Market Entry & Industry Updates
Shenzhen Strengthens Support for Venture Capital Ecosystem
On 24 October 2024, the Shenzhen Municipal Committee’s Office of the Financial Committee promulgated the Action Plan for Promoting High-Quality Development of Venture Capital Investment in Shenzhen (“Action Plan”). The document was released as a consultation draft, inviting public input. The deadline for feedback submission was 31 October 2024.
Key Measures Unveiled in Hong Kong 2024 Policy Address
On 16 October 2024, the HKSAR Government unveiled the highly anticipated 2024 Policy Address themed around continuous development and renewal. Accordingly, the Policy Address is titled “Reform for Enhancing Development and Building Our Future Together”.
A broad array of initiatives are presented in the Policy Address to solidify Hong Kong’s status as a leading international financial and innovation centre. New growth areas will be explored and tapped into in order to facilitate comprehensive economic and social development.
New Peruvian Port to Serve as Key Gateway for Latin America-Asia Trade
The Chancay Port in Peru, a $3.6 billion project funded by China’s Belt and Road Initiative, is set to transform trade between Latin America and Asia. Located 70-80 kilometers north of Lima, it can handle large ships and reduce shipping times by 10-20 days. While promising economic benefits for Peru, the project has raised concerns about China’s influence in the region.
China-Germany Business Relationship Update- First Half of 2024
From 14 to 16 April 2024, Federal Chancellor of Germany Olaf Scholz paid a visit to China with a sizeable delegation comprising heads of a dozen industrial giants. The visit coincided with the 52nd year of diplomatic relations between Germany and China and the 10th year of the all-round strategic partnership between Germany and China. This article covers significant events such as Federal Chancellor Olaf Scholz’s visit to China, the robust bilateral trade figures, highlighting China’s longstanding role as Germany’s largest trading partner in recent years. Additionally, the article explores German investment trends, opportunities, and challenges in China.
Guangdong’s Maritime Economy: Leading in the Nation for 29 Consecutive Years
The “Guangdong Maritime Economy Development Report (2024)” highlights that Guangdong has held the top spot in China’s maritime economy for 29 years. In 2023, its maritime GDP was 1.87781 trillion RMB, comprising 13.8% of the regional GDP. The maritime industry, including emerging sectors like marine pharmaceuticals and renewable energy, contributed significantly to regional growth. Technological advancements and international cooperation, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area, have bolstered its maritime sector’s robust performance.
China-Ecuador Free Trade Agreement Takes Effect on 1 May 2024
The China-Ecuador Free Trade Agreement, which took effect on May 1, 2024, marks a significant advancement in economic relations between the two nations. By immediately eliminating tariffs on 60% of goods, with plans to extend this to 90%, the agreement opens up expansive trade and investment opportunities. This treaty not only facilitates a reduction in trade barriers but also promotes economic growth and cooperation. The immediate impact is seen in sectors ranging from agriculture in Ecuador to manufacturing in China, fostering a dynamic economic partnership.
