Chinese Culture and Economy

China is the leading economic and technological superpower in eastern Asia and has the second largest economy in the world. It has a communist party-led government with a focus on market-oriented economic development strategies. China has numerous mineral resources, as well as the world’s largest hydroelectric power potential. 54.7 percent of the land is utilized for agriculture. Major ethnic groups consist of the Han who are 92 percent of the population, and the Zhuang who are the minority. Languages spoken are Mandarin, the official language, as well as  Cantonese among many others. Major religions are Buddhism, Christianity, and Islam.

Due to the maturing of the Chinese economy and the effect of the economic war with the United States, the country’s economic growth is expected to continue decelerating, as it has gone from 7.8% in 2013 to 6.9% in 2017. Population growth has stabilized or even slowed, but per capita GDP, on the other hand, has grown from $8103 in 2016 to $8806 in 2017.

2021
April 3Qing Ming Jie holiday
April 4Qing Ming Jie holiday
April 5Qing Ming Jie
May 1Labour Day
May 2Labour Day Holiday
May 3Labour Day Holiday
May 4Labour Day Holiday
May 4Youth Day
May 5Labour Day Holiday
June 1Children’s Day
June 14Dragon Boat Festival
August 1Army Day
September 21Mid-Autumn Festival
October 1National Day
October 2National Day Golden Week holiday
October 3National Day Golden Week holiday
October 4National Day Golden Week holiday
October 5National Day Golden Week holiday
October 6National Day Golden Week holiday
October 7National Day Golden Week holiday
  • 有限公司 (Yǒuxiàn Gōngsī)
  • 股份有限公司 (Gǔfèn Yǒuxiàn Gōngsī)
  • 无限责任公司 (Wúxiàn Zérèn Gōngsī)
  • 有限责任股份公司 (Yǒuxiàn Zérèn Gǔfèn Gōngsī)
  • Corporate Tax: 25% (standard rate), 15% (concession rate for high-tech companies)
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 45%
  • VAT/GST/Sales Tax: 13% (standard rate), 9% (energy, books, transportation, etc.), 6% (other services), 0% (goods and services for export)
  • China Bohai Bank (Local Bank)
  • Shengjing Bank (Local Bank)
  • Bank of Changsha (Local Bank)
  • Bank of Jinzhou (Local Bank)
  • Bank of Jilin (Local Bank)
  • Harbin Bank (Local Bank)
  • Industrial Bank (Local Bank)
  • Fujian Haixia Bank (Local Bank)
  • China Guangfa Bank (Local Bank)
  • Bank of Ningbo (Local Bank)
  • Shanghai Pudong Development Bank (Local Bank)
  • Shenzhen City Commercial Bank (Local Bank)
  • Zhejiang Tailong Commercial Bank (Local Bank)
  • Agricultural Bank of China * (Commercial Bank)
  • Bank of China * (Commercial Bank)
  • Bank of Communications (Commercial Bank)
  • Bank of Dalian (Commercial Bank)
  • China CITIC Bank (Commercial Bank)
  • China Construction Bank * (Commercial Bank)
  • China Everbright Bank (Commercial Bank)
  • Hua Xia Bank (Commercial Bank)
  • Industrial and Commercial Bank of China * (Commercial Bank)
  • Postal Savings Bank of China (Commercial Bank)
  • ABN AMRO (Netherlands) (now RBS China due to de-merging) (Foreign Bank)
  • Australia and New Zealand Banking Group (Foreign Bank)
  • The Bank of East Asia (Hong Kong) (Foreign Bank)
  • The Bank of Tokyo-Mitsubishi UFJ (Japan) * (Foreign Bank)
  • Citibank (United States) (Foreign Bank)
  • DBS Bank (Singapore) (Foreign Bank)
  • Hang Seng Bank (Hong Kong) (Foreign Bank)
  • The Hongkong and Shanghai Banking Corporation (Hong Kong – see HSBC Bank (China)) (Foreign Bank)
  • JPMorgan Chase Bank (United States) * (Foreign Bank)
  • Mizuho Corporate Bank (Japan) * (Foreign Bank)
  • Oversea-Chinese Banking Corporation (Singapore) (Foreign Bank)
  • United Overseas Bank (Singapore) (Foreign Bank)
  • Standard Chartered Bank (United Kingdom) (Foreign Bank)
  • OCBC Wing Hang Bank (Hong Kong) (Foreign Bank)
  • Dah Sing Bank (Hong Kong) (Foreign Bank)
  • Woori Bank (South Korea) (Foreign Bank)
  • Shinhan Bank (South Korea) (Foreign Bank)
  • Hana Bank (South Korea) (Foreign Bank)
  • Societe Generale (France) (Foreign Bank)
  • Bank of Montreal (Canada) (Foreign Bank)
  • Fubon Bank (Taiwan) (Foreign Bank)
  • Australia and New Zealand Bank (Foreign Bank)
  • Banco Santander (Foreign Bank)
  • Bank of America Merrill Lynch (Foreign Bank)
  • Bank of Montreal (Canada) (Foreign Bank)
  • Scotiabank (Canada) (Foreign Bank)
  • Bank of New York Mellon (Foreign Bank)
  • Bank Mandiri (Foreign Bank)
  • Barclays Bank (Foreign Bank)
  • BBVA Bank (Foreign Bank)
  • BNP Paribas (Foreign Bank)
  • Citibank China (Foreign Bank)
  • Commonwealth Bank of Australia (Foreign Bank)
  • Commerzbank (Foreign Bank)
  • Crédit Agricole (Foreign Bank)
  • Credit Suisse (Foreign Bank)
  • Dah Sing Bank (Foreign Bank)
  • DBS Bank (Foreign Bank)
  • Deutsche Bank (Foreign Bank)
  • ING Bank (Foreign Bank)
  • Intesa Sanpaolo (Foreign Bank)
  • JPMorgan Chase Bank (Foreign Bank)
  • KBC Bank (Foreign Bank)
  • Mizuho Corporate Bank (Foreign Bank)
  • National Australia Bank (Foreign Bank)
  • Norddeutsche Landesbank (Foreign Bank)
  • Rabobank (Foreign Bank)
  • Raiffeisen Bank International (Foreign Bank)
  • SPD Silicon Valley Bank (Foreign Bank)
  • UBS (Foreign Bank)
  • United Overseas Bank (Foreign Bank)
  • VTB Bank (Foreign Bank)
  • Wells Fargo Bank (Foreign Bank)
  • Westpac Bank (Foreign Bank)
  • Bank of Shanghai (Private Bank)
  • Bank of Taizhou (Private Bank)
  • Taian Bank (Private Bank)
  • UBS Securities, an investment bank associated with UBS (Private Bank)
  • WeBank (China) (Private Bank)

Aadmi can support you with your expansion to China. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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