Feeling Hungary?
The 2019 Hungarian Food Festival is being held at the Evergreen Cafe in Beijing Landmark Towers until May 26. Hungarian chefs prepare authentic traditional cuisine that is heavy on dairy, cheese and meats not easily found in Beijing. The dishes include different kinds of sausages, fish soup, stewed beef tenderloin and goulash.
No 8, North Dongsanhuan Road, Chaoyang district, Beijing. 010-6590-6611.
Tax incentives, government policies set to drive expansion over 20 years
Personal commercial pension schemes, which include tax-deferred pension insurance and pension securities investment funds, will see explosive growth in China over the next 10 to 20 years, fueled by the driving force of tax incentives and government policies, a newly issued white paper by McKinsey & Company said.
China launched a pilot program last year providing individual income tax deferral on commercial pension contributions, investment gains and retirement distributions. The one year trial program took effect on May 1, 2018, and covered Shanghai, Fujian province and the Suzhou Industrial Park.
“We saw strong demand for the ‘third pillar’ of China’s pension system, which is based on commercial pension products including tax-deferred commercial pension insurance. The demand for such products will keep rising, with the support of preferential tax policies,” said Sun Zheng, senior engagement manager at McKinsey, a global management consulting firm.
He added that the current problems of the pilot tax-deferred commercial pension insurance scheme in China are all technical and can be solved within two years.
“We look forward to regulatory authorities in creating a top-down design and a platform for personal commercial pension fund accounts and launch tax incentives as soon as possible,” he said.
Although the procedure for filing individual income tax deferral after purchasing tax-deferred commercial pension insurance is very complicated and the upper limit for this kind of tax deductions is quite low, McKinsey experts remain positive about prospects for tax-deferred commercial pension insurance over the medium and long term.
At the end of 2018, tax-incentivized personal commercial pension schemes only contributed to a tiny share of China’s pension fund market, while the basic pension insurance scheme, with its balance of assets reaching about 4.4 trillion yuan ($636 billion), accounted for more than 70 percent of the market.
Enterprise annuities and occupational pension schemes, of which the asset balance was 1.6 trillion yuan, accounted for nearly 30 percent of the market, according to the white paper.
“Introducing foreign capital will be a perfect complement to the Chinese pension system, as leading foreign insurance companies and asset managers have accumulated rich experience in product design, customer service and investment management. They will promote the development and innovation of the industry, in addition to offering customers more choice,” said Sun.
Foreign financial institutions are keenly interested in China’s pension fund market, according to Chen Hongming, associate partner at McKinsey.
“As the pension fund market has just begun to grow in China, foreign financial institutions believe that they will start at the same point as their Chinese counterparts once the regulators give them access to this area of business, not to mention that they have many years of experience in providing various types of pension fund products,” said Chen.
In traditional areas of insurance business that are highly regulated, however, foreign insurance companies face intense competition from their large and powerful Chinese counterparts, making it difficult for foreign insurers to increase their market share here, he added.
In first-tier cities and affluent regions such as Beijing, Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area, the consumption concept and the amount of disposable income of potential Chinese clients are quite similar to those of the customers in developed countries.
For foreign financial institutions, their brands and concept of service are widely accepted in these economically developed areas, giving them an edge over their Chinese counterparts. This has also contributed to their booming interest in the country’s pension fund market, he said.
During an interview with China Daily last year, Daisy Ho, managing director for Asia excluding Japan at Fidelity International, said the global investment management company hopes to participate in China’s pension reform, depending on the progress of the relaxation of regulatory restrictions on investment by foreign asset managers in this sector.
“As a global leader in pensions, we would like to share with the China market the experiences we have gained from running sophisticated pension businesses in Asia and Europe. To let every elderly person live healthily and happily is always part of the Chinese Dream,” she said.
An exhibition highlights skill and aesthetics, Zhang Kun reports in Shanghai.
Glass art has taken on a unique look in Boshan, a small town in East China’s Shandong province, where artists are creating complex paintings inside small snuff bottles that are no larger than a person’s palm.
Some of the master artists from Boshan presented their creations in Shanghai from April 22 to Tuesday in an exhibition titled Spilt Colors and Flowing Lights at the new cultural center at 52 Duolun Road that features traditional Chinese art and craft.
Although artists in China began painting inside snuff bottles in the early 1800s by dipping the curved tips of fine bamboo sticks in ink and mineral pigments, it was Wang Xiaocheng who redesigned the Chinese brush and took the art form to a new level.
The 74-year-old, who is one of the artists featured at the exhibition in Shanghai, is also one of six nationally recognized master craftsmen who have made significant contributions to the center. Wang will also have residence, host cultural salons and give lectures at 52 Duolun Road.
Wang is known as the man who combined Chinese paintbrushes with the miniature bamboo stick that allowed him to create thinner and more accurate strokes on the glass surface, in turn paving the way for the creation of more complex artworks.
Among his best-known creations is a group portrait of 108 characters from the classic Chinese novel The Water Margin. All the heroes and martial art fighters are painted on two sides of a glass bottle measuring no more than 8 centimeters tall and 5 centimeters wide.
In an interview to China Daily, Wang says he joined the glass factory when he was just 12 years old, filling the job that his sister vacated as she was sick. His talent for the craft was clear even though he was so young. Just a year later, Wang was chosen to be an apprentice of master craftsman Xue Jingwan and he got to learn how to paint on the interior of bottles. He later studied at an art school in Shandong and at the Zhejiang Academy of Fine Arts, now known as the China Academy of Art.
Eager to put into use what he had learned, Wang had in 1961 bound part of the hair from a painting brush with fine thread to the bamboo stick traditionally used for painting on the interior of bottles. The soft tip allowed a new freedom for expression.
10 new interprovincial agreements focus on travel, research and hospitals
Local governments in the Yangtze River Delta have accelerated regional integration as interprovincial cooperation in various fields was announced on Wednesday.
At the first development forum on Yangtze River Delta integration in Wuhu, Anhui province, 10 agreements were signed by related government departments. They include the removal of toll booths on interprovincial highways, the building of an alliance of research universities and the further inclusion of hospitals into a cross-provincial medical insurance system.
“In regional integration, cooperation should be made in all aspects, such as in industries, infrastructure, environment and public service,” Li Qiang, Party chief of Shanghai, said at the forum. He added they should make the region attractive for “global resources, funds, technology and talent”.
The metro systems in seven cities, including Shanghai, Hangzhou and Nanjing, will recognize other cities’ payment codes on their respective mobile apps, marking the first integration of this kind in China.
Regardless of their household registration, people living in 14 cities in the region will be able to access 51 services on different provincial governments’ online portals. The services cover registering a new business, applying for a social security card, and looking up marital records.
Chen Xiaojian, director of the Yangtze River Delta strategy research center for frontier science and technology, told Xinhua, “More than 85 cities in the delta are connected by high-speed rail, and the longest intercity travel time costs less than 3 hours.”
“Further integration will help professionals and entrepreneurs to commute within the region more easily.”
An exchange-traded fund of Yangtze River Delta integration was released at the forum. The product was designed by China Universal Asset Management Co and will be traded on the Shanghai Stock Exchange. It will invest in 180 companies that reflect the industrial advantages of the region, according to China Fund Newspaper.
In addition, a cooperation agreement on building an integrated regional transaction market for oil and gas was signed by Shanghai and Zhejiang government agencies and WZ Group, a Hangzhou-based company offering supply chain integration services.
Comprising Shanghai and the provinces of Jiangsu, Zhejiang and Anhui, the Yangtze River Delta had a population of 220 million and a combined GDP of 21.2 trillion yuan ($3.06 trillion) in 2018. The regional integration plan has been elevated to a national strategy.
Overseas students at Fudan University say its holistic approach has helped them understand China better, Cao Chen reports in Shanghai.
The number of international students flocking to China to pursue higher education has been soaring over the past decade.
According to the Ministry of Education, the number was 492,185 in 2018, an increase of about 3,000 students from 2017.
For many foreign students, the prestigious Fudan University in Shanghai is the choice destination because of its inclusive learning and social environment.
Goh Qian Xuan from Singapore is one such student. The 23-year-old is among the university’s 10″star graduates” this year and she will now pursue a master’s degree from Yale University.
During her graduate years, Goh was elected as the president of the Fudan University Singaporean Students Association and the Chinese Language and Literature Faculty Student Union, which gave her the chance to work closely with students from other countries. She was able to share her own culture with her peers at the university’s annual International Cultural Festival.
She was also involved in hosting Singaporean delegations that visited the university.
“I didn’t come to Shanghai just to get good grades. I believe that academic and non-academic involvement are equally important in undergraduate study,” Goh says.
“Being part of the local student associations, working with local Chinese and witnessing how things are done has really helped me to better understand Chinese society and its people.”
According to the international students office at Fudan University, there are 16 societies that were specially set up for international students at the university in addition to more than 200 student groups that international students can join to mingle with their Chinese counterparts. Plus, overseas students can participate in summer programs on Chinese culture.
The university also offers extracurricular activities for them to explore the city and the country.
Liu Li, director of the office, says such activities are aimed at creating a cross-cultural environment, which helps international students integrate into campus life in China, as well as help foster closer ties between foreign and local students.
Goh says she felt less like a foreign student only after a year in the student union.
“I took classes and exams with local students, and met my best friends in the association. The environment truly stretched my boundaries and strengthened my foundation for Chinese studies,” she says.
Minh Tien Nguyen from Vietnam, a postgraduate student in clinical medicine at Fudan, participated in an activity held by educational officials in the Yangtze River Delta area last year, visiting Yangshan Port and medical research labs in Shanghai, as well as attending lectures on the development of the city’s Zhangjiang Hi-Tech Park.
“I obtained a deep understanding of the great achievements in the Yangtze River Delta in the past 40 years since China’s reform and opening-up started, especially in terms of Shanghai’s economics, shipping and technology innovation,” says Nguyen. “The skills and experience I have gained in Shanghai can benefit my future career in developing my hometown.”
According to Fudan, which was one of the first mainland universities to accept foreigners, more than 50,000 international students have enrolled in its programs since 1952, and over the past 15 years, that number has increased by 30 percent.
The university presently offers 39 programs that are taught in English for undergraduates and graduates. Those who are proficient in Chinese can also apply for programs taught in Mandarin. Economics, management, Chinese language, international relations, media and medicine are the most popular majors among international students.
To provide international students with a conducive learning environment, the university has a center for student development where they can request assistance in a variety of matters, and take part in tutoring programs, courses and camps organized by various departments. The university also provides financial aid to support undergraduate research efforts, psychological consultations and assistance related to career development and accommodation.
Indonesian student Michael Halim, a “star graduate” of Fudan’s medical college, had an eventful time at the university.
Halim, who has published eight SCI research papers in international science journals, was invited to give speeches in five countries on one of his research papers on diabetes. He has also translated and edited more than 20 Chinese research papers that were later published in journals. He won awards at an inter-university clinical skills competition held in Dalian, Liaoning province.
He has been sharing resources and guiding individuals who intend to take the Occupational English Test ever since he passed four months ago. Apart from his academic achievements, Halim was also involved in extracurricular activities and was among the top 10 contestants in bodybuilding competitions held on campus.
He has also donated a lot of money to a Chinese charity named Di Shui Chou that specializes in helping patients who are struggling financially to pay for hospital bills.
“Fudan encourages students to focus on other aspects of life, including health and overall development as an individual, in addition to academic excellence,” says Halim, who will pursue his postgraduate studies in medicine in the United Kingdom.
“The university has created a campus community where students are encouraged to broaden their minds, to innovate and delve deeper into what we are interested in, and to meet educated and outstanding peers who we can learn from.”
Goh, who is planning to join the Singapore Ministry of Education in the future, echoes this.
“The four amazing years I’ve spent in Fudan have helped to build a strong foundation for my life and career.
“This experience has debunked many stereotypes and put matters into perspective as I now understand the underlying reasons behind the Chinese approach to certain matters.”
Shanghai Cooperation Organization communique hits out at protectionism
China’s recent moves against US pressure regarding bilateral trade friction are aimed at safeguarding its justified legal rights and interests, the norms of international relations and the free trade system, State Councilor and Foreign Minister Wang Yi said on Wednesday.
Speaking to reporters on the sidelines of the Shanghai Cooperation Organization Foreign Ministers’ Meeting in Bishkek, Kyrgyzstan, Wang said the Chinese side stated the facts and reality of the matter and won widespread understanding and support from the other ministers taking part in the meeting.
The joint communique of the meeting said SCO member states should jointly oppose unilateralism and protectionism in any form, Wang noted.
China’s door is open if the United States is ready for consultations on an equal footing, but otherwise China will resolutely react, Wang added.
Leading Chinese economists urged the United States to correct its protectionist measures and stop disrupting the world order, while a new United Nations report concludes that high trade tensions and policy uncertainty are damaging global economic growth prospects.
Justin Yifu Lin, dean of the Institute of New Structural Economics at Peking University and former chief economist at the World Bank, said the US runs a trade deficit with China as it purchases more goods from the latter for lower costs and higher quality.
“Trade occurs on a voluntary basis,” Lin said. The US has the ability to make the products domestically, but the costs can be very high, he said.
A trade imbalance has been at the center of China-US trade disputes over the past few months. The tensions have been extended beyond trade, which was manifested by Washington’s tightening of restrictions on Chinese companies.
The real intention of the US government’s recent moves is to contain the development of China and maintain its position as the world’s leading economy, Lin said.
Zhou Shijian, senior fellow with the Tsinghua Center for US-China Relations, warned that Washington’s protectionist measures would backfire, and he urged the US government to alter its stance as soon as possible.
“The US measures turned out to be unhelpful,” Zhou said, citing data from the US Census Bureau that showed the US goods trade deficit reached a record $891.3 billion last year.
US consumers and companies are bearing the costs brought by US tariffs imposed on other countries, and this will remain the case for the foreseeable future, Zhou said.
Chen Wenling, chief economist of the China Center for International Economic Exchanges, said the US government will “pay the price” for its protectionist behavior.
“It (the US) is disrupting the world order, causing the global economy to weaken, and destroying the trade rules,” Chen said.
A further escalation of the trade dispute between the US and China would threaten short- and medium-term global growth prospects, according to the United Nations World Economic Situation and Prospects mid-2019 report released on Tuesday at the UN headquarters in New York.
The report said that global merchandise trade volume growth has slowed more sharply than expected, particularly in late 2018 and early 2019.
Data from the US Census Bureau showed that bilateral merchandise trade between the two countries has declined by more than 15 percent since September 2018.
Contact the writers at [email protected]
NANNING – Host China eased past Denmark 3-1 to match up Thailand, who knocked out defending champion South Korea, in the semifinals of 2019 Sudirman Cup here on Thursday.
China, the 10-time champion, is the only team never misses the semifinals of Sudirman Cup in the history.
Top-ranked Zheng Siwei and Huang Yaqiong rallied from one game down to beat Mathias Christiansen and Sara Thygesen, 19-21, 21-11, 21-13, took the opening point for China in mixed doubles.
Viktor Axelsen, the 2017 world champion, defeated world No.5 Chen Long 21-11, 21-18 in men’s singles to tie it 1-1. It was the first time for China, who swept Malaysia and India 5-0 in the group stage, to drop a match in the tournament.
“I know if I want to beat him I must play carefully in all aspects. I made a lot of mistakes in Game 2 but I have better physical energy,” said Axelsen.
ISLAMABAD – Iranian Foreign Minister Mohammad Javad Zarif arrived in Pakistan late Thursday on a two-day visit for talks on bilateral matters which are expected to focus on the heightened tension between Iran and the United States, officials said.
Foreign Ministry spokesman Mohammad Faisal said the Iranian foreign minister will hold talks with his Pakistani counterpart Shah Mahmood Qureshi on Friday.
"We believe the situation in the region is serious and needs to be addressed through dialogue by all parties. We expect all sides to show restraint, as any miscalculated move can transmute into a large-scale conflict," Faisal said at his weekly briefing.
He said Pakistan always supports dialogue and hopes that all issues should be settled peacefully and through engagement by all sides.
"If required, Pakistan is ready to play a constructive and positive role in this regard," the Pakistani spokesman said.
"Our position is very clear in this regard. Pakistan supports dialogue in all situations. If there is any problem, it should be resolved through peaceful dialogue and negotiations," Faisal said when asked about the Iran-US tension.
China will strengthen surveys, observations and assessments related to biodiversity to identify prominent conservation problems and ensure national ecological security, the country’s top environmental official said.
Li Ganjie, minister of ecology and environment, said on Wednesday that biodiversity is the basis of human survival and development. China is one of the most biologically diverse countries in the world, but also one of the countries most threatened by biodiversity deterioration, Li said at an event marking International Day for Biological Diversity in Nanchang, Jiangxi province.
“The Chinese government attaches great importance to biodiversity conservation and regards it as an important part of promoting high-quality development,” he said.
According to Li, China will continue to integrate biodiversity conservation into policies, regulations and development plans in the sectors of agriculture, forestry, fisheries, water conservancy, infrastructure construction and finance. It will make sure the policies are implemented.
The country will also accelerate the legislative process on biosafety, access to biological resources and benefit-sharing management to improve the biodiversity regulatory system. Responsibilities will be further clarified and the level of supervision will also be raised.
Authorities will be engaged in evaluating biodiversity conditions across the country to identify potential threats before developing specific conservation strategies and policy recommendations. The work will be prioritized in the Yangtze River Economic Belt and Beijing-Tianjin-Hebei region.
Enterprises and social organizations are also encouraged to participate in biodiversity conservation. Stronger publicity and education will be needed to help raise the awareness of more members of the public.
International Day for Biological Diversity was proclaimed by the United Nations to increase the awareness of biodiversity issues worldwide. This year’s theme aims to highlight “the dependency of our food systems, nutrition and health on biodiversity and healthy ecosystems”, according to the Convention on Biological Diversity.
Biodiversity loss is a global problem that is connected with many other concerns including loss of natural habitats, over-exploitation of resources, environmental pollution, invasion of alien species and climate change. A UN report released recently says the planet’s biodiversity faces an “unprecedented” threat with 1 million plant and animal species in danger of extinction.
The event held in Nanchang was jointly organized by the ministry, Chinese Research Academy of Environmental Sciences and Nanjing Institute of Environmental Sciences.
More than 200 experts, researchers, enterprises, and representatives of domestic and foreign social organizations have participated and discussed how China could contributed its efforts on the global stage.
Xinhua contributed to this story.
For the 70th anniversary of the start of China-Czech diplomatic relations, the Czech Philharmonic will conclude its performance tour of China on May 23 after visiting seven Chinese cities including Nanjing, Beijing and Wuhan.
Honored as “one of the top ten orchestras in the world” by CNN, the Czech Philharmonic completed its fifth performance at Beijing’s Poly Theatre on May 19 under the baton of Petr Altrichter. His partner, Josef Spa ek, is the youngest chief violinist of the history of the Orchestra. The Philharmonic provided the Beijing audience with an authentic “sound of the Czech republic”.
The tour was announced at the Czech embassy in Beijing on April 25 by Wray Armstrong, the chairman of Armstrong Music and Arts, the organizer of the Czech Philharmonic’s China tour, and David Mare ek, the CEO of the Czech Philharmonic.
During the tour, the Czech Philharmonic performed repertories by Czech composers including Antonin Dvorak’s Romance, op. 11; Mazurek, op. 49 and Slavonic Dances, op. 46.
The orchestra also performed the fourth movement of Sinfonietta: Allegretto; Presto by Leos Janaek and Valse Triste by Oskar Nedbal.