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.

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…

Issued: November 20 2003Main contents: The Notice elaborates on the criteria for providing domain name registration services mentioned in Article 12 of…

Promulgated: November 23 2003Effective: January 1 2004Main contents: As compared to the repealed 1992 Regulations, the new Regulations set forth the criteria…

Promulgated: November 30 2003Effective: January 1 2004Interpreting authority: Ministry of JusticeApplicability: "Association" means the joint operation…

Issued: December 11 2003Main contents: The Notice allows foreign-invested property insurance companies to engage in all non-life insurance businesses other…

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