Some foreigners can now more easily apply for local credit cards in Shanghai
Oct-23-2018 By : fcccadmin
In the past, Banks in Shanghai usually turned down applications from foreigners to obtain a local yuan-denominated credit card. Foreign card applicants needed to produce a lot of paperwork, such as proof of property ownership, employment contracts and tax receipts. The process was long and slow, and it usually didn’t end up with credit card approval. Many expats have also found that credit cards issued by banks in their home countries don’t work in Shanghai, or, if they do, cardholders need to pay foreign-currency exchange fees. Now, the Bank of China’s Shanghai branch is offering yuan credit cards to foreigners with Type A work permits, which are given to top foreign professionals.
The Shanghai Administration of Foreign Experts Affairs recently joined hands with the bank to launch a special “fast-track” pilot program to streamline credit card applications for high-end foreign talent in the city. The Bank of China, located in the historical building at Bund 23, is an ideal partner for the program because it is the nation’s most international bank. There are nearly 90,000 foreigners in Shanghai with work permits. Of those, about 13,000 are Type A permits. To date, 30 foreigners have successfully used the program to obtain local credit cards. Feng Yanrong, Senior Manager of the bank’s Banking Department, admitted to Shanghai Daily that local banks are cautious about issuing credit cards to foreigners because expats usually live here temporarily, which presents a repayment risk. “If foreigners leave China and fail to repay credit card debt, it’s very difficult or sometimes impossible for us to collect,” she said. In the past her bank has issued credit cards to only a handful of foreigners, mostly top executives who are considered small risks.
Under the pilot program to apply for a local credit card, only a valid passport, a residency permit valid for a year or more, and a Type A work permit are required. The application process has also been shortened to about two weeks. Andres Ruiz-Linares, 57, Professor of Genetics at Fudan University, was the first to receive a yuan credit card from the bank under the program. Manager Feng said the trial program may be extended to other classes of foreigners following an evaluation. The Shanghai Administration of Foreign Experts Affairs said it also might be expanded to other banks, the Shanghai Daily reports.
Baopals helps expats shop on Alibaba’s platforms
Aug-21-2017 By : fcccadmin
Expats living in China often have problems when shopping on the Alibaba platforms Taobao and Tmall, online marketplaces offering 800 million products. If they can’t read Chinese, they have to ask a local for help when ordering merchandise. But two years ago, three American expats – Charlie Erickson, Jay Thornhill and Tyler McNew – decided to create an e-commerce website called Baopals, which navigates Taobao and Tmall in English translation. Baopals provides product descriptions, price and delivery information, customer comments and a channel for ordering goods all in English. The Baopals team said it is trying to build a bridge between Taobao and customers, not only those living in China but also those living overseas. The target market may not be very large, but most expats living in China have strong buying power. According to the latest data available, there are more than 600,000 foreign residents in China, and more than 170,000 of them live in Shanghai. The website will be updated in about two months to include more social functions, such as allowing English-language users to leave their own comments and recommendations about products they see on Alibaba sites. For payments, Baopals accepts Alipay, WeChat Wallet and UnionPay. The website charges a commission fee of 5% of the price of an ordered item, plus CNY8 per item type. Baopals staffers then use their own Taobao accounts to communicate with and pay online vendors. To date, Baopals has handled more than 120,000 orders and nearly 600,000 items from 16,000 registered users. The site turned a profit for the first time earlier this year. The Baopals team now numbers 26 full-time staff, the Shanghai Daily reports.
Smart green cards to be issued
Apr-24-2017 By : fcccadmin
China will replace green cards issued to foreigners with “smart card” versions beginning in July. Under the new directive from the Ministry of Public Security, holders of foreigners’ permanent residence cards can apply to renew the current permits with a new one embedded with a readable chip that contains identity information. The card can be swiped at various government agencies and institutions, making it easier and faster for foreigners to carry out some procedures such as buying train tickets. The introduction of the new green card is part of efforts by the government to attract more skilled foreigners to settle in China. In the 10 years after 2004 when the green card scheme was introduced, 7,356 foreigners have been granted permanent residency, even though more than 900,000 foreigners were working in China last year. The number of cards issued has risen recently, with 1,576 foreigners approved for permanent residency last year, 163% more than in 2015. But many green card holders still view the document as merely symbolic rather than of practical use. Many officials do not recognize the card. The Ministry of Public Security said it is aware of the issue and would rename it the Foreigner’s Permanent Residence Identity Card. The new name, in both Chinese and English, would be printed on the card. Zhang Jianguo, Director of the Administration of Foreign Experts Affairs, said that foreign talent was an “indispensable source” of the nation’s innovation strategy.
Hong Kong falls on Asian expat liveability rankings
Apr-18-2017 By : fcccadmin
Hong Kong’s socio-political tensions and chronic air pollution are dragging the city further down global liveability rankings for Asian expatriates, allowing regional competitors such as Shanghai to gain ground, according to a survey by ECA International. It ranked Hong Kong as the 29th most livable location for Asian expatriates out of 470 countries around the world – one spot down from 2016. In the Asia-Pacific region, Hong Kong ranked 15th. “Hong Kong is essentially a first-world city with third-world air quality levels,” ECA’s Regional Director for Asia, Lee Quane, said. Hong Kong’s regional rival, Singapore, continued to dominate the chart, taking the top spot globally and regionally for the 16th year in a row. Four years ago, Hong Kong was ranked 11th worldwide and 9th in Asia-Pacific, but mainland cities such as Shanghai are gaining ground. Shanghai was highest among mainland cities at the 23rd place in the Asia-Pacific ranking, and was narrowing the gap with Hong Kong. Improving health services, availability of goods and services, and infrastructure, contributed to the rise of China’s financial hub, Quane said. Meanwhile, the quality of living in other cities has improved at a faster rate than Hong Kong, contributing to its fall.
Shanghai has topped another listing of the most attractive Chinese cities for foreigners, released by the State Administration of Foreign Expert Affairs under the State Council. Shanghai saw six times more permanent residency applications from foreigners and their families in 2016 than in 2015. On the annual list, Beijing came second and Hangzhou, capital of Zhejiang province, was third. Qingdao, Tianjin, Shenzhen, Suzhou, Guangzhou, Nanjing and Changchun round out the top 10. More than 900,000 foreigners were employed in China in 2016.
Foreigners receive green cards in Tibet
Feb-27-2017 By : fcccadmin
118 foreign residents in Lhasa, capital of Tibet, were granted Chinese permanent residence, the world’s hardest-to-get “green card.” A majority of foreign residents who live in Lhasa were born and raised there, but inherited their parents’ nationality and live as relatives of local residents. These foreign residents face difficulties in entering and exiting China, renewing their papers, enjoying medical care, purchasing property, finding jobs and educating their children, the China News Service (CNS) said. Having permanent residence permits will solve their problems. They are valid for 10 years and can be used by foreigners in lieu of their passport for purposes such as buying a train ticket or booking a hotel room. The group that received green cards included Swiss, French and Nepalese nationals. Previously, Lhasa had issued just 31 green cards since 2008.
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