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Hong Kong Signs Free Trade Agreement with Peru

On 15 November 2024, Hong Kong and Peru signed a landmark Free Trade Agreement (FTA) during the APEC Economic Leaders’ Meeting in Lima. The agreement covers competition, intellectual property, investment, trade in goods and services, and online commerce, among other strategic areas. It grants Hong Kong enterprises access to over 150 Peruvian industries, surpassing WTO commitments. The FTA provides a stable legal framework to boost commerce, fostering opportunities for Hong Kong businesses to expand into Latin America. With bilateral trade growing steadily—merchandise at 4% annually (2019-2023) and services at 16.3% annually (2018-2022)—this partnership solidifies economic ties.

13 December, 2024

Latest Insights

China Pushes for Nationwide Adoption of Fully Digitalised E-Invoices

13 December, 2024

Effective 1 December 2024, China’s State Administration of Taxation (SAT) has implemented fully digitalised e-invoices, or e-fapiao, nationwide. This initiative simplifies invoicing processes, replacing traditional paper-based invoices with a streamlined digital format featuring 17 key elements, including a unique 20-digit identification code. Legally equivalent to paper invoices, the e-invoice reduces administrative burden and enhances tax compliance. The move underscores China’s commitment to modernizing tax administration while promoting efficiency and standardization for businesses and consumers. By eliminating the need for duplicate copies, the digital system improves usability and supports the broader digital transformation of the country’s financial ecosystem.

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China Gives Green Light to Establish Wholly Foreign-Owned Hospitals

13 December, 2024

China’s new pilot work plan, effective 29 November 2024, permits wholly foreign-owned hospitals in nine key cities, including Beijing, Shanghai, and Shenzhen. This initiative aims to enhance the healthcare sector with innovative service models, cutting-edge technologies, and improved local medical capacity. Eligible investors must demonstrate expertise in hospital management and address gaps in healthcare provision. Exclusions apply to hospitals specializing in traditional Chinese medicine, psychiatric care, or high-risk procedures. By fostering foreign participation, China seeks to meet growing healthcare demands while maintaining strict oversight of ethical and medical risks in this highly regulated industry.

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Regulatory Updates

Dong Business in China

Our China Guides comprise a series of informative articles that provide insights on efficiently handling the compliance responsibilities and administrative formalities associated with establishing and scaling up your business in Mainland China.

China Focus

Dong Business in Hong Kong

Are you looking to setting up a company in Hong Kong? Checkout our a series of comprehensive guides on how to set up and operate a business in Hong Kong.

Hong Kong Focus
Expanding your business into

Greater Bay Area

The Greater Bay Area (GBA) of China presents vast opportunities for businesses seeking to expand their operations in the region. The GBA comprises nine cities in Guangdong Province, Hong Kong, and Macau, with a combined population of over 70 million and a GDP of approximately USD 1.6 trillion. It is a critical part of China’s economic development strategy, aimed at creating a world-class metropolis and driving economic growth in the region.

We have a series of informative articles that delve into the various business opportunities available in the GBA. These articles cover a wide range of industries, including finance, technology, logistics, and tourism, among others. We provide insights on the GBA’s market potential, investment incentives, regulatory environment, and emerging trends that businesses can capitalize on.

Greater Bay Area Focus
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China Pushes for Nationwide Adoption of Fully Digitalised E-Invoices

Effective 1 December 2024, China’s State Administration of Taxation (SAT) has implemented fully digitalised e-invoices, or e-fapiao, nationwide. This initiative simplifies invoicing processes, replacing traditional paper-based invoices with a streamlined digital format featuring 17 key elements, including a unique 20-digit identification code. Legally equivalent to paper invoices, the e-invoice reduces administrative burden and enhances tax compliance. The move underscores China’s commitment to modernizing tax administration while promoting efficiency and standardization for businesses and consumers. By eliminating the need for duplicate copies, the digital system improves usability and supports the broader digital transformation of the country’s financial ecosystem.

More on "Finance and Taxation"

Market Entry, Industry Updates and More...

China Extends Annual Public Holiday Entitlement

Effective 1 January 2025, China’s revised Regulation on Public Holidays increases the annual public holiday entitlement from 11 to 13 days. Chinese Lunar New Year’s Eve and 2nd May (Labour Day festivities) have been added, extending the Spring Festival holiday to four days and Labour Day holiday to two days. Employers must update employee handbooks, adjust overtime pay calculations to reflect triple pay on these new holidays, and revise payroll calculations considering fewer average working days. These changes provide employees with more rest days while prompting businesses to ensure compliance with adjusted policies and legal requirements.

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CW CPA is a professional advisory and CPA firm offering accounting and financial reporting, audit and assurance, corporate secretarial, HR process outsourcing, tax advisory and China consulting services, with offices in Hong Kong, Shenzhen, Guangzhou and Shanghai in China, Barcelona in Spain, London in the UK, Bogotá in Colombia, Belo Horizonte and São Paulo in Brazil. CW CPA is a member of Allinial Global, an award-winning association of legally independent accounting and consulting firms whose members collaborate to bring their clients best-in-class solutions. 

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