Into A New Era: Changes and Challenges in the Legal Regime for Foreign Investment in China
摘要
The National People’s Congress of the PRC (the “NPC”) approved the Foreign Investment Law of the PRC (the “FIL”) at the closing meeting of the second session of the 13th NPC on March 15, 2019. FIL will come into force on January 1, 2020. Upon taking effect, FIL will replace the three existing laws on foreign investment in China, namely the Law on Sino-Foreign Equity Joint Ventures, the Law on Sino-Foreign Contractual Joint Ventures and the Law on Wholly Foreign Owned Enterprises, and become a fundamental law of China in the foreign investment area. The reform of the foreign investment administration regime is a project of great systematic significance. Foreign investors should pay close attention to the relevant provisions of FIL and the upcoming implementation regulations and measures, and monitor further revision and amendment of the Existing Foreign Investment Regulations. Existing FIEs should adjust their charter documents, organizational forms, corporate structures and other matters in a timely manner accordingly. This article provides a high-level overview of FIL and analyzes the changes and challenges that investors, authorities and practitioners may need to address under the new law.
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