US 'Revenge Tax' Sparks European Listings and Investor Concerns
The U.S. tax bill's Section 899 may incentivize European companies to list their shares in the U.S. to optimize tax benefits, potentially altering international listing strategies.
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China's Commitment to Market Expansion and Economic Outlook at CIIE 2023
China's Premier Li Qiang pledged to expand market access and increase imports at the China International Import Expo, amid criticism from European firms who called for more tangible improvements in the country's business environment. Li stated that China is committed to opening up its economy and aims to reach a cumulative import value of $17 trillion within the next five years. He also mentioned plans to promote coordinated development of trade in goods and services, relax market access restrictions, and lift restrictions on foreign investment in manufacturing. The expo, launched by President Xi Jinping in 2018, aims to showcase China's free trade credentials and counter criticism of its trade surplus.
Foreign Firms Losing Confidence in China, Shifting Investments Out
Less than half of European firms expressed optimism for China's Greater Bay Area, a scheme to integrate 11 cities into an economic and business hub. Obstacles for the region stem from competition between cities rather than policy coordination. The Greater Bay Area had an economy of US$1.8 trillion last year.