Joining as an Advisor of our Latin Department in 2014, Luz Martinez developed herself to become Manager in 2018.  Native from Leon, Mexico, she is a proud LaSallian graduated from the University of De La Salle Bajío with a degree in Business Marketing.  Continuing her education, she possesses a series of certifications in sales and intellectual property and has lately developed a strong interest in business analysis. 

 

She committed to providing excellent customer service and helping the community by bridging the Latin American countries with China, which is one of the major missions of our Latin Department. Under her leadership, she has been focusing on market development both in Hong Kong and in mainland China, especially for Spanish and Portuguese speaking clients. 

 

Due to the pandemic situation, going online has been a crucial key to the Latin Department. Hence, she organized several webinars targeted to Latin American and European businesses interested in the Chinese market and has maintained a solid presence in social media.  

 

Having previously based in our Shenzhen office, she relocated to Hong Kong and is now stationed in our Hong Kong office earlier this year.  She continues to collaborate closely with our colleagues in Shanghai, Guangzhou, Shenzhen, Barcelona and Bogotá where our multilingual professional teams are based. 

 

If you wish to get in touch with her, please do not hesitate to reach her at luz.martinez@cwhkcpa.com. 

 

Written by Luz Deneb Martínez,  Latin Department, CW CPA

 

 

Pro Bono Work

Running a business is becoming more and more challenging under the COVID-19 pandemic. Maintaining our current businesses and exploring new opportunities are certainly our primary task now.  Nevertheless, we have not forgotten our corporate social responsibility, even in this difficult period.   

When it was very difficult to get surgical masks and sanitary products earlier this year, we donated masks to The Ronald McDonald House Charities of Hong Kong.  Besides that, through Project WeCan we also donated sanitary items, such as masks, hand sanitizers, etc. to their participating schools to prepare for their class resumption.   

Children are our future.  CW CPA is the honorable auditor for a few charitable organizations and non-governmental organizations (“NGO”), especially those related to education,  such as Esperanza. 

The Ronald McDonald House Charities Hong Kong has recently launched an new online fundraising platform “Host a Fundraiser where you can have your own personalized campaign to raise funds to the sick children and their families.  To understand more about this new platform, please click Host a Fundraiser website. 

There is a Chinese saying, “It is more blessed to give than to take”.  CW CPA continues to serve the community.  We shall continue to walk that extra mile as we soldier on in the spirit of “Family and Health” – our firm’s motto. 

Written by Mandy Lau, Administration Department, CW CPA

On 25 September 2020, CW had the honor to sponsor the 4th HR Summit in Shenzhen, organized by the German Chamber of Commerce in China – South & SouthwestOur Business Advisor, Ms. Virginia Tan, gave a workshop about how to optimize HR structure and save costs in the Post Covid-19 Era, which aroused great interest among the participants and ended on a satisfactory note. Our external consultant, Mr. Pan Lidong, took part in the event as moderator, eliciting good response from the participants. 

 

Written by Therese Feng, German Desk, CW CPA

As part of the strategic plan of Allinial Global to continue growing and helping more and more accounting firms around the world, the association has appointed a new President and CEO, Mr. Mark Koziel. Mark has broad experience with firms not only in North America, but also has experience with an important number of companies in Latin America and Hong Kong.  

 

In the interview done by International Accounting Bulleting, Mark shared how Allinial Global can bring multiple benefits to accounting firms all over the world, mainly by sharing resources, network, innovation and knowledge to the members, as being the second biggest association in the world, with still a high potential in the industry to continue growing.  

 

Some of the challenges and opportunities Mark foresees in this endeavor is to bring more innovation to the accounting industry, especially with the covid-19 situation, when more and more firms are facing virtual auditing and the development of new accounting and audit software.  

 

Find out more about his work bringing the firms of Allinial Global together in the interview done by International Accounting Bulleting, download the interview here! 

 

The content and copyright of this interview belongs to International Accounting Bulletin.  

 

International Accounting Bulletin is the only global magazine covering professional services. Focusing on business issues affecting accounting firms, networks and associations, it is a trusted source for leading accounting news, as well as vital data and analysis provided by its survey features. 

http://www.internationalaccountingbulletin.com/aboutus  

 

PBEC ROUND TABLE DIALOG SERIES: GBA & LATAM Linkages – China Support for Latin American States during the pandemic

On 26 August 2020, as part of the round table discussion series organized by the Pacific Basin Economic Council (PBEC), our partner, Mr Thomas Wong, shared with the participants how China has supported the Latin American countries during the pandemic.  Other speakers of the round table included Professor Andrew Chan from the Chinese University of Hong Kong, Susana Muñoz from GBA Latam Trade and Investment Advisors, Sergio Luna from Citibanamex, Mr Robert Koepp from Geoconomix and Mr César Silva from NYCE. 

Professor Andrew Chan shared with the audience that the Greater Bay Area is a way to integrate individual strength with different advantages and specialization with the geographical advantage of Hong Kong and Macau. However, despite strong support from governments relating to connectivity and freedom, the problem still exists. 

The 11 cities in the Greater Bay Area have their unique advantages such as Guangzhou as a trading hub; Hong Kong as an international financial center; Shenzhen specializing in technology manufacturing and innovation Each city has its vision, mission and value (VMV).  However, no city can perform the role of a leader to integrate all specializations and talents. Therefore, we should focus more on corporate strategies and general management for better integration between cities. 

From Susana Muñoz’s perspective, most of the Latin American economies have a trade deficit with China by exporting raw materials and foods. The way to expand trade with China will be extending product catalogues like products related to the digital economy, financial services and research development, which suit the needs of GBA as the area specifies in developing these industries. Moreover, the GBA possesses world-class infrastructure for the development of e-commerce like free trade zones, cross-border solutions and logistic centresTherefore, cooperating with the GBA region can be a good solution to reduce the trade deficit in Latin America. 

On the investment side, both regions should focus more on connectivity and strength. Also, the supply chain of Latin America should be more resilient and less vulnerable. Therefore, investment agreements can be key to achieve the above objectives. 

As an opportunity for the Latin American economies and in particular, for private companies, Mr Thomas Wong shared that during the pandemic, many companies in Latin America have turned their business to online platforms. They would like to explore China’s market through Hong Kong. Therefore, it is a good way to invest in the GBA for firms from Latin America that would like to enter China’s market by trading with the GBA. 

Sergio Luna from Citibanamex shared the major economic effects of the pandemic in the Latin countries which have posed a strong impact on economic activities. He expected that the economies of Latin America will shrink for about 8% this year and that in Mexico will be 11.2%. For Mexico, the GDP in the second quarter of 2020 has dropped around 17%. The economy hit the bottom in June, and now it has rebounded due to the effort of the export sector. Mexico has expanded its trade treaties with different countries and become a particularly important manufacturing base for electronics, with export of US$ 16 billion worth of manufacturing goods every year. 

From the perspective of Robert Koepp, countries cannot rely too much on the supply chain in China. Supply chain diversification is needed for a more stable supply for the world. The BeltRoad Initiative can aid the process of relocation of factories to other countries like Vietnam and Indonesia where infrastructures are limited. 

In terms of technological connection between Latin America and the Greater Bay Area, companies like NYCE assist Asian manufacturers to gain access to Latin American countries like Mexico, Colombia, and Panama for business development. The e-commerce has experienced a huge regulatory change last year. The change in regulations requires certification of products before exporting to Latin America for the safety of the products. As Latin American countries are starting to strengthen export regulations and adopt international standards, NYCE helps the manufacturers to understand the regulations to smooth the process of export. 

Written by Luz Martinez, Latin Department, CW CPA

On 26 September 2020, CW held a webinar centering around the e-commerce opportunities in the Greater Bay Area, launching a new project partnering with Mini-Home Media Limited, operating the China Travel Bus E-Commerce platform (wholly owned by China Travel Group, a Chinese state-owned company) will allow us to enter the cross-border e-commerce industry. 

 

Mr. Thomas Wong, partner of CW, made the following opening remark in Spanish, thanking the attendees and organizers of the event.  

 

I embarked on my Latino journey 15 years ago, starting with a Spanish-speaking colleague who built what we now know as the Latino Department. Today we continue to work hard to unite both markets, striving to promote the Greater Bay Area among our Colombian friends. But our journey is not over, it has only just begun.” 

 

In the webinar we have shared with all our friends in Colombia how ties can be strengthened through our online e-commerce platform, and help Colombian producers and manufacturers reach the Chinese market. 

 

The good news is that we can all enjoy and benefit from this. CW’s new project will provide you with ways to advertise your products from Colombia to China, especially to consumers in the Greater Bay Area. This area integrates Hong Kong, Macao and Canton and represents 12% of China’s Gross Domestic Product. Mr Wong said. 

 

For more information about the e-commerce platform or further question please kindly contact our Partner Mr. Thomas Wong at the following email: thomas@cwhkcpa.com. 

Written by Marant Caballero, Latin Department, CW CPA

Given the COVID-19 situation in Hong Kong, a lot of internships and job shadowing programs of our firm have been cancelled this summer.   In view of this, our Partner, Mr. Thomas Wong, came up with an idea of having a webinar with students so that he can share his experience and gives them some encouragement.     

 

On 14 August 2020, our firmjointly organized a webinar “How to become more international” with theDivision of Business and Hospitality Management, College of Professional and Continuing Education, The Hong Kong Polytechnic University.   

 

Our Partner, Mr. Thomas Wong was the speakerDuring the webinar, he shared the followingtopics with the students.   

 

  1. About the speaker, Thomas Wong  
  • Career goal
  • How to start in accountancy industry when he was young 
  • Motto: faith, serviceand community 
  1. The development of overseas market  
  2. The opportunities in Hong Kong  
  3. Encourage students in their career development  
  4. Community Work of CW   

 

Written by Mandy Lau, Administration Department, CW CPA

Over the past couple of years, CW has been part of a global association of accounting and consulting firms – Allinial Globaloffering our clients more value-added services with the knowledge of professional firms that are part of this organization. To further strengthen our ties with Latin American clients, CW is now organizing joint events, promoting services and knowledge together with several Allinial Global Latin American member firms. 

 

On 20 August 2020, our Latin Department hosted a webinar titled “Post Covid-19 Business Restructuring” together with LawBiz Consulting Groupan Allinial Global member firm in Mexico. The webinar aimed at responding to the Covid-19 challenges, which require companies to reorganize and restructure their operations in every way. Led by 3 specialists from Mexico, the United Kingdom and China, a lively dialogue was held on the main considerations that a Latin American company must take into account if it wants to remain competitive facing the new world order in the economic, legal, financial and technological matters. 

 

Our Assistant Manager of CW Latin Department, Victor Herrera, presented the reality about the challenges and approaches that China had to adopt to overcome the crisis, keep companies competitive and continue to attract foreign investments. 

 

CW will continue organizing conferences and webinars in association with the most representative regional accounting and consulting firms from Allinial Globalleading projects that allow the entire client base to be updated and interested in internationalizing their operations.  

 

Written by David Barriga, Latin Department, CW CPA

Brazilian agricultural exports have risen in the past 20 years, becoming half of Brazil’s total exports to China. The exploding demand for animal proteins (meat, fish and dairy products) from China’s emerging middle class has met with a huge supply of Brazilian soybeans, the main source of protein in animal feed. From 2000 to 2020, the import of Brazilian agri-product jumped from 2% to 35% of the total import volume of agri-product in China. Today, Brazil ranks first in Chinese imports of soybeans, cellulose, sugar, cotton, and beef and poultry. In the contrary, China is the destination of 39.6% of exports from Brazil and 16 out of the 27 Brazilian states export agricultural products to China. The relationship of Brazil and China has been strengthened in the past few years and continues to develop.

 

On 5 August 2020, our cooperation partner, China – Brazil Chamber of Commerce, held a webinar about the opportunities and future perspectives of agribusiness in Brazil and China.  The event was attended by Mr. Xu Yuansheng, Commercial Consul of China in Rio de Janeiro, as well as important players in the agricultural market. The main topic of this webinar was to explore how Brazilian companies can prepare to meet the Chinese demand in the coming years. The webinar presented how he massive Chinese investment in agritechs has been a new trend in Brazil and has been providing solutions to the commodities production in Brazil and around the world. With China’s support, Brazil will be the pioneer in the area of agritechs.

 

Although the world is affected by the pandemic, the bond between Brazil and China has become stronger and Brazil is expecting to break another record in exports. It is important to mention that the partnership Brazil – China comes from a long time ago and it is supported by both governments, whose goals are to mutually develop both countries and have maintain this partnership strong and consolidated.

 

Webinar link: 

https://zoom.us/rec/share/7OwrNeysyjhJW6P97EvbdLQgAqXeT6a81iBN8vALy0fodA2Tq67kSMuSJ7J3hNmF

Written by Kemelly Morais Vera, Brazil Desk, CW CPA

A heart without dreams is like a bird without feathers. My Latin American dream took off 15 years ago and it has been actualised to the fullest potential and beyond.  I still remember how the idea started simply with the jazzy tunes of Latin American guitarist Carlos Santana and the book “Blue Ocean Strategy”, which inspired me to create and open up an uncontested new market space.  

 

In this new age of information-seeking paradigms, globalisation is the norm.  As Latin American small and medium-sized enterprises are encouraged to participate in the global industrial chain, our Latin department has strived to sustain high-quality advisory and audit services in the midst of ever-changing global landscape.  Our growing multicultural team with expert advisors from Mexico, Panama, Colombia, Brazil and Spain has become our key strength, as people are always the fundamental differentiating asset in the market.  

 

In the last years, our team of experts have helped hundreds of Latin American companies to expand their business to Hong Kong and subsequently mainland China, successfully striking a balance between service quality and the geographic dispersion of service activities.  Up till now, more than 200 of our firm’s clients are Latin American and European clients who trust me very much.  Doing business with Latin America is no less challenging than when I embarked on the Latin journey 15 years ago. 

 

Under the new growth model driven by innovation and domestic consumption, the business relationship between mainland China and Latin America has ushered in a new era.  I have firmly committed to the philosophy of doing business in the spirit of friendship. We established an extensive network of Latin American and Spanish contacts around the world.  There are various institutions in the network, including consulates, Trade promotion offices, chambers of commerce, banks, law firms, etc.. 

 

2020 has been a year of significant economic, social and environmental challenges.  Our overseas business has grown steadily in mainland China despite the occurrence of COVID-19, social distancing and travel restrictions.  Looking ahead, it is high time our firm had the courage to take a daring lead and turn a threat into an opportunity With many countries imposing travel restrictions, we are helping Latin American clients to perform administrative functions in China, eliminating their need to fly here physically.  Our Latin Department will continue organizing webinars on various topics relating to the latest government measures in battling against COVID-19.  As a strong advocate of the Greater Bay Area concept, I will also help our clients in Latin America and Spain to take advantage of the GBA initiatives.  I believe the Greater Bay Area will act as an ideal gateway for overseas clients looking to expand their businesses into the mainland China. 

 

Come whatever kind of weather, come the stormy days along. With our dedicated team of Latin and Chinese professionals, we soldier on. 

 

Written by Mr. Thomas Wong, Partner of CW CPA

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