Shanghai allows debt-for-equity swaps by foreign-invested enterprises, which require the unanimous consent of all the shareholders of the investee enterprises.
Beijing has responded to Shanghai's recent relaxation of rules in Pudong by issuing measures to allow foreign private equity fund managers to set up shop
The Measures allow the establishment of a partnership in China by two or more foreign enterprises or individuals, or the establishment of a partnership in China by a foreign enterprise or individual with a Chinese natural person, legal person or other organisation.
National legislation Foreign exchangeState Administration of Foreign Exchange, Circular on Announcing 55 Normative Documents on Foreign Exchange Control…