January 2024
Welcome to our January 2024 issue of Vistra North Asia Perspectives!
The new year has already kicked-off to an auspicious start. We can’t wait to assist in shaping your success story for 2024, which we believe offers opportunities, and the possibilities for great achievements.
Earlier this month, the United Nations released its flagship forecast, being “The World Economic Situation and Prospects 2024”. The report projects a slowdown in global growth from an estimated 2.7% in 2023 to 2.4% in 2024, while fine-tuning the growth rate of developing economies from 4.1% in 2023, to 4.0% in 2024. This minor adjustment in economic growth rate for developing economies reflects their resilience in coping with risks.
Echoing this, HSBC Global Research does not envisage a global or US recession and has edged up its 2024 global growth forecasts to 2.4%, largely driven by small upgrades to the projections for the USA, China and India. Asian economic growth is expected to remain stable with a growth rate projection of 4.1%, while China’s growth is expected to reach 4.9%. Indeed, it is anticipated that China’s steady recovery will bring momentum to economic growth, for both Asia and globally.?
At the same time, Zhang Liqun, a researcher at the Development Research Center of China’s State Council, anticipates significant increases in government-led infrastructure investment in the coming year. This investment is expected to fuel corporate activity, with expanded production providing stimulus for employment and bolstering Chinese internal consumption. Recent data reveals that China’s manufacturing production and operational activities index reached 55.9% in December 2023, signifying a consistent three-month upward trend, and demonstrating increased market confidence and re-growth.
In Hong Kong, with the dominance of Chinese enterprises in the stock market and the continuous influx of southbound funding, the stable and positive economic trajectory of the Chinese Mainland is poised to reinvigorate Hong Kong stocks. Additionally, recent research conducted at the HKTDC Hong Kong Electronics Fair (Autumn Edition) reveals that 39% of respondents expect a rise in sales volume in 2024, anticipating a stable or improving export performance position for the year ahead. Significant recovery in the Asian market appetite for electronics during 2024 is expected to enhance Hong Kong overall export performance, with growth rate projections ranging from 4% to 6%. This rebound is expected to become more pronounced in the second half of the year.
At Vistra, we aim to help our clients act with confidence and speed to seize opportunities, whenever they arise. To help you stay updated on market dynamics, we have compiled this newsletter which covers the latest key policy updates in the Greater China market. Hope that you find our newsletter informative.
Happy reading!
Vistra North Asia Team
视界 | 区域客户尊享的每月精选资讯
欢迎来到《瑞致达北亚区 | 视界》2024年1月期！
2024年已拉开序幕，相信大家对新的一年充满期待。
本月初，联合国发布了《2024年世界经济形势与展望》，将欧美等发达经济体的预期增速予以大幅下调，从2023年的2.7%降至2024年的2.4%，而对于发展中经济体的增速则仅进行了微调，从2023年的4.1%微降至2024年的4.0%，体现出发展中经济体更具应对风险的韧性。
与此呼应，汇丰环球研究近期发布的新年经济展望认为，在多重因素影响下，预计2024年全球整体经济增速将放缓至2.4%左右，出现严重经济衰退的概率不大；亚洲经济增长稳健，预计2024年增速在4.1%左右，而中国经济增长率预期则达4.9%，其稳步回升将为亚洲及全球的经济增长注入动力。
同期，中国国务院发展研究中心宏观经济研究部研究员张立群亦表示，预计2024年政府主导的基础设施投资将会显著增强，对于企业扩大生产、对于促进就业和消费的拉动作用会明显增强。数据显示，2023年12月份，中国制造业生产经营活动预期指数为55.9%，连续3个月上升，表明制造业企业对市场发展信心不断增强。
香港方面，随着中资企业主导港股及南向资金持股的不断提升，内地稳定向好的经济走势将对港股的基本面产生积极的推动作用。此外，在最近一次的香港秋季电子产品展所进行的调查显示，2024年的出口表现很大机会保持稳定或有所改善，其中39%受访者预期2024年的业务销量将会增加。而亚洲区内电子产品相关贸易的显著复苏，预计将带动香港的整体出口表现于2024年恢复增长，增幅介于4%至6%，下半年的反弹势头或将更加明显。
本期视界，我们依旧为您汇总了近期香港及内地市场的重点政策更新或公告，衷心期待本期内容对您有所帮助。 Vistra将始终为您密切关注市场动态，帮助您自信而快速地把握一切机遇！
祝 阅读愉快！
瑞致达北亚区团队
LEGAL AND COMPLIANCE UPDATES
HKEX publishes consultation paper on maintaining Securities and Derivatives Trading under Severe Weather Conditions
On ?30 November 2023, the Stock Exchange of Hong Kong Limited (HKEX) published a consultation paper setting out recommendations on maintenance of normal operations in Hong Kong’s Securities and Derivatives Trading under Severe Weather Conditions, and seeking market views on the proposed operational model and related arrangements. The public consultation period will end on 26 January 2024.
HKEX Listing Division publishes the ninth issue of Listed Issuer Regulation Newsletter covering the latest regulatory updates
HKEX Listing Division has published the ninth issue of Listed Issuer Regulation Newsletter covering the latest regulatory updates. Vistra summarises the key points of the Newsletter, including the paperless listing regime effective from 31 December 2023, administrative reminders on filing of listing applications for placing of new shares and on making authorized representatives available.?
HKEX publishes new Frequently Asked Questions No. 119-2023 to 134-2023
Following the release of the consultation conclusions on the proposed expansion of the paperless listing regime, HKEX has added FAQs no. 119-2023 to 134-2023, to facilitate new listing applicants and existing listed companies in their understanding of the relevant amendments to the Listing Rules. The new FAQs became effective on 31 December 2023.
领英推荐
TAX EXPRESS
Shanghai Municipal Taxation Bureau pilots Advance Tax Ruling to facilitate communication between the authority and enterprises
On 29 December 2023, the Shanghai Municipal Taxation Bureau issued the Shanghai Municipal Taxation Bureau's Management Measures for Advance Rulings (Trial Implementation), which represents the first advance ruling agenda issued by provincial and municipal tax authorities in China. The measures aim to further optimise the business environment, provide certainty in policy to assist in business decision-making, reduce tax-related risks for enterprises, and facilitate the communication process between the authority and enterprises.
Read More?(Chinese language only)
BVI International Tax Authority (Administrative Penalties) Regulations 2023 came into effect on 1 December 2023
The International Tax Authority (Administrative Penalties) Regulations 2023 came into effect on 1 December 2023. Under these new regulations, the BVI International Tax Authority (ITA) may impose administrative penalties on individuals or legal entities for breaches of the International Tax Authority Act, (Revised Edition 2020).
HUMAN RESOURCES TRENDS
What makes a great global payroll provider?
Global payroll providers face significant challenges in meeting ever-increasing client demands, from dealing with cross-border compliance, to efficiently consolidating data across multiple jurisdictions, and also ensuring optimised payroll management and delivery.?
A leading payroll service provider should not only be able to provide flexible payroll solutions that effectively integrate global compliance expertise with advanced technology platforms, but also offer related corporate services to enhance payroll service effectiveness.
This article interviews Allan Harness, Director of Global Payroll Services at Vistra, to explore what makes a great global payroll service provider, and to understand the trends in global payroll services.
SOLUTION HIGHLIGHTS
I no longer need my BVI company: Strike off or liquidation?
BVI companies may be used for many reasons, including as special purpose, operational or transactional vehicles, and there may come a time when the company is no longer needed. In these circumstances, the company has various options, including:?A strike off followed by dissolution; A request to the BVI Companies Registrar to strike the company from the register; or A voluntary liquidation. What is the safest and the most formal way to close a BVI company?
Total Solutions for Global Business Expansion
Vistra offers companies a range of services designed to help get their overseas operations up and running as quickly as possible and in full compliance with all regulations.
We approach every expansion project on a case-by-case basis, tailoring our solutions to cover nearly everything our clients might run into. From entity formation to local and regional regulations, our experts are fully prepared to act as global advisers. We are your eyes and ears for navigating the complexities of new jurisdictions.