November 2023
Welcome to our November 2023 issue of Vistra North Asia Perspectives!
This month, the world has maintained a watchful eye on proceedings at the “Asia-Pacific Economic Cooperation (APEC) Leaders' Week 2023” (the APEC Summit).
The APEC Summit was held between 11 and 17 November in San Francisco, with the agenda of “Creating a Resilient and Sustainable Future for All”, attracting leaders from 21 APEC member economies, senior officials and business leaders from blue-chip companies.
On 15 November, Chinese President Xi Jinping travelled to San Francisco to meet US President Joe Biden at the APEC Summit. The meeting between the heads of state of China and the United States allowed for a candid and in-depth dialogue on strategic and overarching issues critical to the direction of China-U.S. relations, touching on 20 consensus points in areas as diverse as politics, diplomacy, cultural exchange, global governance, and military security. Hopefully, this has channeled the bilateral relationship towards a healthy, stable, and sustainable path. Prior to this meeting and between 12 and 13 November, the APEC Finance Leaders’ Meeting was also held locally. China’s Minister of Finance, Lan Fo’an, spoke to the effect that the Chinese economy is rebounding, with the expectation that in the 4th?quarter the positive momentum will continue – indeed, China’s market remains an important engine for the steady growth of the global economy.
China has committed to enhancing economic and trade cooperation with the other 20 APEC member economies. In 2022, China’s investment in such economies accounted for 86.6% of its total foreign investment commitment. Vistra has shared a WeChat series on “Chinese Enterprises going global in South-East Asia” (Chinese language only) towards providing International Expansion insights and on-the-ground support for Chinese investors expanding into APEC member economies located in SEA. Contact us if you would like to know more.
Changing focus to Hong Kong, UBS Investment Bank’s economic outlook forecasts global economic growth to further slow in the coming year. Influenced by the overall macro-economic environment, growth for Hong Kong remains challenged in the short term. However, when one considers the medium to long term, there is reason for optimism for the Hong Kong economy, with continuous growth in visitor arrivals, and the ongoing improvement in key indicators, which include a V-shaped rebound in population numbers, a relatively low level of unemployment, and increase in overall employment figures.?
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
欢迎来到《瑞致达北亚区 | 视界》2023年11月期！
?相信大家一定都关注了本月发生的大事件：
?11月11-17日，亚太经济合作组织（APEC）第三十次领导人非正式会议 (简称APEC峰会) 在美国旧金山举行。此次APEC峰会的主题是：为所有人创造一个有韧性和可持续的未来。来自21个亚太经济体领导人、高级官员、私营企业代表等出席会议。
?11月15日，中国国家主席习近平赴美国参加中美元首会晤并出席亚太经合组织第三十次领导人非正式会议。此次中美两国元首会晤探讨了各领域对话合作，在政治外交、人文交流、全球治理、军事安全等领域达成了20多项共识，进一步推动两国关系朝着健康、稳定、可持续的方向发展。此前在12-13日，财长会议亦于当地举行，中国财政部部长蓝佛安出席会议发言表示，今年以来，中国经济持续回升向好，预计四季度中国经济将保持回升向好态势。中国仍是世界经济稳定增长的重要引擎。
?中国近年来致力与20个APEC经济体深化经贸合作。 2022年，中国利用APEC经济体投资占外资总额的 86.6%。瑞致达已陆续分享“中企出海东南亚”系列微信，为出海APEC东南亚成员国的中国企业提供关键资讯及海外市场落地支持。如您有进一步疑问，也欢迎与我们探讨交流。
?香港方面，瑞银投资银行研究部北亚地区经济师近日表示，该行预计明年全球增长会进一步放缓。在整个宏观环境的影响下，短期来讲，香港还是充满挑战，但有见访港旅客持续上升，其他基础指标不断改善，包括香港总人口出现 V 型反弹，失业人数控制在一个比较低的水平，同时总就业人数上升，这些比较乐观的变化，从中长期来讲对香港对经济会有帮助。
?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
Guidance Letter on Disclosure of the Basis of Consideration and Business Valuations in Notifiable Transactions
On 20 October 2023, the Stock Exchange of Hong Kong Limited (HKEX) published a guidance letter on disclosure of the basis of consideration and business valuations in notifiable transactions (Guidance Letter). Vistra has summarized the key points of the Guidance Letter for your easy reference.?
FATF confirms that the Cayman Islands meets recognised global AML standards
On 27 October, FATF members accepted the Inter-American Joint Group’s report at the plenary meeting in Paris and agreed to remove Cayman Islands from the FATF Grey List. The delisting process has now been completed.
领英推荐
SFC Consultation Paper on the Proposed Guidelines for Market Soundings
On 11 October 2023, the Securities and Futures Commission (SFC) published a consultation paper proposing guidelines for market soundings (the Proposed Guidelines). Market sounding is an established mechanism widely adopted by market participants to communicate information with potential investors prior to the announcement of a transaction. The Proposed Guidelines will apply to all SFC-licensed or registered persons engaging in market soundings. The deadline for response is 11 December 2023.?
TAX EXPRESS
Policy update | Summary of New Regulations on Resident Enterprises Applying for Overseas Investment Income Tax
In September 2023, China’s State Taxation Administration issued an "Announcement on Optimizing Tax Payment Services and Simplified Process for Reporting of Overseas Investment and Income by Resident Enterprises", along with an official interpretation. The announcement clarifies relevant matters which domestic resident enterprises would need to declare for overseas investment income, and streamlines the "Resident Enterprises' Overseas Investment Reporting Form", as well as introducing new information reporting requirements
Read More?(Chinese language only)
BVI removed from EU list of non-cooperative jurisdictions for tax purposes
The BVI was added to the EU Tax “blacklist” on 14 February 2023, and while the jurisdiction introduced legislative changes in January of that year, these were not accepted by the regulator. On 6 April 2023, BVI was approved for a supplementary review, and with amendments to its framework on exchange of information (criterion 1.2), BVI was removed from the EU Tax “blacklist” (as of 17 October 2023).
Deadline extension for 2022/23 Profits Tax Returns
In view of practical difficulties encountered by businesses and practitioners this season, the Hong Kong Inland Revenue Department has announced that the due date for filing 2022/23 Profits Tax Returns with Accounting Date Code “M” has been extended from 15 November 2023 to 29 November 2023. Vistra summarizes the reporting requirements for Profits Tax Returns for ready reference.
SOLUTION HIGHLIGHTS
5 key practices for international expansion and operations
Chinese enterprises intent on expanding their operations internationally in an efficient, compliant manner requires expert handling in a number of complex areas. Whether expanding internationally for the first time or with the benefit of prior experience, the challenges and risk-mitigation strategies are essentially the same. This article offers insights on key factors towards achieving a successful international expansion strategy.
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.