Photo Credit: Reuters
Economy, Investment and Trade
China initiated anti-dumping investigation on stainless steel imports from Indonesia, EU, Japan and South Korea
(23 July 2018) China launched an anti-dumping investigation on stainless steel imports worth US$1.3 billion after complaints of substantial damage to domestic industries because of improperly low prices of steel imports. China’s probe focuses on stainless steel billet and hot-rolled stainless steel plate from EU, Japan, South Korea and Indonesia which nearly tripled last year. Almost two-thirds of China’s stainless steel imports came from Indonesia last year. The imported prices of stainless steel products fell 23 percent to US$1,867 a tonne in 2017.
Blockchain platform for cross-border trade between ASEAN and China’s digital Silk Road launched in Singapore
(19 July 2018) An e-government service provider owned by a Singapore government body and port operator PSA Singapore has launched a blockchain platform called Open Trade Blockchain (OTB). The primary focus of OTB is to facilitate cross-border trade between ASEAN nations and China. This blockchain service is the region’s first cross-border blockchain platform that aligns with China’s Belt and Road Initiative (BRI) and Southern Transport Corridor. The blockchain platform enhances transparency and efficiency in trade and supply chain by way of user-friendly interface with ‘drag-and-drop simplicity’ to share trade documents between port operators, shippers and buyers/sellers.
China and Myanmar economic border zone reaches the final stage
(17 July 2018) China and Myanmar are inching closer to sign a deal to construct a China-Myanmar Economic Corridor. Assistant secretary of Myanmar’s Ministry of Commerce, U Khin Maung Lwin said location of the proposed economic zone bordering China and Myanmar will be finalised in the near future. The implementation body will determine which locations between Kachin and Shan states to be prioritised. The planned economic zone would allow free trade and increase Myanmar’s exports to the Chinese market.
Double Taxation Agreement (DTA) will boost Chinese investment in Cambodia- expert
(19 July 2018) Industry experts believed that the implementation of a Double Taxation Agreement (DTA) due to come into force in January would increase Chinese investments in Cambodia. Previously, Cambodia levied a 14 percent withholding tax on payments of dividends, interests and royalties paid to non-residents. Under the signed DTA, these rates would be slashed to 10 percent and address concerns of double taxations. Cambodia has signed DTAs with five nations, namely, China, Brunei, Thailand, Singapore and Vietnam.
More Mandarin-speaking guides needed to capture growing Chinese market
(19 July 2018) Brunei tour guides are taking steps to learn and sharpen their Chinese language skills as China is now the biggest market for tourist arrivals into the sultanate. About 40 participants from Brunei are taking a three-day training course organised by the ASEAN-China Centre (ACC) in collaboration with China’s top ranking tourism universities to learn the language. Brunei is the first ASEAN nation to start the project, which looks to cater the growing Chinese market travelling to Southeast Asia. With more than 52,000 Chinese visitors to the sultanate in 2017, a jump of 26 percent from 2016 figure, the market looks set for an increased presence with Royal Brunei Airlines announcing the addition of several new direct routes to major cities in China. In 2017, approximately 28 million Chinese nationals visited ASEAN countries.