ASEAN News: Singapore, Hong Kong and Malaysia have the best pension systems in Asia: Report
They are followed by China, Taiwan, Indonesia, India, the Philippines and Thailand. However, looking at the global ranking, the top three countries with the best pension systems are: Iceland, the Netherlands and Denmark.
The coronavirus crisis has proved a catalyst for digital transformation through financial technology - or fintech. As Hong Kong recovers from the Covid 19 pandemic, the city's tech sector is boosting confidence in the economy's "new normal" and helping businesses and individuals embrace new ways of doing business.
ASEAN News: Thailand to reopen Bangkok, Chiang Mai and three other cities to vaccinated foreign visitors from 1 October
The Tourism Authority of Thailand has announced that the country will reopen more cities to foreign tourists who are fully vaccinated from 1 October. Destinations to be given the green light to reopen under the second phase of the schedule include Bangkok, Chiang Mai, Chon Buri, Phetchaburi and Prachuap Khiri Khan.
HK News: An Open Letter to the HKSAR Government: COVID-19 Regulations
In light of recent developments in the COVID-19 situation in Hong Kong, the Government has made sudden changes to quarantine requirements for residents flying into Hong Kong. As The European Chamber of Commerce in Hong Kong, we felt it is our obligation to express our opinions in an open letter to the Hong Kong Government. Please find the enclosed letter that was sent to the Chief Executive, the Secretary for Food and Health, the Secretary for Commerce and Economic Development, and the Financial Secretary of the Hong Kong Government to express the international community’s concerns towards sudden changes on quarantine regulations for several European countries and beyond.
According to the Commissioner's Office of China's Foreign Ministry in the Hong Kong S.A.R, starting March 15, 2021, travelers who have received Chinese COVID-19 vaccines (Sinovac) and obtained the vaccination certificate will enjoy facilitation for visa applications.
Due to the recent increase of COVID-19 cases domestically and the coming Chinese New Year holiday, many places in China have tightened local travel policies and are encouraging people to avoid unnecessary travel during the holiday.
In recent weeks, the question of when and how quickly an economic recovery can be expected has arisen with increasing frequency. After a year dominated by the Corona pandemic, various vaccines give hope that global economic momentum can be resumed in 2021.
"Regional Comprehensive Economic Partnership" (RCEP) signed after almost 10 years of negotiations
On November 15, 2020, the RCEP free trade agreement, in a video conference, was signed by all 15 participating countries.
In addition to the 10 ASEAN countries Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Brunei, Myanmar, Laos, Cambodia, which have already concluded free trade agreements between themselves. Are also involved countries China, Japan, South Korea, Australia and New Zealand.
Thus, the agreement consists of quite diverse countries - rich and poor, large and small, highly developed and those where industrialization is just beginning.
Therefore, in the 31 rounds of negotiations - contrary to the name - a not very comprehensive agreement was worked out in order not to structurally disadvantage less developed and smaller economies.
In order to enter China at present, a self-employed person needs a valid M visa. This visa is valid in most cases 180 days and is issued primarily to entrepreneurs who want to pursue economic or commercial activities. Such as visiting clients, factories or trade fairs.
It is also possible to enter most provinces with a Z-VISA. These are issued to employees and are valid for 30 days. Within these 30 days, the worker must apply for a work and residence permit, which is usually a formality. This permit must be valid for at least 90 days and can be valid for a maximum of 5 years.
Hong Kong's Mandatory Provident Fund (MPF) pension scheme turns 20
In the 1990s, as financial security in old age became an ever-greater problem due to the increasing number of older people, a falling birth rate and the disintegration of extended families into nuclear families, the British government planned a mandatory pension scheme from 1993.
This was finally introduced on December 1, 2000, and since then has been the only compulsory social insurance in Hong Kong.
In mid-2020 a total of HKD 1 trillion (approx. 107 billion euros) in assets was managed for Hong Kong citizens.
In order to sell products commercially on the Chinese market, many products require mandatory CCC certification.
The requirement and the certification itself are comparable with the CE marking in the European Economic Area (EEA), both certifications indicate that the product fulfills all health and safety requirements.
When the state of Singapore was expelled from the Malaysian Federation in 1965, the former English crown colony was confronted with major problems such as mass unemployment, shortage of housing, arable land and raw materials. It is mainly thanks to the Dutch economist Albert Winsemius, who in cooperation with the state government, brought about Singapore's steep economic rise.
Today, Singapore is one of Asia's most important financial centers and trans-shipment centers for goods, as well as a member of the Commonwealth of Nations and the Association of Southeast Asian Nations (ASEAN). As a country with a decidedly liberal economic policy, excellent infrastructure and low taxes, it attracts many foreign investments and a skilled workforce, which further drives the innovative and dynamic economy.
ASEAN series: Philippines
The Philippine economy shows a clear disparity: a modern electronics industry and a booming service sector on the one hand, and poverty and subsistence agriculture on the other. In addition, there is a developmental inequality between Greater Manila ("National Capital Region" / NCR), which in many places reflects the level of development of an emerging country, and the economically more backward provinces and remote islands.
ASEAN Series: Malaysia
The budget for 2021, approved by the Malaysian government on November 1, provides, like the previous ones, for many tax incentives and the provision of monetary grants to companies. Malaysia's goal is to attract more foreign investors in manufacturing, high technology and high value-added industries.