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China Focus – November 2017

Elimination of the Certificate of Accounting Professional

There are many complexities to doing business in China, as those with experience of the market will understand. Simply starting up a business can be a cumbersome process, with numerous state and regional bodies involved at all levels, and that is just the start.

It is also of vital importance to keep your company accounts in order if you are to avoid attracting unwanted attention from the tax bureau. To this end, it is essential to have a reliable, experienced accountant to manage your books and tax filings.

So it was surprise when the Standing Committee of the National People’s Congress, the country’s top legislature, voted to remove the Certificate of Accounting Profession, which has been a requirement for accounting professionals since 1999, with effect from 5 November.
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Draft law seeks to regulate China’s e-commerce market

The latest draft law on e-commerce, which further clarifies responsibilities of e-commerce operators and seeks to protect consumer rights, was submitted at a six-day bimonthly session of the National People’s Congress (NPC) Standing Committee for second reading following consultation on 31 October. The first draft was read by the top legislature in December 2016.
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Another Booming Singles Day – Review of 11.11.2017

E-commerce platform Tmall once again smashed the single day sales record on 11 November 2017 – better known as ‘Singles Day’ or the ‘Chinese Black Friday’. Sales this year exceeded USD 25 billion in just one day, almost a 40% increase over the previous record of USD 18 billion set in 2016. And it wasn’t just Tmall. JD.com, the second largest e-commerce platform, had a gross merchandise volume (GMV) of over USD 19 billion for the first eleven days of November.

So what does this mean for foreign companies looking to sell to China’s massive consumer base? First, let’s take a look at some key statistics from the largest sales day in the world.
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Globig podcast series, Successfully Doing Business In China

To listen to the Globig podcast series, Successfully Doing Business In China with Robbert Gorris from our Beijing office, please click one of the following:

Podcast: Successfully Doing Business In China Part #1- IP Protection, Trademarks & The Basics – Listen>>>

Podcast: Successfully Doing Business In China PART #2- Employment Law and Hiring Options – Listen>>>

Podcast: Successfully Doing Business In China PART #3 – Setting Up A Business – Expanding Into China – Vendor Hiring – Listen>>>

Sovereign (China) Limited


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