China Updates – October 2024
16 October, 2024
Hong Kong and Mainland Join Hands to Promote New Industrialisation On 19 September 2024, the Hong Kong Special Administrative Region (“HKSAR”) Government and the Ministry
Hong Kong and Mainland Join Hands to Promote New Industrialisation On 19 September 2024, the Hong Kong Special Administrative Region (“HKSAR”) Government and the Ministry
Explore the latest developments from the Chinese Mainland and Hong Kong this September. The Ninth Belt and Road Summit emphasized Hong Kong’s key role in advancing the Belt and Road Initiative, leveraging its position as Asia’s top fundraising hub. The Chinese Mainland’s new Five-Year Action Plan aims to boost urbanisation by enhancing social services and easing residency requirements. Hong Kong is also bolstering consumer protections for AI-driven financial services, with a focus on governance and data privacy. Additionally, China and Brazil celebrate 50 years of diplomatic relations, deepening trade ties as China becomes Brazil’s largest trading partner.
China Beefs Up Sci-Tech Industry with Preferential Policies Four key government bodies in China, namely the Ministries of Finance, Science and Technology, Industry and Information
Hong Kong’s Patent Box Tax Incentive Enacted On 5 July 2024, the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Ordinance 2024 came into
Guangdong’s 45 Measures Promote Artificial Intelligence Empowering Various Industries On June 6th, the Office of the People’s Government of Guangdong Province issued a document titled
The Shenzhen Finance Bureau and Taxation Bureau have jointly introduced measures to enact a preferential individual income tax policy for Hong Kong residents in the Shenzhen Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone.
China’s State Council has issued the Action Plan on Coordinating the Construction of Credit Service Platforms to Facilitate Financing for Micro, Small and Medium Enterprises. The plan comprises 12 entries covering five aspects in total.
China has recently issued documents to enact preferential tax policies for qualifying companies and Hong Kong residents in the Shenzhen Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone.
China Prescribes Three-year Transition Period for Existing Companies to Comply with New Capital Contribution Requirements On 6 February 2024, China’s State Administration for Market Regulation
China Boosts Support for Processing-trade Enterprises to Promote Research and Development (“R&D”) Activities China’s Ministry of Commerce, along with nine other authorities, have recently published
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