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News

Published in Hong Kong News on 26.08.2021

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.

Published in China News on 17.03.2021

China Relaxes Entry Restrictions for Foreigners

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.

Published in China News on 21.01.2021

China News: TRAVEL POLICIES UPDATE

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.

Published in ASEAN News on 22.12.2020

ASEAN Economic Outlook for 2021

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.

Published in ASEAN News on 22.12.2020

"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.

Published in China News on 16.12.2020

China-Visa in times of Covid-19

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.

Published in Hong Kong News on 10.12.2020

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.

Published in China News on 09.12.2020

Introduction: CCC Certification in China

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.

Published in ASEAN News on 25.11.2020

ASEAN Series: Brunei, Laos, Cambodia, Myanmar

The four least economically developed countries in South West Asia are Cambodia, Myanmar and Laos. Until now also Brunei is seen as one of the economically less important countries in the region.

Published in ASEAN News on 16.11.2020

ASEAN Series: Singapore

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.

Published on 13.11.2020

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.

Published on 04.11.2020

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.

Published in ASEAN News on 29.10.2020

ASEAN Series: Indonesia

As a result of the trade war between the USA and China, which has been ongoing since the beginning of 2018, rising production costs, a volatile money market and long-standing economic restrictions, more and more companies are deciding to relocate all or part of their production to southwest Asia - to the ASEAN region.

This week we will focus on Indonesia.

Published in ASEAN News on 28.10.2020

ASEAN Series: Vietnam

In our ASEAN series for possible alternative locations for diversified Asian business, this time we present Vietnam as a location.