China's financial and securities watchdogs have launched a crackdown on the illegal flight of capital via offshore financing centers such as the British Virgin Islands and Cayman Islands, state press reported yesterday. \nThe central bank, the State Administration of Foreign Exchange, the China Banking Regulatory Commission and the China Securities Regulatory Commission, have banded together to tackle the issue, the 21st Century Business Herald reported. \nA Ministry of Commerce report has led to tighter regulatory efforts after it singled out places such as the Virgin Islands and Cayman Islands as transit points for capital, it said. \nInvestment flowing from the Virgin Islands totaled US$9.4 billion in 1999, and during the first quarter of this year has hit US$1.75 billion, making it one of China's biggest overseas investors. \nAlthough offshore financing centers have helped bring massive funds into China, they also have a significantly negative impact on the economy by allowing corrupt businesses and government officials to channel out illegal money, the ministry report said. \nAbout 4,000 former officials are believed to have fled China after embezzling over US$5 billion, the Xinhua news agency said. \nHowever, that figure is believed to be understated, with some media reports estimating that officials have defrauded the country of a staggering US$53 billion, the newspaper report said. \nChina's dual tax system to encourage foreign firms to set up operations in the country is partly to blame. \nForeign-funded companies enjoy a range of preferential tax policies including an average 17 percent corporate tax rate, compared with around 33 percent for domestic companies.
EFFICIENCY: The rules for Philippine arrivals were revised after 17.6% of arrivals with symptoms tested positive, compared with 0.7% of those with no symptoms Starting today, Chinese spouses who hold a reunion permit can apply to enter Taiwan and travelers without symptoms from the Philippines do not need to be tested for COVID-19 upon arrival, but are to be tested after a 14-day quarantine, the Central Epidemic Command Center (CECC) said yesterday. Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the center, said that from today, Chinese who are married to a Taiwanese citizen and hold a reunion permit can apply to the National Immigration Agency for entry into Taiwan. Chinese who are married to a foreign national and hold an accompanied reunion permit
PENGHU INSPECTION: Taiwan cannot let its enemies strut around in its airspace, Tsai said, one day after a Chinese spokesman denied a median line exists in the Taiwan Strait Following China’s assertion on Monday that there is no “median line” in the Taiwan Strait, President Tsai Ing-wen (蔡英文) yesterday pledged to defend the nation’s airspace during a visit to an air force base in Penghu, saying that Taiwan cannot allow others to flex their military muscle in its territorial airspace. Tsai praised the “heroic performance” of the pilots of the Indigenous Defense Fighters who have been intercepting Chinese People’s Liberation Army Air Force planes in recent days. “I have a lot of confidence in you. As soldiers of the Republic of China [ROC], how could we let enemies strut
CONSOLIDATION? Taiwan Thinktank deputy executive-general Doong Sy-chi said Beijing’s intimidation tactics are further alienating those who identify as Chinese Only 2 percent of respondents to a poll on constitutional amendments and national identity identified as Chinese, while 62.6 percent identified as Taiwanese, the Taiwan Thinktank said yesterday. Legislators have proposed amendments to the Additional Articles of the Constitution (憲法增修條文), which would change the definition of the nation’s territory, remove the Taiwan Provincial Government as an entity, prioritize the use of “Taiwan” for national groups at international events, and remove restrictions on defining the national emblem, national flag and national anthem. The poll showed that 80.5 percent of respondents agreed that the nation should participate as “Taiwan” at events organized by world
MISTAKE: The Global Covenant of Mayors for Climate and Energy is not a UN body, and the government is committed to protecting the nation’s name, Joseph Wu said The Ministry of Foreign Affairs yesterday condemned the Global Covenant of Mayors for Climate and Energy for listing Taiwanese cities as belonging to China on its Web site, and asked that it correct the error. The organization was inaugurated in Brussels in 2016 as a global coalition of mayors committed to reducing greenhouse gas emissions. Six Taiwanese cities at the time joined the coalition as cities in “Taiwan,” the ministry said. However, officials from the Kaohsiung City Government — one of the organization’s members — last week noticed that the city was now listed on the organization’s Web site as a