Experts Call to Develop "Accounting Infrastructure" to Achieve Development under Belt and Road Initiative

Experts Call to Develop "Accounting Infrastructure" to Achieve Development under Belt and Road Initiative

 By Muhammad Arif
Shanghai, July 17: A High-level International forum focusing on the role of "Accounting Infrastructure" to boost Belt and Road Initiative (BRI) was held at Shanghai National Accounting Institute (SNAI) in Shanghai city, China's financial hub on July 14, 2017. The topic was of great interests to financial policy makers, business enterprises, practitioners of accounting and theoretical researchers.
Some 400 delegates from 17 countries, including officials from government departments, academics, representatives of international agencies, Chinese and foreign enterprises, who were actively engaged in the construction of "Belt and Road Initiative", conducted discussions on the challenges of accounting system as more than 65 countries are involved in the Initiative, and have different financial system, applications, rules and procedures for the accounting.
Participants discussed accounting system, tax risks, and capital market and talent cultivation during the seminar.
Seminar was held with collaboration of SNAI, ASC, ACCA, Deloitte and Inspur.
Participants emphasized that state agencies and enterprises should carry out various forms of coordination and cooperation to strengthen the accounting infrastructure.
Highlighting the achievements of BRI, Assistant Minister Zhao Mingji, China's Ministry of Finance, said "after nearly four years of efforts for construction of "Belt and Road Initiative", fruitful results have been achieved in the areas of policy communication, infrastructure facilities, trade flow, financial supply and people to people exchanges".
To promote the communication and exchange of accounting standards in various countries, it is necessary to enhance understanding and share experiences on accounting infrastructure, he added.
Zhao Mingji called to strengthen the internationalization of accounting personnel training.
 To effectively promote the “Belt and Road Initiative” strategy, Minister urged to enhance collaboration between the relevant state agencies and enterprises handling the BRI development projects.
He also proposed to adopt a common business language and common financial system for smooth execution of projects under the Belt and Road Initiative.
“The accounting standards of each country in Asia and Europe are different. Therefore, it is an inevitable requirement for economic globalization to promote the international convergence of accounting standards, and strengthen the communication and coordination between Belt and Road countries regarding accounting standards”, he noted.
He also urged the policy makers to strengthen the internationalization of accounting personnel training to provide necessary support to accounting professionals from Belt and Road countries.
Highlighting the features of "accounting infrastructure" concept, Professor, Mr. Kouqing, Dean of Shanghai National Accounting Institute, said "accounting information provides the necessary prerequisite for judging the operating conditions of the trading companies and determining the transaction arrangements between the economic entities”.
 He said “a complete accounting infrastructure system includes the accounting standards and the accounting personnel system, accounting information system and the accounting supervision system which provides necessary support for smooth execution of development projects of BRI”.
He further said that there are more than 60 countries across the Belt and Road region, with significant differences in their level of economic development and significant differences in their degree of accounting infrastructure and accounting procedures. Therefore, there is need to develop professional resources on accounting standards and network of accounting personnel for effective implementation of the Belt and Road Initiative.
During the forum, scholars also held in-depth discussions on topic ‘Accounting System: Differences and Coordination’, and said to boost coordination to overcome the differences of accounting system in the countries of Belt and Road- having different local culture, different official languages and different accounting system.
Accounting experts called to take effective measures to promote the common accounting system in BRI region to achieve the goals of common development and green development of the BRI.
The experts also discussed the differences in national tax system, tax collection procedures and other aspects of the larger differences of taxation in countries and regions along the Belt and Road.
Taxation is important pillar for building accounting infrastructure.
Officials and representatives of various companies analyzed the differences in the tax environment in the countries along the Belt and Road, and put forward their opinions on how to effectively identify and avoid tax risks, strengthen coordination, and safeguard legitimate business rights and economic interests of investors in the BRI regions, and promote inter-regional economic and trade cooperation.
They also highlighted the possible tax risks for investors who could face tax risks while engaging in the cross-border business.
Speaking on capital markets, economic integration and mutual development under BRI, financing and investment experts from Asian Development Bank and European Parliament said “more and more cross-border mergers, acquisitions and financing activities could be seen as the Belt and Road Initiative picks steam. Therefore, capital financing is an important support for the construction of “Belt and Road Initiative ".
In promoting the common prosperity and development in the countries along Belt and Road region, it is necessary to strengthen the coordination in areas of accounting, taxation and financing policies among the development agencies working for BRI projects in the region.
To avoid the collision and confrontation among state agencies and enterprises, there is need of understanding of various cultural norms and effective coordination in a variety of areas of the accounting infrastructure being used in the regions of Belt and Road.
Some scholars proposed to cultivate international talent in accounting sector as it was also valuable to take advantage of the opportunities offered by the Belt and Road plan.
The more economic development, the more accounting involves because accounting information in the process of international enterprises plays a pivotal role, a foreign scholar said.
Sam Wang, Executive President of Inspur and working as consulting expert of Ministry of Finance, in his remarks called to use the digital technology to build “Cloud and Belt and Road Initiative”.
The forum concluded with proposals saying that “accounting infrastructure" can play its role in the development process of Belt and Road Initiative, therefore, theoretical researchers, policy makers, local partners, industry professionals, university experts and scholars should; combine their local experience with international perspective, enhance coordination for capital market integration and taxation process, and jointly design a roadmap for the future development under BRI.
Experts Call to Develop Accounting Infrastructure to Achieve Development under Belt and Road Initiative

Experts in Harbor Shipping and Logistics Attend Maritime Silk Road Port Cooperation Forum in China’s Ningbo City

Experts in Harbor Shipping and Logistics Attend Maritime Silk Road Port Cooperation Forum in China’s Ningbo City

By Muhammad Arif

Ningbo, July 17, 2017: The 3rd Maritime Silk Road Port Cooperation Forum concluded on 12th July in Ningbo city of Zhejiang province in Southern China, carrying forward the Maritime Silk Road spirit of co-existence and cooperation.

The leading ports, shipping companies and port operators attended the forum which aimed to boost the multilateral cooperation between ports along the Belt and Road Initiative for mutual development.

The forum with the theme of "Connecting Ships, Ports and People” was inaugurated by China’s Vice Minister of Transport He Jianzhong in Ningbo city, whose port handles cargo traffic of more than 900 million tonnes annually. Ningbo-Zhoushan Port is the world's fourth-busiest container port by traffic.

Organizers said about 400 experts in harbor shipping and logistics from over 30 countries along the Maritime Silk Road exchanged ideas during the event which had eight key sessions including the International Conference on Seafarers and Service and the Maritime Silk Road Port International Cooperation Forum, which helped to promote cooperation and communication between the countries and regions along the Maritime Silk Road.

As part of the cooperation initiative, Zhoushan Port in Ningbo city will look to link up with Romania's Constanta Port, the Port of Rijeka in Croatia, Slovenia's Port of Koper and the Port of Gdansk in Poland, focusing on the development and construction of port terminals, improving operation and management, port logistics, as well as investment and financing, the organizers said.

Algeciras Port of Spain also participated in the International Forum on Maritime Silk Road Port Cooperation to boost the cooperation around China’s strategy to promote the so-called Silk Road.

The forum was a port-themed activity supported the China Maritime Day, the only nationwide festival in the maritime field in China, which is fixed, held on July 11 annually in Ningbo.

The first China Maritime Day was held in 2005, honoring the 600th anniversary of famous Chinese marine navigator Zheng He's first ocean voyages during the Ming Dynasty (1368–1644).

Foreign and local maritime experts discussed the exploration of the new paths for the transformation and upgrading of port, shipping and logistics industries for further development, based on the current complicated and large changes in the international economic and shipping markets.

Participants also held bilateral meetings during the session and signed cooperation agreements with the ports.

Forums included investment meetings, academic discussion, maritime exhibition, and traditional performance, and activities on Chinese maritime culture and history showing opportunities for maritime collaboration among the nations along the Silk Road.

Ningbo City, as an important coal city on the Maritime Silk Road, has produced famous navigators. It is also noteworthy that after the Tang and Song dynasties Ningbo became a key port for the exporting of chinaware, making itself as famous as Guangzhou, Yangzhou and Jiaozhou.

There are 102 historical and cultural cities in China but Guangzhou, Quanzhou and Ningbo are most famous because of their deep involvement in the silk trade via sea.

Chinese president Xi Jinping proposed the 21st Century Maritime Silk Road in 2013, which is not only a valuable spiritual treasure to all of humanity but also a road of dialogue and communication for Chinese civilization with the world.

Maritime Silk Road Port Cooperation Forum 2017 in Chinas Ningbo City 3


China, Indonesia Discuss Work Permit for Skilled Workers Operating Chinese Projects in Indonesia

Jakarta, July 17: Officials from China and Indonesia held a seminar in Jakarta on Monday to discuss foreigners' work permit in Indonesia.

The seminar titled "Policy and Procedure for Foreign Workers in Indonesia" was jointly held by the Chinese embassy in Indonesia and Coordinating Ministry for economy Affairs of Indonesia.

Speaking at the seminar, Minister Counselor (Economic & Commercial) of the Chinese embassy Wang Liping said that despite the rapid development of China-Indonesia relations, there are still some challenges. Among them was the untimely issuance of work permit for staff of Chinese companies in Indonesia.

He said the two sides should address it accordingly, expecting that a balance between the phenomenal Chinese investors' influx and adequacy of permit issuance for Chinese skilled workers can be achieved in Indonesia.

Wang called for enhancing cooperation between China and Indonesia on human resources training to fill up the need for skilled workers operating the Chinese projects.

Meanwhile, Deputy Minister for International Economic and Financial Cooperation of the Coordinating Ministry for Economic Affairs Rizal Effendi Lukman said that Indonesia now has simplified procedures to apply working permit for foreign workers, including from China, that can be conducted online.

Rizal said the new simplified application process is now directly linked to the immigration office after the applicants submitted their applications to the manpower ministry through the online service.

"It would very much ease Chinese investors require for Chinese nationals to carry out their jobs here. Giving convenient and rapid service on working is our government hope," he added.

He also lauded Wang's proposal to enhance human resources training which would benefit Indonesia as more local people can be recruited to work in Chinese projects.

Source: China Plus

By Muhammad Arif

Islamabad, July 19:  “Belt and Road Initiative (BRI) carries the virtue of peaceful cooperation, openness and inclusiveness, mutual learning and win-win spirit. CPEC is anunprecedented undertaking in the history of China-Pakistan relations”, said Zhao Lijian Charge d'affaires Chinese Embassy Islamabad while speaking on the role of Pakistan and China for regional connectivity and trade at the annual forum of Pakistan Council on China (PCC) held on Wednesday in Islamabad.

Speakers elaborated various prospects and challenges of China-Pakistan Economic Corridor (CPEC) during the forum which aimed to help promote better understanding for the future opportunities and challenges in the implementation of CPEC.

Pakistan’s Foreign Secretary Tehmina Janjua highlighted the numerous opportunities available under the China-Pakistan Economic Corridor (CPEC) project for the region.

 “Pakistan believes its long-term prosperity is inextricably linked to peace and development and we need comprehensive approaches to regional peace, stability and prosperity”, Tehmina Janjua said.

She further said, “Our long term vision of economic development is reflected in vision 2025 which emphasizes regional connectivity and economic cooperation. CPEC is a natural choice for Pakistan and China.” 

“Pakistan’s Eastern neighbor has publicly announced opposition to CPEC and we are well aware of the challenges. As the flagship project of One Belt One Road (OBOR), CPEC is destined to serve as a game changer for the whole region,” she said.

The forum also discussed cultural, educational and economic dimensions of CPEC. President PCC Amb (R) Inam-ul-Haq said, “Pakistan and China enjoy a unique history of mutual respect, trust and friendship.” 

He said, “PCC created in an effort to improve the level and content of communications between the two countries. CPEC is the foundation for regional cooperation, improving economic growth and offering trade diversifications”.

Director PCC, Hamayoun Khan said, “PCC is without doubt a strong contributor to the concept of BRI and CPEC with our intellectual advantage. Every Pakistani and Chinese is looking forward to great success of CPEC which will ensure the brighter future of the whole region.”

Pakistan Council on China (PCC), a think-tank, was established in 2012, a year before initiation of CPEC in view of the significance of expanding Sino-Pak bilateral relation. PCC is an independent, non-political, non-partisan body constituted to promote Pakistan-China relations.

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