Zilmet Jiaxing Grand Opening

On October 29th, 2025, the new Zilmet Jiaxing Plant officially opened in the Jiaxing Nanhu High-Tech Zone, marking an important milestone for the Italian group UGO BENETTOLO S.p.A. and for the strengthening of industrial cooperation between Italy and China.

The new facility, covering 15,000 square meters and built with a total investment of USD 45 million, is equipped with advanced production lines for expansion tanks and plate heat exchangers, reinforcing Zilmet’s position as a global leader in high-end pressure vessel manufacturing.

The opening ceremony was attended by Zilmet Group President Paolo Benettolo, Zilmet Jiaxing Executive Director Marco Gottardello, Consul General of Italy in Shanghai Tiziana D’Angelo, institutional leaders from Jiaxing City and Nanhu District, and representatives from leading companies such as Bosch, Haier and Vanward.

CPO & Partners, which has supported Zilmet throughout its establishment and operations in China, is proud to share this important achievement and to continue assisting Italian companies in their international expansion projects.

Congratulations to Zilmet for this new chapter of growth and innovation in China.

Italy Monza Event – Industrial Park Zhaoqing

The delegation of the Zhaoqing Industrial Park presented its investment opportunities at the Sporting Club in Monza, during a meeting that brought together Italian entrepreneurs and companies interested in strengthening ties with China.
The event concluded with a buffet dinner, providing a valuable occasion for networking and direct exchange between the Chinese delegation and Italian business representatives.
An initiative that highlights the importance of dialogue and international cooperation, opening new perspectives for collaboration between the two countries.

Zhaoqing Delegation visiting CPO & Partners

On September 23rd, 2025, the delegation of the Zhaoqing Industrial Park visited the Italian headquarters of CPO & Partners in Monza and later the ICCF office in Milan, on the occasion of the presentation of the opportunities offered by their industrial park.
An important exchange fostering dialogue between Italy and China and opening new perspectives for international cooperation.

China 2025–2028 Tax Credit Policy for Foreign Investors’ Reinvestment of Profits

On 27 June 2025, China’s Ministry of Finance, State Taxation Administration, and Ministry of Commerce jointly issued Announcement [2025] No. 2, regarding a 10% enterprise income tax credit that can be claimed by eligible foreign investors who reinvest profits (e.g., dividends, interest, royalties or other kind of income) in specified sectors. The policy applies from 1 January 2025 to 31 December 2028, with retroactive eligibility for qualifying investments made after 1 January 2025.

To qualify, reinvestments must be in industries listed in the Encouraged Industries Catalogue and take the form of capital increases, new enterprises, or equity acquisitions from unrelated, non-listed parties. Among those Encouraged Industries are agriculture, mining, manufacturing, construction, transport, IT, finance, R&D and others. The holding period of investment must be at least five years, and investments must be paid directly from the distributing enterprise to the investee. In addition, early withdrawal triggers tax repayment and proportional claw back of tax credits, and compliance is managed through the Ministry of Commerce’s Unified Platform.

China’s new VAT Law takes effect in 2026

On 1 January 2026, China’s new VAT Law will come into effect, replacing the Provisional VAT Regulations that had governed the system since 1993. This reform brings major structural changes to China’s most important indirect tax.

The law clarifies the scope of taxable transactions by consolidating goods, services, intangibles, and real estate into a unified category. The previous distinction for “labor services” has been removed and is now treated as part of “services.”

Provisions on deemed sales have been updated. Self-produced or commissioned goods provided for non-business use, such as employee benefits, will now be taxable. Free intra-group services between businesses will no longer be subject to VAT.

Rules on input VAT deductions have also changed. Loan service VAT may become deductible; however, this depends on implementing rules to be issued by the State Council.

For small-scale taxpayers, a simplified structure introduces a unified 3% rate, replacing the previous 3% and 5% tiers. Some exceptions may apply, for example in real estate leasing.

The law also introduces anti-avoidance rules allowing tax authorities to adjust valuations in non-monetary or related-party transactions. In addition, taxpayers may either carry forward excess input VAT or apply for a refund, improving liquidity.

CPO & Partners at the ICG European & Asia Integration Meeting | Madrid, 8 July 2025

A day dedicated to international cooperation and strategic dialogue across continents.

The 2nd European & Asia Integration Meeting, hosted by the International Consulting Group in Madrid, brought together professionals from Europe, Asia and Latin America to reflect on today’s global challenges and explore joint solutions in legal, tax and business consultancy.

CPO & Partners contributed with updates on current initiatives in China, including business missions, industrial park partnerships and cross-border investment strategies—demonstrating once again the relevance of building strong, practical bridges between distant markets.

Grateful to ICG and all participants for the enriching discussions and shared vision. Looking forward to future collaborations.

CPO Visits Jiaxing with Lawyer Moschetti

On 17 June 2025, representatives of CPO visited several industrial parks in the city of Jiaxing, not far from Shanghai, alongside Lawyer Giovanni Moschetti, partner of Law Firm Francesco Moschetti, tax, criminal tax and international tax experts, located in Padova (Italy) for more than 50 years.

The day began with a visit to the Pinghu Economic and Technological Development Zone, an industrial park located in the county-level city of Pinghu, part of Jiaxing City in China’s Zhejiang Province. In the afternoon, the delegation moved to Nanhu District, where it held meetings with local government officials from Nanhu District. Discussions focused on cultural exchanges between Italy and China and the incentives the parks can offer to Italian entrepreneurs interested in investing in China.

The presence of Lawyer Moschetti, a professional with over 20 years of experience in tax and legal fields, underscores the growing interest in better understanding China’s landscape and the potential opportunities, both cultural and economic, that can arise from such exchanges.

Future plans are already underway, including delegations of Italian entrepreneurs visiting the toured Parks and cooperation between the two countries to explore and leverage opportunities for economic and cultural exchange.

CPO at the Panda D’Oro Gala Awards – 2025 Edition

On June 14th, CPO & Partners had the pleasure to attend the XIV Edition of the Panda D’Oro Gala Dinner Awards, organized by the China-Italy Chamber of Commerce (CICC) in Shanghai.

The Gala represents one of the most prestigious events for the Italian business community in China, celebrating the outstanding contributions of companies promoting bilateral relations between Italy and China.

For CPO & Partners, this was a valuable opportunity to meet institutions and business leaders, share experiences, and reaffirm our ongoing commitment to supporting international growth strategies between Europe and the Far East.

We’re proud to continue fostering cooperation, building bridges, and promoting synergies that connect companies and territories.

CPO & Partners at the Asia-Pacific Business Roundtable

We were glad to attend the Asia-Pacific Business Roundtable held on June 14 in Shanghai, just ahead of the Panda D’Oro Gala Awards 2025.

An insightful opportunity to explore the current and future outlook of EU–China trade relations, and to connect with key players promoting Italian presence in the Asia-Pacific region.

A dynamic platform for dialogue, exchange, and future cooperation.

Chinese Dragon Boat Festival

also known as the Duanwu Festival (端午节), is a traditional Chinese holiday that falls on the fifth day of the fifth month of the lunar calendar, so the date varies each year according to the Gregorian calendar.

Origins and Significance:

The festival commemorates the death of the patriotic poet Qu Yuan (屈原), who lived in the 3rd century BC during the Warring States period. Qu Yuan, a minister of the State of Chu, committed suicide by drowning himself in the Miluo River after Chu was occupied by an enemy. The local people, to prevent the fish from eating his body, paddled their boats and threw rice balls (zongzi) into the river, giving rise to the current dragon boat races and the tradition of eating zongzi.

Festival Traditions:

– Dragon Boat Races: Teams paddle long boats decorated with dragon heads and tails, competing to reach the finish line first.
– Eating Zongzi: Glutinous rice wrapped in bamboo leaves, often filled with meat, beans, or dates.
– Drinking Realgar Wine: A medicinal wine believed to ward off diseases and evil spirits.
– Wearing Fragrant Pouches: Filled with aromatic herbs, these pouches are worn for protection against diseases.

Symbolism:

The festival celebrates patriotism, loyalty, and the sacrifice of Qu Yuan, and it is an important occasion for cultural reflection and the celebration of Chinese traditions.

Modern Celebration:

Today, the Dragon Boat Festival is a public holiday in China and is celebrated with cultural events, sporting activities, and various traditional rituals, keeping ancient customs alive.