New rules concerning the establishment of local law firms and lawyers' practice have opened the door for partnerships. But limited liability partnership – the type that lawyers had been hoping for – is nowhere to be seen in the rules.
China's Ministry of Commerce has issued two circulars which delegate power and loosen its grip on approving foreign investment into the PRC. Investors in private equity and retail are the biggest benefactors.
China's Ministry of Commerce has issued two circulars which delegate power and loosen its grip on approving foreign investment into the PRC. Investors in private equity and retail are the biggest benefactors.
In July 2008, MOFCOM issued a circular granting provincial-level authorities more leeway in approving foreign investment real estate projects. Lawrence Guo, a partner at Broad & Bright, looks at how the delegation of power will change the playing field.
Regulatory reform in China is more important than ever to investors in the country. Leading lawyers talked about how the government's various regulatory approach shape investors' behaviours at the 5th annual China Law & Practice China Summit.
Amendments to China's Regulations for the Administration of Foreign-invested Telecommunications Enterprises came into effect in September 2008. The amendments lower capitalisation thresholds for the operation of basic services and make applications simpler. But it is not clear if the new rules will encourage more foreign investment in the telecoms sector.
China's currency has undergone fundamental changes along with the rapid economic development both domestically and in global markets. In order to adapt to today's financial and currency markets, the State Council has adopted a revision of Foreign Exchange Regulations of the People's Republic of China on August 5 2008. Foreign companies need to be familiar with the newly revised foreign exchange regulations.
China is encouraging foreign investment in the mineral resources exploration and exploitation industry. The government has placed importance on addressing the import of foreign capital and new technologies for mining.
China has further clarified tax preferences for high- and new-technology enterprises (HNTEs) in a recent Working Guideline. Applicants that can satisfy tougher and more precise qualification criteria will benefit from clear and objective evaluation procedures, but must be prepared for broad scrutiny of their tax and legal compliance. HNTE status can be lost through business changes including mergers or acquisitions.
The Provisions of the Supreme People's Court on Several Issues Concerning Application of The Statute of Limitations System in Trial of Civil Cases brings forth 24 articles which give systemic and comprehensive regulations in regards to the general principals, calculation, interruption, suspension, effect and supplementary provisions of the statute of limitations.