank in response to the U.S. Senate Both the Chinese and the U.S. government have promised to deal with the imbalances, but the U.S. trade deficit with China in 2010 increased to US$273 billion, up from about US$227 billion in 2009, U.S. data shows.Tags: U.S. Senate | Obama | trade war | World Trade Organization | Ma Zhaoxu | Chinese Central Bank | trade deficit Hits: 244 | Read more... |
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| Bailout of Wenzhou private firms |
| 2011.10.12 01:10:54 | |
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Authories in Zhejiang province have encouraged 11 work groups to tackle the Wenzhou debt crisis. The work groups are to oversee bank bailouts of private firms, of whom are suffering from a liquidity crunch. A spokes person from the local government have said that 25 banks in Wenzhou City have been pleeding to increase lending to strengthen private firms in order to aid in subduing the debt crisis. The local business community comprised of mainly small and medium sized companies (SME's) are deep in the debt crisis in Wenzhou. They are struggling to survive the current liquidity cruch which has resulted in the new macroeconomic control policies, which have been designed to cool inflation and to control the property the market. Zhou Dewen, chairman of the Wenzhou SME Development Association, said that their association has prepared an emergency fund worth 900 million yuan ($141 million) to help private firms in urgent need of cash to sustain operations. An example is chairman of the board Sun Fucaqi of Aomi Fluid Equipment Co.; Sun Fucaqi who went into hiding on September 11th 2011 due to huge debts. Sun's company, founded in 2003, had 100 million yuan in debt to banks and informal lenders. As banks have limited lending as a result of the country's current macroeconomic control policies, Sun's company's capital chain broke; an example of what many other firms are likewise experiencing. Tags: Zhejiang province | Wenzhou debt crisis | bank bailouts | Wenzhou SME Development Association Hits: 254 | Read more... |
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| Controversy between the Superpowers |
| 2011.10.12 00:48:57 | |
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This past week the U.S. senate discussed a new law requiring products made in China to be subject to an extra tax. This is due to the long-standing dispute between the two countries based on China's exchange rate policy. According to China, this bill is comparable to a breakage of the World Trade Organization’s rules and can be seen as an invitation to a trade war. "Should the proposed legislation become law, the only result would be a trade war between China and the US and that would be a lose-lose situation for both sides," said Cui Tiankai, China's Vice Foreign Minister The United States holds both critics and optimists in the situation as it is thought by some that this bill will not end up creating more jobs, instead it will increase production in countries such as Vietnam and Malaysia. Others believe that the U.S' huge import of Chinese products results in large trade deficits in inter-state trade. “This bill sends an important message to China. They must stop flouting the rules, and ending its currency manipulation is an important step in that process” said Max Baucus, Chairman of the Senate finance committee. The controversial proposal gained 63 votes for the proposal, versus 35 votes against the proposal, in spite of warnings from both China and the White House. Tags: Chairman of the Senate | Max Baucus | trade deficits | Cui Tiankai | trade war | World Trade Organization | U.S. Senate Hits: 256 | Read more... |
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| Nike to expand in China |
| 2011.10.11 19:02:33 | |
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Nike CEO Charlie Denson has stated that Nike will continue to invest heavily in the the world's most populous country, China. China, as the world's top sportswear manufacturer hopes to double sales in China by 2015. Although the U.S. and Europe are in risk of a double-dip in their economies, Nike is not hesitant about it's business expansion as it will focus on the 'emerging market' of China, Denson said in an interview with Xinhua News. The year 2011 marks the 30th anniversary of Nike's operation in China. It had taken the Portland, USA based company 26 years to acquire 1 billion dollars of revenue in China but it only took them 4 years to double it. Now China has become Nike's largest market outside of the United States. Nike has over 7.000 retail stores in China and the future plans are to expand even further throughout China within the next couple of years. CEO, Charlie Denson expressed in his interview with Xinhua News; "I think when you look at the overall trade and labor markets around the world, China continues to be a very viable resource, and we continue to manufacture a lot of our products in China," he said. He further explained that in order for Nike to maintain their flexibility of dealing with the changing economic and trade environment of today, Nike has to continuously look for a diverse portfolio of manufacturing countries. Tags: emerging market | Charlie Denson | Nike in China Hits: 272 | Read more... |
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| Anhui Ankai Automobile Co Ltd expand |
| 2011.10.11 18:41:19 | |
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The Chinese automaker, Anhui Ankai Automobile Co Ltd, has signed a contract with Britain's Big Bus Tours sightseeing company on September 29th to export 34 open-top double-decker buses to serve the 2012 Summer Olympic Games in London. Because of stricter certifications for automobiles in Britain, this agreement marks a new period for Chinese export opportunities. Earlier this year Anhui Ankai Automobile Co Ltd recieved orders from both Russia and Saudi Arabia. ”The cooperation between Ankai and Big Bus Tours is an indication that China's buses are up to the technical standards required in the EU market," said Wang Xianfeng, Vice President of Anhui Ankai Automobile. Anhui Ankai Automobile Co Ltd was established in 1997 and became a public company listed on the Shenzhen Stock Exchange in 2003. They passed Quality System Certification in 1999, since then they have expand and distributed buses to e.g. Australia, the Americas and now Europe. Tags: Shenzhen Stock Exchange | Anhui Ankai Automobile Co Ltd | 2012 Summer Olympic Games in London | Quality System Certification | Vice President of Anhui Ankai Autom | EU market Hits: 267 | Read more... |
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| China's labour cost could fuel up to 3.2 million U.S. jobs |
| 2011.10.11 01:59:51 | |
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China's fast-rising labour costs in competitive manufacturing regions are expected to keep U.S. investors in their home market which could end up creating up to 3.2 million jobs in the USA by 2020, according to a report from the Boston Consulting Group. However, foreign investments from the U.S. are not forseen to lessen in the upcoming years. U.S. manufactures are expected to continually inject as much money as in previous years into China's manufacturing sector. However, due to rising wages in China, the country's cost adantage for many products are predicted to decline by a range of 10 to 15 percent. ''China's export-led and labor-intensive companies might be the first to face this problem because of the changing economic conditions", said Yuan Gangming, a researcher at the centre for China in World Economy. Last week U.S. President Barack Obama accused China for "gaming" the trading system to it's advantage and to the disadvantage of other countries by manipulating the chinese yuan. The U.S. Senate is scheduled to vote on Tuesday on a currency bill that could lead to levies on Chinese goods. Tags: U.S. investors | Boston Consulting Group | manufacturing sector | China in World Economy | Barack Obama | U.S. Senate | currency bill | Chinese goods Hits: 255 | Read more... |
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| Challenges still ahead for international companies |
| 2011.10.11 01:50:16 | |
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Every year new foreign companies open around China, yet some of them have problems with establishing well-known brands in the east. Many international firms try hard to build images in order be a part of the community, as if they were a Chinese firm. The German chemical company BASF SE, and Syngenta, a Swiss company have experienced the difficulties of building up new projects which can be integrated into the China. Local residents in southwest China's Chongqing municipality have shown strong opposition against BASF SE project, with regard to establishing a chemical plant project in their area. Both BASF SE and Syngenta have explored the possibilities with being closer to their surroundings, by creating projects which include benefits for some segments of the population. For example, BASF SE has established a Children’s laboratory, in order to give opportunities and promote the interest of chemistry for China’s young generations. Likewise Syngenta has created a public relations strategy for college students in China. Last month, Syngenta sponsored a symposium for Chinese students, who would like to deliver articles or make speeches to demonstrate their knowledge and their talents within different topics. “The efforts by these international companies to build up their image in China are paying off, but challenges and difficulties still lie ahead” said Wang Jian, deputy secretary-in-general of the China Enterprise Culture Society. Through the next decade BASF SE will try further to establish a business brand, which is expected to cost about $6 billion – which will end up being one of the largest investments in a chemical project to date. This development is expected to gain an annual production value of 50 billion Yuan ($7.64 billion) and generate 10 billion Yuan in tax. Tags: BASF SE | Syngenta | Chongqing municipality | Children’s laboratory | China Enterprise Culture Society | chemical project Hits: 239 | Read more... |
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| Xinjiang is to hold two New Economic Zones |
| 2011.10.10 18:25:53 | |
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On Saturday the 8th of October 2011, the Chinese government announced plans to use subsidies and tax incentives to build two new economic zones in the western region of Xinjiang. This will help in opening up the landlocked region and boost trade with their central and south Asian neighbors. In a policy outline posted on the government’s website, the State Council aims to “basically complete” infrastructure for the EDZ (Economic Development Zones) based in Kashgar and Khorgos. Xinjiang is strategically vital to China, as it accounts for 1/6th of the country as well as Xinjiang’s underground known to be rich in oil, gas, coal and many more mineral resources. Different electronics, textiles and renewable energy would be key areas for development in Kashgar, in the southwestern part of Xinjiang, while Khorgos would likely focus on chemicals, farm products and different pharmaceuticals. The Chinese government also holds plans to encourage Chinese and international airlines to create new routes to countries nearby Xinjiang and to construct railway lines linking Xinjiang to Tags: new economic zones | Xinjiang | EDZ (Economic Development Zones) | Kashgar | Khorgos Hits: 244 | Read more... |
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| Vice Minister of Commerce speaks for increasing national imports |
| 2011.10.10 01:33:32 | |
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At present, China’s government is researching the possibility to change measures in relation to taxes imposed on imported goods to increase imports into China. This change is hoped to improve China’s national business competitiveness and balance of trade. During the period of the first 8 months of 2011, China’s year-on-year import growth has increased. Between January and August 2011, the imports into China grew by 27.5 percent; likewise exports grew similarly in the same period, about 23.6 percent. "Expanding imports will strengthen the competitiveness of the local industries, if appropriate moves are taken", said Zhong Shan, Vice Minister of Commerce. Zhong Shan in his speech regarding fiscal policy decisions, included the following areas for change: “Launching preferential tax and finance policies, simplifying and reducing relevant procedures, maturing domestic circulating channels and promoting (trade) fairs" In July 2010, Zhong Shan was appointed Vice Minister of Commerce of PRC and Deputy China International Trade Representative. At the China Import Forum 2011 in Shanghai, he attended and delivered the abovementioned speech about imports and how to progress China's economic enlargement. Tags: imported goods tax | China Import Forum 2011 | preferential tax | imports into China | Vice Minister of Commerce | Zhong Shan Hits: 259 | Read more... |
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| China's New Social Insurance Law |
| 2011.10.08 18:34:04 | |
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As of July 1st 2011, the Chinese government passed the new PRC Social Insurance Law. As of September 2011, the government has announced the practical details regarding the new law stating the effective date of practicing the law begins October 15th 2011. The goal of the law is to ensure foreign employees more rights and to improve overall social welfare in Social insurance is comprised of pension, work injury insurance, basic medical insurance, maternity insurance and unemployment. Both the employee and employer are required to contribute to the Social Security Program. The law states that the employer and employee should both contribute to pension, work injury insurance and basic medical insurance while the employer should also contribute to maternity insurance and unemployment. It is the employers’ obligation to pay their share as well as withhold and pay in the employees’ share. If employers fail to make the contributions in a timely manner, they will be subject to penalties, which can range from 100-300 percent of the contributions due. It is also important to note that employers must open a social insurance account for a foreign employee within 30 days of hiring. The social insurance base and rates may vary by location but the contribution by both foreign and Chinese employees should be the same rate and have the same calculations. In Once the individual has made contributions for at least 15 years towards their retirement insurance, the individual will be eligible to receive their benefits once the employee has reached To conclude, For further information regarding the new social insurance law, please feel free to contact the HR department at NCO China. Tags: South Korea | Germany | Shanghai salary cap | Beijing salary cap | social insurance account | unemployment insurance | maternity insurance | basic medical insurance | work injury insurance | pension | Chinese Social Security Program | social welfare in China | foreign employees | PRC Social Insurance Law Hits: 295 | Read more... |
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| A New Regulation within Beijing's Labor Union |
| 2011.10.08 18:25:46 | |
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Within the past few months a new regulation within Tags: New Regulation | Beijing’s Labor Union. Foreign Inve | FIEs | Beijing | labor union fees Hits: 275 | Read more... |
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| China's Labor Unions |
| 2011.10.08 18:03:24 | |
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During 2011 ACFTU has held the incentive to further encourage enterprises trade unionization, and membership especially for migrant and labor service workers. For 2011, ACFTU has stressed importance in; collective wage bargaining between workplace and trade union, in law making towards protecting worker rights and interests, and encouraging education and training opportunities for workers. It is hoped that by 2013 nationwide, that unionized businesses will reach more than 90%. ACFTU recognizes the need for encouraging collective bargaining of employee wages between enterprises and trade unions and hopes by the end of 2011, 60% of unionized enterprises will be taking part in such actions. It is the goal by 2013 that 80% of unionized enterprises will have agreed upon wages for employees through collective bargaining. Wage growth, the development of wage supervision and a guarantee system to ensure consistent wages and wage growth for ordinary workers, migrant workers, and service labor workers is particularly stressed. Enforcing laws regarding the protection of employee and worker rights and interests through law enforcement inspections is another aspect given emphasis to. Encouraging the formation of worker’s congress systems and corporate transparency is another goal, as by the end of 2011 it is hoped that non-public enterprises will start actions for creating a democratic management system. It is desired that by the end of 2011 evidence of corporate transparency, workers congress systems and democratic management systems will prevail through 80% of unionized public enterprises and 70% of unionized non-public enterprises. Placing importance on strengthening and improving workers technical abilities through providing education and training demonstration facilities is also a dimension that ACFTU is striving for. In 2011, 800 demonstration facilities have been established as well as 50 women worker’s training and demonstration facilities. The goal of the demonstration facilities is to offer training opportunities for workers and job-changing training to employed workers. The emphasis placed by ACFTU this year to these numerous areas can be seen by the public as holding the incentive to protect workers and offer new opportunities. It can only be hoped that the goals ACFTU has set can be attained and employment stability will be evident throughout the continuance of Tags: China Labor Unions | The All China Federation of Trade U | ACFTU | 2011 ACFTU | protection of worker rights | trade unions | collective bargaining | worker’s congress systems | corporate transparency Hits: 263 | Read more... |
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| Vestas in China |
| 2011.09.23 00:39:49 | |
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Vestas is one of the world leaders in wind technology; Vestas installed China's first wind turbines back in 1986 in China's Shandong province. Since then Vestas has successfully installed wind turbines throughout China generating an approximate 3,000 MW of energy. Vestas has become one of China's largest suppliers of wind turbines. Tags: Vestas | wind technology | wind turbines | wind power facilities | V100 wind turbine | Tianjin Hits: 297 | Read more... |
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