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China's 'indigenous' development offers inspiration for Global South: Philippine expert

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China's 'indigenous' development offers inspiration for Global South: Philippine expert

2024-10-18 17:41 Last Updated At:10-19 00:07

Developing countries gain inspiration from China's history of bold decision-making based on its own situation and resources, said a Philippine expert at the Global South Think Tanks Forum in Beijing on Wednesday.

The event attracted political figures, government representatives, analysts, scholars and journalists from 76 countries and regions worldwide.

When asked to comment on China's role in the Global South and developing countries, Anna Rosario Malindog-Uy, Vice President of Asian Century Philippines Strategic Studies Institute, stressed that learning from the Chinese experience is a notion far more profound than simply emulating the policies of a single country.

"If you really look at China, it developed its economy, and everything is indigenous. It capitalizes on its own domestic strength as a country and its growth and opening up. There are such things in China -- modernization, opening up, and reforms. If you really study the economic development in China 40 years ago until now, it's based on its own historical background, its comparative advantage, and the resilience and hard work of the Chinese people. This is the foundation of why China is China today -- the [second-largest] economy, and even number one in many respects. I think that is an inspiration to the whole Global South and Global South countries, precisely because this is the kind of things we need to adopt -- not necessarily copying China in everything that it does, but I think we need to learn how to develop our own economy based on our own resources and historical underpinnings, and then pursue our own development that what we think is right for us, define the destiny of our own countries based on what we think is right, but not on the dictates of other countries," she said.

China's 'indigenous' development offers inspiration for Global South: Philippine expert

China's 'indigenous' development offers inspiration for Global South: Philippine expert

China's financial authorities have released regulations to optimize fund management requirements for domestic companies listed overseas.

The regulations, effective from April 1, 2026, were jointly released by the People's Bank of China and the State Administration of Foreign Exchange to further improve the convenience of cross-border financing.

The new regulations align the management standards for funds in both domestic and foreign currencies. Proceeds from overseas listings, share reductions or transfers can be repatriated in either foreign currency or Chinese currency renminbi, simplifying their utilization.

Regarding the full circulation of H-shares, the new regulations allow listed companies to pay dividends to domestic shareholders in renminbi in China, streamlining the distribution process.

Regulated by Chinese law, H-shares are shares of enterprises incorporated in the Chinese mainland that are listed on the HKEX.

The new regulations also simplify procedures for listing registrations, share increases and decreases, buybacks, delistings, fund transfers and account usage, improving operational efficiency for businesses and better supporting their overseas expansion and the growth of the real economy.

China releases rules for management of funds related to domestic firms' overseas listings

China releases rules for management of funds related to domestic firms' overseas listings

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