China adopts Apostille Convention to simplify authentication of foreign documents

This week's top 3 articles from Woodburn

No 1: China adopts Apostille Convention to simplify authentication of foreign documents

The Chinese government officially adopted the Apostille Convention, an international treaty that simplifies the process of authenticating public documents for use in foreign countries.?The treaty,?which came into effect on November 7, 2023, will?save time and money for companies and individuals, using foreign documents in China.??

China acceded to the Convention of 5 October 1961 Abolishing the Requirement of Legalization?for Foreign Public Documents, also known as the “Apostille Convention”, in March 2022. However, the document didn’t?come into effect until last November.??China’s accession to the Convention will “simplify the procedures for the transnational circulation of official documents and facilitate international economic, trade and personnel exchanges,”?according to local authorities.??

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No 2: Third-Party Hiring Agencies facilitate HR in China but do not protect a company’s IP

Foreign companies operating?in China often use hiring agencies to help them manage employees, minimizing risks but exposing themselves to the potential loss of valuable intellectual property (IP).?This can be prevented by safeguarding the company’s IP through the proper protection mechanisms.??

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No 3: Fierce price competition among e-commerce platforms on Singles Day shopping event

With the Chinese economy still struggling to recover, expectations for sales growth for the Singles Day or Double 11 festival, the world’s biggest e-commerce shopping event, were subdued this year. The event is regarded?as a gauge of consumer confidence.?Originally a 24-hour online shopping event held on Nov. 11 each year in China, the Singles Day festival - a nod to the digits in the date - has expanded into weeks of promotions across the country's major e-commerce platforms and in bricks-and-mortar stores.?

A?slowing economy and softening of consumer demand, have pushed China’s e-commerce and social commerce platforms to compete more fiercely for the purchases of Chinese consumers.?However, local customers are being more cautious and discerning, choosing rational spending instead. Activities and products leading to personal fulfillment?seem to be attracting more Chinese consumers, instead of heavily discounted products.?

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Industry Guide:?Financial Industry in China

Compared to Western economies, such as the United States, China’s financial sector is comparatively small, and its history of financial services and financial markets is relatively new. However, China’s increasing influence on the global economy is undeniable Prior to the late 1970s, China was a nation mostly isolated from the rest of the world, with much of its population living in rural areas. In the 1980s, the country began its slow process of economic liberation with the gradual introduction of a market economy which also brought about the development of a financial sector.

In recent years, China has grown into an important market, with a vibrant economy and urban-centered middle class. At the same time, the country’s financial industry has experienced significant development.

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