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Dear Colleagues,

Since the last issue of the Worldwide Link , the new website ( www.agn-ap.org ) of the Asia Pacific region has been put into operation. Thanks to the great efforts of the AGN International Corporate Communications Coordinator. Please do visit it. I am sure that not only will you be surprised by its superb design and layout, but also the abundant information contained therein regarding the region.

The website is a valuable marketing tool for member firms in the region to keep other AGN member firms and clients updated on the economic, business and tax developments of their countries. The AP Board will continue to explore new content and information to be added to the website. Suggestions from member firms in the region are most welcomed.

With huge foreign exchange reserves on hand, I believe
that China would continue to provide massive business
opportunities for international investors.

Under the guidance of Vimala Devi, the chairperson of the tax committee, tax cards of eight countries, namely Australia, Hong Kong, Japan, Korea, Malaysia, New Zealand, Singapore and Thailand, have been finalized and published in the website. The cards provide a general guide to the tax facts of each country. It is informative and easy for investors to find tax information about a particular country for investment decision and for comparison.

Our International Chair, Esther Tan, visited Vietnam in the past months to do pre-admission review of two professional firms in the country. Reports have been submitted to the International Board for review. Hopefully, we would have new representatives in Vietnam not far from now. Another firm in Qingdao, China has also submitted application to the Board for consideration. The Board will move forward to look for potential firms in the Philippines.

Esther and I joined the AGN World Congress held in Argentina in September 2008. It was good to see many old friends and colleagues from other parts of the world.

During the congress, I had a meeting with the International Board members to discuss the development of the region, and in particular the needs to enhance communication links between the North America firms and firms in the region. Some North America firms had expressed concerns about their experience in obtaining response for enquires directed to or engagements referred to certain member firms in the region. I requested information and statistics of the North America firms, with regard to the number of clients they have and the types of services their clients need in the region, so as to formulate working plans and to set priority for improvement of our services in the region.

I can see that the International Board is keen to provide support to the region, which has a much more important role to play in the world's political and business regime in the future.

The US financial tsunami is pounding the global financial market and economies. China and Hong Kong are not spared. Many Hong Kong retail investors had unwarily bought the Lehman Brothers mini-bonds, and suffered huge financial losses. The Hong Kong Government has been busy settling disputes between bankers and mini-bond investors, and in reviewing regulatory problems connected with the unfortunate incidence.

Recession in the United States and Europe has great impact on China's export. In order to spur growth and to offset the effects of the global economic downturn, the Chinese Government has just announced a stimulus fiscal plan of 4 trillion Yuan, about US$600 billion. Measures include numerous construction projects for infrastructure including gas pipelines, nuclear power plants, water conservancy projects, new airports, etc. There are also incentives for export VAT refunds for certain industries, and financial assistance for SMEs. The main focus of the plan is to boost domestic demand in China.

With huge foreign exchange reserves on hand, I believe that China would continue to provide massive business opportunities for international investors. The Asia Pacific region, being geared up with the enormous economic force of China, is hopefully a bit better-off than other counterparts in the world in getting through the unprecedented financial turmoil.

Ricky Wong
Chair, Asia Pacific Region
Wong Brothers & Co.
Hong Kong
rickywong@wongbros.com.hk

Fiducia Management Consultants move to bigger office and strengthen service teams

We are happy to announce that on 1 December 2008, Fiducia has moved into larger offices to:

At this new and bigger office, Fiducia will be able to provide more space for expanded service teams. The growing team of accountants in Hong Kong and China, managed by Christina Fung, with a CPA and MBA from George Washington University, instigated the move to a new location.

With a team of 15 professionals, Fiducia's Finance & Accounting Department provides accounting, bookkeeping and banking services to clients from a wide area of industries across Fiducia's four offices in Hong Kong, Shanghai, Beijing and Shenzhen. You are welcome to visit us in our new office which is a ten minute walk from the old location.

Swiss Attorney at Law, Mireille Koenig, has been appointed to work out of Fiducia's Shanghai office to help clients with compliance and registration issues within the ever-changing rules and regulations for foreign investment in China. Koenig obtained a postgraduate-degree in Chinese Law with emphasis on Trade and Investment in China at the University of Hong Kong. His fields of experience lie in advising clients on their investment plans in China, on appropriate company structures and on the optimisation of existing structures.

Fiducia Management Consultants was established in Hong Kong in 1982 as a multidisciplinary company focusing on China and Hong Kong. We provide a wide range of services to assist international companies in implementing, expanding or optimising their business activities in China and Hong Kong. With four offices strategically located in Beijing, Hong Kong, Shanghai and Shenzhen and a multinational team of 100 professionals, Fiducia combines international expertise and local know-how .