Banking and Finance Laws

National LegislationConstitution and Legal SystemMinistry of Justice Announcement (No.21) (Two Foreign Law Firms Establishing Additional Representative…

Issued: October 24 2003Main contents: The Notice states that from December 1 2003 foreign-invested financial institutions may apply to engage in renminbi…

Promulgated: December 8 2003Effective: December 31 2003Interpreting authority: China Banking Regulatory Commission (CBRC)Applicability: "Offshore financial…

Issued: November 18 2003Main contents: The Notice states that the People's Bank of China will provide clearing arrangements for Hong Kong banks providing…

Promulgated: November 12 2003Effective: as of date of promulgationInterpreting authority: China Banking Regulatory CommissionMain contents: The Implementing…

Issued: December 1 2003Interpreting authority: China Securities Regulatory CommissionApplicability: The Rules apply to circumstances in which a company's…

Export-oriented businesses have played a leading role in the growth of China's economy in the reform period. At the same time, however, the tax rebates that have been given to exporters as incentives to expand their businesses have created a heavy fiscal burden for the government. What is the solution?

In recent years, the government has been making the legal environment governing investment outside China by companies established in China, including foreign-invested companies, more progressive. A new SAFE circular furthers the liberalization programme.

Last month we covered the new auto finance company regulations. Soon after we went to press, the China Banking Regulatory Commission issued implementing rules for the regulations.