New era for International Funds to invest in China
摘要
On September 3, 2016, the Standing Committee of the National People’s Congress of the PRC promulgated the “Decision regarding the Amendment of the Four Statutes Including the ‘Law of the People's Republic of China on Wholly Foreign-Owned Enterprises’” (“Decision”). The highlight of the Decision is that for matters that do not involve special administrative measures on foreign investment access (“negative list”), a filing mechanism will apply. The negative list will be published or approved by the State Council of the PRC. On the same day, the Ministry of Commerce of the People's Republic of China promulgated the “Provisional Measures on Filing Administration for the Establishment and Change of Foreign-Owned Enterprises (draft for public consultation)” (“Provisional Measures”, together with the Decision, the “New Rules”), which provides further details regarding the filing system in relation to foreign investments. The New Rules will take effect on October 1, 2016. The implementation of the New Rules will to a large extent facilitate international funds’ investments in China. It will have an impact in the following three areas: direct investments by international funds in China, investments by foreign-owned equity investment enterprises in China, and parallel investments by international funds and onshore RMB funds.
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