Search results for: Hanjin Yan

Authors: Hanjin Yan

Abstract:

The English Romantic George Gordon Byron (1788-1824) was widely celebrated by men of letters in early republican China as a Satanic freedom fighter challenging classical poetics and traditional values. However, Wu Mi (1894-1978), the most persistent critic of contemporary iconoclasm, perceived Byron as a paragon of self-righteous poet-exiles who maintained moral integrity and achieved poetic excellence during times of frustration, just like canonized classical Chinese poets. Wu Mi not only composed lengthy imitations of the third canto of Byron’s Childe Harold’s Pilgrimage (1816) but also patronized a rendering of the canto. Taking André Lefevere’s rewriting theory as a framework, this paper explores the interplay of ideology and poetics by examining Wu Mi’s imitations against Byron’s original and its Chinese translation patronized by Wu Mi. Textual analysis shows that Wu Mi’s approach to Byron’s poetry was informed not only by his endeavor to invigorate classical Chinese poetics, but also by his program to preserve China’s cultural traditions and integrate Western new humanism, a theory proposed by his Harvard mentor Irving Babbitt (1865-1933). This study reveals how Byron was appropriated to serve conflicting poetic and ideological purposes in early republican China and suggests that imitation as a type of rewriting merits further attention.

Keywords: George Gordon Byron, ideology, imitation, poetics, translation

Procedia PDF Downloads 230

Authors: Jin Sheng

Abstract:

This paper addresses a promising area of insurance sector to develop in Asia. Captive insurance, which provides risk-mitigation services for its parent company, has great potentials to develop in energy, infrastructure, agriculture, logistics, catastrophe, and alternative risk transfer (ART), and will greatly affect the framework of insurance industry. However, the Asian captive insurance market only takes a small proportion in the global market. The recent supply chain interruption case of Hanjin Shipping indicates the significance of risk management for an Asian company’s sustainability and resilience. China has substantial needs and great potentials to develop captive insurance, on account of the currency volatility, enterprises’ credit risks, and legal and operational risks of the Belt and Road initiative. Up to date, Mainland Chinese enterprises only have four offshore captives incorporated by CNOOC, Sinopec, Lenovo and CGN Power), three onshore captive insurance companies incorporated by CNPC, China Railway, and COSCO, as well as one industrial captive insurance organization - China Ship-owners Mutual Assurance Association. Its captive market grows slowly with one or two captive insurers licensed yearly after September 2011. As an international financial center, Hong Kong has comparative advantages in taxation, professionals, market access and well-established financial infrastructure to develop a functional captive insurance market. For example, Hong Kong’s income tax for an insurance company is 16.5%; while China's income tax for an insurance company is 25% plus business tax of 5%. Furthermore, restrictions on market entry and operations of China’s onshore captives make establishing offshore captives in international or regional captive insurance centers such as Singapore, Hong Kong, and other overseas jurisdictions to become attractive options. Thus, there are abundant business opportunities in this area. Using methodology of comparative studies and case analysis, this paper discusses the incorporation, regulatory issues, taxation and prospect of captive insurance market in Hong Kong, China and Singapore. Hong Kong and Singapore are both international financial centers with prominent advantages in tax concessions, technology, implementation, professional services, and well-functioning legal system. Singapore, as the domicile of 71 active captives, has been the largest captive insurance hub in Asia, as well as an established reinsurance hub. Hong Kong is an emerging captive insurance hub with 5 to 10 newly licensed captives each year, according to the Hong Kong Financial Services Development Council. It is predicted that Hong Kong will become a domicile for 50 captive insurers by 2025. This paper also compares the formation of a captive in Singapore with other jurisdictions such as Bermuda and Vermont.

Keywords: Alternative Risk Transfer (ART), captive insurance company, offshore captives, risk management, reinsurance, self-insurance fund

Procedia PDF Downloads 229