Magazine article Business Asia

A Capital Idea from Shanghai

Magazine article Business Asia

A Capital Idea from Shanghai

Article excerpt

* In a move to attract foreign capital, Shanghai will soon unveil a new policy to allow more private firms to set up joint ventures with overseas investors. A senior official of the Shanghai Municipal Overseas Investment Commission said most of the city's 99,000 properly registered private corporations would qualify. Shanghai currently requires private firms to have registered capital of at least 500,000 yuan (US$60,000), one million yuan in annual business volume, and 100,000 yuan in annual profits for three consecutive years to qualify. At the end of February, only 400 private firms were in partnerships with overseas companies in Shanghai.

-- Reuters

* Hong Kong -- DHL Worldwide Express recorded double-digit revenue growth in 1998 across the Asia-Pacific region and the Middle East DHL saw impressive growth in China, with parcel revenues increasing more than 30 per cent Air express deliveries of samples, prototypes, spare parts and finished goods from the Asia-Pacific region to the United States provided the strongest trade flows, with DHL recording a revenue increase of more than 15 per cent on this sector.

* Bangkok -- Visitors to Thailand will be able to claim a value-added tax (VAT) refund upon departure by July this year, according to the Revenue Department. Visitors will need to show proof of purchase of at least 5000 baht worth of goods, but each individual receipt must be at least 2000 baht. The refund procedure will be available at only four international airports: Bangkok, Chiang Mai, Phuket and Hat Yai. …

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