BIDEN APPROVES $571 MILLION IN DEFENSE SUPPORT FOR TAIWAN
President Joe Biden has authorized "$571.3 million in defense articles and services of the Department of Defense, and military education and training, to provide assistance to Taiwan," according to a White House statement. Taiwan's defense ministry responded by thanking the U.S. for its "firm security guarantee," saying that the two sides would continue to work closely to ensure peace in the Taiwan Strait. Meanwhile, the State Department approved the sale of $265 million worth of communications and computer equipment to upgrade Taiwan's military command-and-control systems. (Reuters, December 20, 2024)
SEARCHING FOR REVENUE, CHINA TAXES INFLUENCERS
The State Taxation Administration (STA) will require internet platforms to report their revenue-generating users' identities, income, and bank account numbers. The reporting requirements add new burdens for anyone who makes their living from posting on internet platforms like Tmall, Taobao, and Douyin. The new rules, which aim to "further enhance the effectiveness of tax service and management of the platform economy," are intended to help make up for declining tax revenues, which fell 3.9 percent this year compared to 2023 levels. (South China Morning Post, December 20, 2024)
FOREIGN ACCOUNTING FIRMS NOW REPORT TO THE PUBLIC SECURITY BUREAU
China continues to crack down on foreign accounting firms. Effective immediately, all foreign accounting firms are subject to "supervision and management" by both the Ministry of Finance and the Public Security Bureau, to which they must provide their annual business plans and reports. Previously, the companies were only required to file with the finance ministry. (Reuters, December 19, 2024)
[EDITOR'S NOTE: In September, Beijing imposed a record fine of $60 million on PwC over the firm's audit of failed property developer China Evergrande Group. The finance ministry has also conducted rigorous checks of the work done for Chinese companies by the Big Four auditing firms – Deloitte, EY, PwC, and KPMG.]
U.S. CITIZENS CAN VISIT CHINA FOR UP TO 10 DAYS VISA FREE
To attract more overseas visitors, China has expanded its visa-free transit policy to allow Americans and travelers from 53 other eligible foreign nationalities to stay in the country for up to 240 hours. Travelers with confirmed tickets to exit China within 10 days can now enter China in dozens of locations and travel throughout the country during their stay. Moreover, passport holders from 38 countries, including France, Germany, Australia, New Zealand and Japan, no longer need visas to stay for up to 30 days for business, tourism, family visits, exchange, or transit. Previously, travelers going to China either had to go through a tedious visa process or could stay in some locations visa-free for 72-144 hours. (NBC News, December 17, 2024)
PLA NAVY HOSTS GULF OF GUINEA SECURITY FORUM
To boost its military presence in West Africa, China held a two-day forum in Shanghai regarding the security situation in the Gulf of Guinea. The event was its second since 2022, but the first to be conducted in person. The conference was attended by the maritime armed forces of 18 African countries, including Cameroon, Congo, Gabon, Ivory Coast, and Nigeria. Topics covered included the marine environment, regional security, and enhancing China-Africa maritime security cooperation to "jointly deal with maritime threats and challenges such as piracy, smuggling, and illegal fishing." (South China Morning Post, December 7, 2024)
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