It is no bluff to say that there has been a great revolution in China’s legislation over recent years. Old laws act more as a roadblock for economic prosperity than a proper mechanism for advancing social welfare.by the end of the year 2004, Chinese government has cleaned up and amended more than 2300 prevailing laws and regulations and has begun implementing the revised Catalogue for the Guidance of Foreign Investment
It is no bluff to say that there has been a great revolution in China’s legislation over recent years. Old laws act more as a roadblock for economic prosperity than a proper mechanism for advancing social welfare.
In order to keep to promises made during negotiations to join the WTO, by the end of the year 2004, Chinese government has cleaned up and amended more than 2300 prevailing laws and regulations and has begun implementing the revised Catalogue for the Guidance of Foreign Investment Industries and some other important laws and regulations. Recent events illustrate a legislation boom ongoing in the field of commercial law.
In China, the amended Foreign Trade Law of the People’s Republic of China came into effect in July 1st, 2004, which means Chinese government performed its commitment in advance. In this new Foreign Trade Law, it is not only changed the system of examination and approval for qualification of dealing foreign trade into the system of registration, but also stipulated that all Chinese enterprises, foreign enterprises and individual including any other solely owned enterprises in WTO parties have right to deal with import and export within the territory of China and they should enjoy preference no less than Chinese enterprises.
The Law of Real Right has been coming into effect on Oct. 1, 2007, which is purposed to perfect the legal system of protecting private properties so as to promote all sources of the wealth to follow fluently and adequately.
The Antimonopoly Law has been coming into effect on August 1, 2008, which is considered to be the Constitution of the market economy.
The Labor Contract Law entered into force on Jan 1, 2008 which improves the labor contract system, specifies the rights and obligations of both parties to the labor contracts, protects the legitimate rights and interests of the workers and constructs and develops a harmonious and steady employment relationship.
The Enterprise Income Tax Law came into effect on Jan 1, 2008 which is applicable to all the enterprises and other organizations that obtain income within PRC. Enterprises are divided into “resident enterprises” and “non-resident enterprises” rather than Chinese invested company and foreign invested company as before.
The recent boom in commercial legislation has fundamentally changed the commercial law environment in China, and the boom is not yet at an end. The legal space for foreign investors living has sharply changed after law revision or issuance. In general, with continuing changes and revisions, more legal risks will blossom beyond anyone’s expectations. Foreign investors need to seek innovative rules in the newly changed commercial environment. In particular, foreign investors must learn to adapt to the continuously evolving legal environment
As a preeminent PRC China Business Consultant in the field of foreign direct investment (FDI), Tommy China Business Consulting has over the years successfully advised a significant number of foreign clients with their FDI projects in a wide range of industries across China advise clients on Chinese laws and regulations governing foreign direct investment in China; assist clients in feasibility studies of investment projects; assist clients in negotiating joint venture projects and franchising; assist clients in setting up representative offices and wholly-owned enterprises; assist in the preparation of a complete set of investment documents (including joint venture contracts, articles of association, land use right contracts, intellectual property rights, know-how licensing agreements, and transfer agreements); we draft, review and comment on transactional documents, negotiate all terms of these documents on our client’s behalf, and monitor the complete investment or divestment process for our clients in order to safeguard against possible pitfalls. assist and represent clients in communication and coordination with business partners and/or governmental authorities; and advise on equity or share transfers and assignment transactions, mergers and acquisitions and split transactions, liquidations, dissolutions, winding-up, and franchising. The team of lawyer and attorney is organized and managed by Tommy China Business Consulting, with offices in Beijing, Shanghai, Shenzhen, GuangZhou, HangZhou, XiaMen,NanJing,NingBo, Xi'an,ChongQing, Wuhan, Changsha and ChengDu
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