Author: Maarten Roos While some may continue to see China as a country where “anything is possible”, there is no denying that the Chinese government has been trying to create a more compliant business environment. The initiative with the biggest impact long-term may well be the introduction of a social credit system (SCS): every entity in China will be assigned a social credit score to reflect its legal compliance. Currently still consisting of a patchwork of different geographical and functional systems, one…
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By An Kelles, Director – Greater China, Jersey Finance Asian investors have been looking for jurisdictions that can offer expertise, stability with no regulatory, legal or economic surprises. If ever there was an opportunity for fund jurisdictions to distinguish themselves, the start of 2020 is a defining moment with the outbreak of the COVID 19 crisis and the EU Council decision to add the Cayman Islands to its tax haven blacklist. In Jersey, our funds services businesses have shown strong resilience…
The OECD will host the Secretariat of the new Global Partnership on AI (GPAI), a coalition launched today that aims at ensuring that Artificial Intelligence is used responsibly, respecting human rights and democratic values. Arrangements for the OECD’s role as host will be finalised in the coming days. The GPAI will bring together experts from industry, government, civil society and academia to conduct research and pilot projects on AI. Its objective, as set out by founding members Australia, Canada, the…
The unprecedented socio-economic crisis resulting from the COVID-19 pandemic calls for unparalleled multi-sectoral responses. ESCAP has developed a framework to support the socio-economic response of Asia and the Pacific to the COVID-19 pandemic. The framework’s overarching principle supports building back better through integrated policies aligned with the Sustainable Development Goals. ESCAP’s offer to member States builds on its mandates and involves three main streams of work: protecting people and enhancing resilience; supporting economic recovery; and restoring supply chains and supporting…
This Policy Hackathon is organized as part of a United Nations Initiative on Model Provisions for Trade in Times of Crisis and Pandemic in Regional and other Trade Agreements, in collaboration with ARTNeT, WTO, CUTS and other organizations from civil society, academia and the private sector. In support of “building back better” after COVID-19, this Policy Hackathon aims to gather relevant inputs from all interested stakeholders from government, academia, civil society and private sector to support the development of provisions that could…
The economic fallout of COVID-19 has severely dampened growth in EAP, significantly hindering poverty reduction efforts. The slowdown in the region is led by sharp decline of economic activity in China. China’s GDP shrank 6.8% yoy in Q1 2020, the first quarterly contraction 1976. According to the World Bank, China’s GDP is expected to slow to 2.3% in 2020 from 6.1% in 2019. Global containment measures have significantly reduced economic activity, amplifying the impacts on EAP economies through a collapse…
These articles form part of a series in which OECD experts and thought leaders from organisations like PBEC – from around the world and all parts of society – address the COVID-19 crisis, discussing and developing solutions now and for the future. It aims to foster the fruitful exchange of expertise and perspectives across fields to help us rise to this critical challenge. Opinions expressed do not necessarily represent the views of the OECD. Older adults are most at risk, but the level…
As the COVID-19 global pandemic continued to spread, countries around the world are bracing for a deep downturn, as lockdowns and quarantines have resulted to job losses and business closures. Governments, including ASEAN Member States, have taken swift action and applied monetary, fiscal, and sector-specific measures to cushion the widespread impact of the pandemic. To date, the combined fiscal stimulus packages implemented by the AMS has reached an equivalent of USD318.2 billion or 10.1% of ASEAN GDP in 2019. The…
As the COVID-19 global pandemic continued to spread, countries around the world are bracing for a deep downturn, as lockdowns and quarantines have resulted to job losses and business closures. Governments, including ASEAN Member States, have taken swift action and applied monetary, fiscal, and sector-specific measures to cushion the widespread impact of the pandemic. To date, the combined fiscal stimulus packages implemented by the AMS has reached an equivalent of USD318.2 billion or 10.1% of ASEAN GDP in 2019. The…
Building Markets for a Sustainable Economic Recovery EXECUTIVE SUMMARY ES.1. TOWARD A PRIVATE SECTOR–LED AND PRODUCTIVITY-DRIVEN GROWTH PATH Like many successful transition economies, Myanmar has the potential to sustain a high growth rate for the next two decades. The country began a historic triple transition in 2011: from conflict to peace, from military to democracy, and from isolation to global integration. Economic transitions are complex to manage but hold great promise, as they can dramatically boost growth, create jobs, and…