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New tech can be used to battle tax evasion in China

A public outcry over tax evasion and avoidance in China's film and TV industry has brought into question the efficacy of a tax system that is supposed to redistribute income across the country, where there is a growing divide between the rich and poor. Tougher rules could be introduced to crack down on tax evasion, which could involve heavier penalties for evaders, larger rewards for tax fraud whistleblowers and better technology to improve the tax system. But more must be done to ensure a reasonable, balanced primary distribution of income.
Source: Global Times | 2018/6/14 21:23:41

Relaunching Myitsone Hydropower dam could win investor confidence in Myanmar

Myanmar President U Win Myint on Thursday started a visit to Thailand, where he will attend the 8th Ayeyawady-Chao Phyra Mekong Economic Cooperation Strategy (ACMECS) Summit.
Source: Global Times | 2018/6/14 21:23:40

Musk makes hard decision to axe staff at Tesla but move will offer relief for investors

Tesla's big-ideas man is sweating the small stuff. Chief Executive Elon Musk told employees on Tuesday that the $60 billion electric-car maker will cut 9 percent of its staff, in an acknowledgement that it's hard to change the world while not being sustainably profitable. It's more of a signal than an actual maneuver, but it matters, particularly to the financial community Musk has at times alienated.
Source: Global Times | 2018/6/14 20:38:40

Market complacency harms debtor countries as well

When a spoiled child misbehaves, neither the wicked youth nor the misguided parents are innocent. The same is true of spendthrift countries and the indulgent foreign creditors on whom they rely for financial support.
Source: Global Times | 2018/6/14 20:38:40

Getting North Korea on board Belt & Road initiative will be easier than expected

Many think that infrastructure in North Korea is in a dilapidated state, but data from the US Central Intelligence Agency (CIA) tells a different story and one that indicates that North Korea's economic potential may have been underestimated.
Source: Global Times | 2018/6/13 22:43:40

Policy framework for China's equity market needs a makeover

The WTO was established with the purpose of forming an integrated, active and durable multilateral trade mechanism by cutting tariffs and lowering barriers among its members. China's economy started to take off after it gained access to and fully embraced the international market. Since 2001, when China joined the WTO, foreign investment has flowed in, and products made in China prevail around the world.
Source: Global Times | 2018/6/13 22:38:40

World must speed up efforts to prepare for robot era

The World Manufacturing Convention held at the end of last month in Hefei, East China's Anhui Province brought a focus on the revolution the factory sector is undergoing, especially in China. As the world enters the fourth industrial revolution, questions have arisen about how artificial intelligence (AI) and robotics will shape the future of our social structure when it comes to jobs and the role of humans in general in a more technological environment.
Source: Global Times | 2018/6/13 19:18:39

'Quitaly clause' shows level of anxiety in global markets about risk of Italy leaving eurozone

Italy's new government says it's not quitting the euro. Prime Minister Giuseppe Conte, speaking to the parliament that gave him the nod earlier this week, said his administration had no plans to leave the single currency: “We have to reiterate it, leaving the euro has never been considered and it is not being considered.” Not everyone is taking Conte at his word.
Source: Global Times | 2018/6/13 19:13:40

Singapore's opening-up serves as a model for North Korea to modernize its economy

North Korean leader Kim Jong-un has been quoted as saying that he was impressed by Singapore's economic development and will learn from the country, Reuters reported on Tuesday, citing North Korea's official KCNA news agency. Kim's words sparked curiosity over his country's economic development plan in the wake of the landmark summit with US President Donald Trump.
Source: Global Times | 2018/6/12 22:23:40

NK can unlock economic potential with capital inflows

Leaders of the US and North Korea met in Singapore on Tuesday as the development policies and financial potential of North Korea made international headlines.
Source: Global Times | 2018/6/12 22:18:40

Italian crash out of eurozone looking more likely

The possibility of a populist, Eurosceptic government coming to power in Italy has focused investors' minds like few other events this year. The yield differential, or spread, between Italian and German bonds has widened sharply, indicating that investors view Italy as a riskier bet. And Italian equity prices have fallen – particularly in domestic bank shares, the best proxy of country risk – while insurance premia against a sovereign default have increased. There are even fears that Italy could trigger another global financial crisis, especially if a fresh election becomes a de facto referendum on the euro.
Source: Global Times | 2018/6/12 20:53:40

BT's next CEO will need to cut dividends in order to tackle longstanding problems

Running BT is like running a gauntlet. The former UK telecoms monopoly has to appease shareholders on one side and politicians and regulators on the other. Gavin Patterson, the outgoing chief executive, managed neither during a tenure of nearly five years. His successor can make a start by cutting BT's dividends.
Source: Global Times | 2018/6/12 20:53:39

North Korea will chart own economic destiny with help of neighboring nations

US President Donald Trump may have promised that North Korea will become “very rich” on the back of US economic assistance if the two sides can reach an agreement over denuclearization, said a Reuters report on Monday. It is good to see Washington's desire to participate in North Korea's economic development, but Trump may have to abandon unrealistic ideas that the US can become the main protagonist in North Korea's economic story.
Source: Global Times | 2018/6/11 22:08:40

Caution helps Chinese investors avoid political risk

Corruption and coup d'états are two headaches of Chinese investors when going global.
Source: Global Times | 2018/6/11 22:03:39

Ant's $14b funding haul bucks trend amid uncertain outlook for China's tech stars

Ant Financial's $14 billion haul epitomizes private-capital excess. The eye-popping funding by the Chinese fintech group, unveiled on Friday, cements a $150 billion valuation. It has raised nearly as much as Facebook and General Motors did in their initial public offerings, even with tech valuations cooling and regulatory risks looming for Jack Ma's firm.
Source: Global Times | 2018/6/11 21:03:40

B&R offers room for further China-UK cooperation

The UK and China share strong ties and their collaboration on academic and business levels is getting deeper. As China's new round of opening-up continues and the Belt and Road (B&R) initiative gathers steam, the two countries will be able to broaden their cooperation. The 48 Group Club celebrated the 10th Anniversary of “The 48 Group Club Young Icebreakers” on June 5 in London. The “young icebreakers” is a network for young UK-China business leaders, acting as a bridge between China and the UK. On the sidelines of the event, Global Times London correspondent Sun Wei (GT) talked to Sir Gerry Grimstone (Grimstone), chairman of Standard Life Aberdeen, on China's further opening-up.
Source: Global Times | 2018/6/11 21:03:40

It's time for Indian pharmaceutical companies to embrace the Chinese market

Accounting for 10 percent of the global pharmaceutical industry in terms of volume, India has become the “pharmacy of the world.” Even in China, there are frequent cases of smuggling and selling Indian-made drugs, and the enormous underground market for Indian medicine is a sign of the huge demand for cost-efficient treatments for cancer and other diseases in China.
Source: Global Times | 2018/6/10 22:53:40

Cooperation with Japan via B&R initiative can herald new era of Asian integration

Japan's government has changed its attitude to encourage Chinese and Japanese private enterprises to pursue cooperation in infrastructure projects in third markets, media reports said over the weekend.
Source: Global Times | 2018/6/10 22:53:40