Abstract
A Foreign-Invested Limited Partnership Enterprise operates in the particular legal framework for foreign investments which has been established in China over the past decades. In order to fully understand the special characteristics of the Foreign-Invested Limited Partnership Enterprise, the development of China’s foreign investment legal framework is analysed with a special focus on the alternative enterprise forms which have been available for sino-foreign alliances. This includes an analysis of the administrative framework of guiding and restricting foreign investments and its latest reforms through the newly implemented Foreign Investment Law. An overview is given of the different types of joint venture companies which foreign investors have used in the past.
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Notes
- 1.
Spence (1990), p. 158ff.
- 2.
Notwithstanding the absence of codified law, a well-established system of commercial law existed at that time in China. On the history of partnership law in China, see Sect. 4.1.1.1.
- 3.
- 4.
- 5.
- 6.
- 7.
Kirby (1995), p. 53.
- 8.
ibid, pp. 53–54.
- 9.
The 1904 Company Law was replaced by the 1914 Company Law, which itself was superseded by the 1929 Company Law, which entered into force in 1931. See Kirby (1995), pp. 49, 51.
- 10.
- 11.
Kirby (1995), p. 55.
- 12.
ibid, p. 55.
- 13.
ibid, p. 56.
- 14.
ibid, p. 56.
- 15.
Mahony (2015), p. 1.
- 16.
Spence (1990), pp. 656–659.
- 17.
Wei (2010), pp. 56–57.
- 18.
PRC Sino-Foreign Equity Joint Venture Law (中华人民共和国中外合资经营企业法), adopted by the 2nd Session of the 5th National People’s Congress on 1 July 1979; amended at the 3rd Session of the 7th National People’s Congress on 4 April 1990, amended at the 4th Session of the 9th National People’s Congress on 15 March 2001, amended at the 22nd Session of the Standing Committee of the 12th National People’s Congress on 3 September 2016 and repealed on 01 January 2020. Unless otherwise indicated, citations of legislation in this book always refer to its latest amended version.
- 19.
Bath (2007), p. 774.
- 20.
- 21.
Art. 4 Para. 1 EJV Law.
- 22.
Art. 2 Para. 1 EJV Law.
- 23.
Art. 11 Para. 1 EJV Law.
- 24.
Wei (2010), p. 57.
- 25.
ibid, pp. 56–57.
- 26.
- 27.
Regarding the two different forms of CJVs that have been codified, see Sect. 3.2.2.
- 28.
PRC Sino-Foreign Cooperative Joint Venture Law (中华人民共和国中外合作经营企业法), adopted at the 1st Session of the 7th National People’s Congress on 13 April 1988; amended at the 18th Session of the Standing Committee of the 9th National People’s Congress on 31 October 2000, amended at the 22nd Session of the Standing Committee of the 12th National People’s Congress on 3 September 2016, amended at the 30th Session of the Standing Committee of the 12th National People’s Congress on 4 November 2017 and repealed on 01 January 2020.
- 29.
PRC Wholly Foreign-Owned Enterprise Law (中华人民共和国外资企业法), adopted at the 4th Session of the 6th National People’s Congress on 12 April 1986; amended at the 18th Session of the Standing Committee of the 9th National People’s Congress on 31 October 2000, amended at the 22nd Session of the Standing Committee of the 12th National People’s Congress on 3 September 2016 and repealed on 01 January 2020.
- 30.
Mahony (2015), p. 10.
- 31.
ibid, p. 11; Chen (2016), p. 847.
- 32.
- 33.
Interim Provisions on Certain Issues Concerning the Establishment of Foreign-invested Companies Limited by Shares (关于设立外商投资股份有限公司若干问题的暂行规定), promulgated by the Ministry of Foreign Trade and Economic Cooperation on 1 October 1995, amended on 28 October 2015 and repealed on 01 January 2020.
- 34.
Mahony (2015), p. 32.
- 35.
Interim Provisions on Foreign Investor’s Establishment of Companies with Investment Nature (关于外商投资举办投资性公司的暂行规定), promulgated by the Ministry of Foreign Trade and Economic Cooperation on 4 April 1995 and repealed by the Provisions on the Establishment of Investment Companies by Foreign Investors (关于外商投资举办投资性公司的规定), promulgated by the Ministry of Commerce on 17 November 2004, amended on 26 May 2006 and amended on 28 October 2015 with effect as of the same date.
- 36.
Mahony (2015), pp. 206–207.
- 37.
Bath (2007), p. 774.
- 38.
Constitution of the PRC (中华人民共和国宪法), adopted at the 5th Session of the 5th National People’s Congress on 4 December 1982, amended at the 1st Session of the 7th National People’s Congress on 12 April 1988, amended at the 1st Session of the 8th National People’s Congress on 29 March 1993, amended at the 2nd Session of the 9th National People’s Congress on 15 March 1999, amended at the 2nd Session of the 10th National People’s Congress on 14 March 2004, and amended at the 1st Session of the 13th National People’s Congress on 11 March 2018.
- 39.
Art. 18 Constitution.
- 40.
PRC General Principles of the Civil Law (中华人民共和国民法通则), adopted at the 4th Session of the 6th National People’s Congress on 12 April 1986, amended at the 10th Session of the Standing Committee of the 11th National People’s Congress on August 27, 2009 and effective from the same date; starting from 1 October 2017, the new General Rules of Civil Law (GRCL) (Sect. 4.2.1.1 fn. 600) will eventually replace the GPCL. Since it has not yet been clarified for all provisions of the GPCL how long these will stay effective (see discussion in Sect. 4.2.1.1), provisions from both the GPCL and GRCL will be cited throughout this book, whenever relevant.
- 41.
PRC Interim Regulations on Private Enterprises (中华人民共和国私营企业暂行条例), promulgated by the State Council on 26 June 1988 and repealed on 19 March 2018.
- 42.
- 43.
PRC Company Law (中华人民共和国公司法), adopted at the 5th Session of the Standing Committee of the 8th National People’s Congress on 29 December 1993; amended at the 13th Session of the Standing Committee of the 9th National People’s Congress on 25 December 1999; amended at the 11th Session of the Standing Committee of the 10th National People’s Congress on 28 August 2004; amended at the 18th Session of the Standing Committee of the 10th National People’s Congress on 27 October 2005; amended at the 6th Session of the Standing Committee of the 12th National People’s Congress on 28 December 2013; and amended at the 6th Session of the Standing Committee of the 13th National People’s Congress on 26 October 2018 and effective as of the same date.
- 44.
Lubman (2006–2007), p. 11.
- 45.
ibid, p. 11; Mahony (2015), p. 5.
- 46.
Cohen and Lange (1997), pp. 345–348.
- 47.
ibid, pp. 345–348.
- 48.
PRC Sino-Foreign Equity Joint Venture Law Implementing Regulations (中华人民共和国中外合资经营企业法实施条例), promulgated by the State Council on 20 September 1983; amended on 21 December 1987; amended on 22 July 2001; amended on 29 February 2014; amended on 2 March 2019 and repealed on 01 January 2020.
- 49.
PRC Sino-Foreign Cooperative Joint Venture Law Detailed Implementing Regulations (中华人民共和国中外合作经营企业法实施细则), promulgated by the State Council on 4 September 1995, amended on 19 February 2014, amended on 01 March 2017 and repealed on 01 January 2020.
- 50.
Bath (2007), p. 779.
- 51.
Chap 4, Arts. 22-29 EJV Implementing Regulations.
- 52.
Chap 5, Arts. 30-39 EJV Implementing Regulations.
- 53.
Chap 11, Arts. 69-79 EJV Implementing Regulations.
- 54.
Chap 14, Arts. 89-96 EJV Implementing Regulations.
- 55.
Shen (2015), p. 34.
- 56.
Mahony (2015), p. 11.
- 57.
ibid, p. 12.
- 58.
- 59.
- 60.
- 61.
- 62.
Chen (2016), pp. 847–848.
- 63.
- 64.
Shen (2015), p. 5.
- 65.
PRC Contract Law (中华人民共和国合同法), adopted at the 2nd Session of the 9th National People’s Congress on 15 March 1999 and effective as of 1 October 1999.
- 66.
Prior to the PRC Contract Law, separate laws were applied to contractual disputes depending upon whether a foreign entity was party to the contract. For further references, see Mahony (2015), pp. 46–49, 77.
- 67.
For the WFOE, this is the case only to a lesser degree.
- 68.
- 69.
- 70.
Shen (2015), p. 5.
- 71.
Wei (2010), p. 70.
- 72.
PRC Legislation Law (中华人民共和国立法法), adopted at the 3rd Session of the 9th National People’s Congress on 15 March 2000; amended at the 3rd Session of the 12th National People’s Congress on 15 March 2015.
- 73.
Implementing Opinions on Certain Issues Concerning the Application of the Law in the Administration of the Examination, Approval and Registration of Foreign-Invested Enterprises (关于外商投资的公司审批登记管理法律适用若干问题的执行意见), promulgated jointly by the State Administration for Industry and Commerce; Ministry of Commerce; General Administration of Customs and State Administration of Foreign Exchange on 24 April 2006.
- 74.
Pursuant to Article 7 Legislation Law, laws can only be enacted and amended by the National People’s Congress or the Standing Committee of the National People’s Congress.
- 75.
- 76.
Regulations on the Administration of Company Registration (中华人民共和国公司登记管理条例), promulgated by the State Council on 24 June 1994, amended on 18 December 2005, amended on 19 February 2014 and amended on 6 February 2016.
- 77.
Art. 1 Opinions on Applying the Company Law.
- 78.
Hübner (2014), p. 20.
- 79.
Wei (2010), p. 71.
- 80.
Hübner (2014), p. 20.
- 81.
Shen (2015), p. 7.
- 82.
- 83.
Art. 104 Legislation Law. For a detailed analysis of the role of the SPC, see Tang et al. (2016), pp. 25–27.
- 84.
See the compilation in Shen (2015), pp. 5–7.
- 85.
Wei (2010), p. 71.
- 86.
- 87.
For a detailed analysis of the Foreign Investment Law, and the abolishment of the dual legislative structure, see Sect. 3.1.5.
- 88.
- 89.
For a detailed account of China’s accession to the WTO, see for example Esplugues Mota (2010), pp. 1–13.
- 90.
All official documents relating to China’s accession are available at https://www.wto.org/english/thewto_e/countries_e/china_e.htm, accessed 15 May 2020.
- 91.
Mahony (2015), pp. 49–50.
- 92.
- 93.
- 94.
Wei (2010), p. 61.
- 95.
Mahony (2015), pp. 37, 43.
- 96.
ibid, p. 37.
- 97.
Certain Provisions on Change of the Equity Interests of the Investors of a Foreign-Invested Enterprise (外商投资企业投资者股权变更的若干规定), promulgated by the Ministry of Foreign Trade and Economic Cooperation and the State Administration for Industry and Commerce on 28 May 1997 and repealed on 01 January 2020.
- 98.
Mahony (2015), p. 345.
- 99.
Provisions on Merger and Division of Foreign-Invested Enterprises (关于外商投资企业合并与分立的规定), promulgated by the Ministry of Foreign Trade and Economic Cooperation and the State Administration for Industry and Commerce on 23 September 1999, amended on 22 September 2001 and amended on 28 October 2015.
- 100.
Mahony (2015), p. 352.
- 101.
Interim Provisions on Investment Made by Foreign-Invested Enterprises in China (关于外商投资企业境内投资的暂行规定), promulgated by the Ministry of Foreign Trade and Economic Cooperation and the State Administration for Industry and Commerce on 25 July 2000, amended on 26 May 2006 and amended on 28 October 2015.
- 102.
Mahony (2015), p. 341.
- 103.
ibid, pp. 356–357.
- 104.
Interim Provisions on Mergers with and Acquisitions of Domestic Enterprises by Foreign Investors (关于外国投资者并购境内企业暂行规定), promulgated jointly by the Ministry of Foreign Trade and Economic Cooperation, the State Taxation Administration, the State Administration for Industry and Commerce, and the State Administration of Foreign Exchange on 2 January 2003; later repealed by the Provisions on Mergers with and Acquisitions of Domestic Enterprises by Foreign Investors (关于外国投资者并购境内企业的规定), promulgated jointly by the Ministry of Commerce, State-Owned Assets Supervision and Administration Commission of the State Council, State Administration of Taxation, State Administration of Industry and Commerce, China Securities Regulatory Commission and State Administration of Foreign Exchange on 8 August 2006 and amended on 22 June 2009.
- 105.
Mahony (2015), p. 357.
- 106.
ibid, p. 357.
- 107.
PRC Foreign Investment Law (中华人民共和国外商投资法), adopted at the 2nd Session of the 13th National People’s Congress on 15 March 2019 and with effect as of 1 January 2020.
- 108.
See Sect. 4.1.6.
- 109.
Chen (2016), pp. 844–846.
- 110.
Yu (2006), pp. 423–424.
- 111.
World Bank Group (2010).
- 112.
BBC (2015).
- 113.
China Daily (2019).
- 114.
United Nations Conference on Trade and Development (2020).
- 115.
ibid.
- 116.
Wei (2010), p. 59.
- 117.
Mahony (2015), p. 51.
- 118.
Wei (2010), p. 61.
- 119.
For an analysis of the gradual relaxation of the foreign investment approval and registration process, see Sect. 3.1.6.3.
- 120.
ibid, p. 61.
- 121.
Wei (2010), p. 61.
- 122.
ibid, p. 61.
- 123.
- 124.
Lu (吕美昂) (2011), pp. 81, 82.
- 125.
- 126.
Mei (2014), pp. 38–39.
- 127.
- 128.
PRC Foreign Investment Law (Draft for Comments) 中华人民共和国外国投资法 (草案征求意见稿), promulgated by the Ministry of Commerce on 19 January 2015.
- 129.
Explanatory Notes on the PRC Foreign Investment Law (Draft for Comments) (中华人民共和国外国投资法 (草案征求意见稿)的说明), promulgated by the Ministry of Commerce on 19 January 2015.
- 130.
- 131.
McGinty et al. (2019c).
- 132.
Fu (2019).
- 133.
Notice on Soliciting Public Opinions on the Foreign Investment Law (Draft) (外商投资法(草案)征求意见), issued by the Standing Committee of the National People’s Congress on 21 December 2018.
- 134.
Preamble to the 2018 Draft FIL.
- 135.
McGinty et al. (2019c).
- 136.
Art. 42 Para. 2 Foreign Investment Law.
- 137.
PRC Foreign Investment Law Implementing Regulations (Draft for Comments) (中华人民共和国外商投资法实施条例(征求意见稿)), promulgated by the Ministry of Justice on 01 November 2019.
- 138.
For an alaysis of these draft provision, see: McGinty et al. (2019a).
- 139.
PRC Foreign Investment Law Implementing Regulations (中华人民共和国外商投资法实施条例), promulgated by the State Council on 26 December 2019 and effective as of 01 January 2020.
- 140.
McGinty et al. (2020), p. 1.
- 141.
ibid, p. 1.
- 142.
Interpretation of Certain Issues Concerning the Application of the “PRC Foreign Investment Law” (适用《中华人民共和国外商投资法》若干问题的解释), promulgated by the Supreme People’s Court on 26 December 2019 and with effect as of 1 January 2020.
- 143.
Art. 2 Para. 1 FIL.
- 144.
Art. 2 Para. 2 FIL.
- 145.
Art. 2 Para. 2 FIL.
- 146.
Art. 2 Para. 2 No 1-4 FIL.
- 147.
- 148.
- 149.
- 150.
Mahony (2015), p. 235.
- 151.
ibid, pp. 236–239.
- 152.
McGinty et al. (2019b).
- 153.
McGinty et al. (2020), p. 1.
- 154.
Art. 42 Para. 1 FIL.
- 155.
Art. 31 FIL.
- 156.
Art. 42 Para. 2 FIL.
- 157.
Art. 44 Para. 2 FIL Implementing Regulations.
- 158.
Zhang and Tsoi (2019).
- 159.
McGinty et al. (2019b).
- 160.
ibid.
- 161.
Art. 46 FIL Implementing Regulations.
- 162.
Hong and Liu (2020).
- 163.
McGinty et al. (2020), p. 10.
- 164.
See Sect. 3.1.5.2.
- 165.
Circular on Several Measures for the Active Use of Foreign Capital in Opening Up to the Outside World (扩大对外开放积极利用外资若干措施的通知), promulgated by the State Council on 12 January 2017 and effective as of the same date.
- 166.
Tam and Guo (2017).
- 167.
Circular on Several Measures for the Active and Effective Use of Foreign Capital to Promote Quality Economic Development (积极有效利用外资推动经济高质量发展若干措施的通知), promulgated by the State Council on 10 June 2018 and effective as of the same date.
- 168.
Art. 1 (2) State Council Circular No 19; Art. 1 Para. 2 State Council Circular No 5.
- 169.
Art. 1 (2) State Council Circular No 19; Art. 2 (8) State Council Circular No 5.
- 170.
Art. 1 (2) State Council Circular No 19; Art. 2 (8) State Council Circular No 5.
- 171.
Art. 2 (9) State Council Circular No 5.
- 172.
Art. 1 (4) State Council Circular No 5.
- 173.
Art. 3 (15) State Council Circular No 5.
- 174.
Art. 3 (17) State Council Circular No 5.
- 175.
- 176.
Art. 9 FIL, Art. 6 FIL Implementing Regulations.
- 177.
Art. 10 FIL, Art. 13 FIL Implementing Regulations.
- 178.
Art. 16 FIL, Art. 15 FIL Implementing Regulations.
- 179.
Art. 17 FIL, Art. 18 FIL Implementing Regulations.
- 180.
Art. 21 FIL, Art. 22 FIL Implementing Regulations.
- 181.
Art. 22 Para. 1 FIL, Art. 23 FIL Implementing Regulations.
- 182.
Art. 22 Para. 2 FIL, Art. 24 FIL Implementing Regulations.
- 183.
McGinty et al. (2019b).
- 184.
Art. 35 Para. 1 FIL.
- 185.
Clifford Chance LLP (2019).
- 186.
Art. 48 2015 Draft FIL.
- 187.
McGinty et al. (2015), p. 7.
- 188.
Yang (2015), p. 120.
- 189.
- 190.
- 191.
Wei (2010), p. 62.
- 192.
- 193.
- 194.
- 195.
- 196.
Interim Provisions Guiding Foreign Investment (指导外商投资方向暂行规定), promulgated jointly by the State Planning Commission; State Economic and Trade Commission and Ministry of Foreign Trade and Economic Cooperation on 20 June 1995; subsequently repealed by the Provisions on Guiding the Direction of Foreign Investment (指导外商投资方向规定), promulgated by the State Council on 11 February 2002 and effective as of 1 April 2002.
- 197.
Catalogue of Industries for Guiding Foreign Investment (外商投资产业指导目录), promulgated jointly by the National Development and Reform Commission and Ministry of Commerce on 20 June 1995, amended on 31 December 1997, amended on 3 November 2002, amended on 30 November 2004, amended on 31 October 2007, amended on 24 December 2011, amended on 10 March 2015, amended on 28 June 2017, amended on 28 June 2018 and most recently amended on 30 June 2019 with effect as of 30 July 2019.
- 198.
- 199.
Art. 4 Para. 1 Guidance Provisions.
- 200.
Art. 4 Para. 2 Guidance Provisions.
- 201.
Art. 4 Para. 2 Guidance Provisions.
- 202.
See detailed analysis in Sect. 3.1.6.3.3.
- 203.
The current 13th Five-Year Plan for National Economic and Social Development (国民经济和社会发展第十三个五年规划纲要) was adopted at the 4th Session of the 12th National People’s Congress on 16 March 2016. The plan sets out the guiding principles for China’s economic and social development for the 5 years from 2016 to 2020.
- 204.
Catalogue of Encouraged Hi-tech Products for Foreign Investment (鼓励外商投资高新技术产品目录), promulgated jointly by the Ministry of Commerce and Ministry of Science and Technology on 2 June 2003 and amended on 31 December 2006.
- 205.
Wei (2010), p. 64.
- 206.
Nägeli (2003), p. 80.
- 207.
Regarding the latest reforms, see Sect. 3.1.6.3.3.
- 208.
Wei (2010), p. 72.
- 209.
Mahony (2015), p. 114.
- 210.
ibid, pp. 114–115.
- 211.
Wei (2010), p. 72.
- 212.
Mahony (2015), p. 115.
- 213.
ibid, p. 115; Wei (2010), p. 72.
- 214.
Mahony (2015), p. 115.
- 215.
ibid, pp. 115–116; Wei (2010), p. 64.
- 216.
- 217.
Provisions of the State Council for the Encouragement of Foreign Investment (国务院关于鼓励外商投资的规定), promulgated by the State Council on 11 October 1986.
- 218.
Arts. 10 and 11 FDI Encouragement Provisions.
- 219.
Arts. 12 and 13 FDI Encouragement Provisions.
- 220.
Art. 15 FDI Encouragement Provisions.
- 221.
Nägeli (2003), p. 77.
- 222.
- 223.
Bath (2007), p. 776.
- 224.
ibid, pp. 774–775; Wei (2010), pp. 61, 75.
- 225.
For the exception that applies to the FILPE, see Sect. 4.1.8.1.
- 226.
- 227.
Hübner (2014), p. 17.
- 228.
- 229.
Mahony (2015), p. 119.
- 230.
The NDRC has been established in March 2003 with the transformation of the former ‘State Development and Planning Commission’ (Nägeli 2003, p. 68).
- 231.
A detailed description of NDRC’s responsibilities is provided in Mahony (2015), pp. 121–122.
- 232.
Administrative Measures for the Verification and Record-filing of Foreign Investment Projects (外商投资项目核准和备案管理办法), promulgated by the National Development and Reform Commission on 17 May 2014 and amended on 27 December 2014; substituting the Interim Administrative Measures for the Verification of Foreign Investment Projects (外商投资项目核准暂行管理办法), promulgated by the National Development and Reform Commission on 9 October 2004.
- 233.
Catalogue of Investment Projects Subject to Government Verification—2016 Version (政府核准的投资项目目录—2016年本), promulgated by the State Council on 12 December 2016, substituting the Catalogue of Investment Projects Subject to Government Verification—2014 Version (政府核准的投资项目目录—2014年本), promulgated by the State Council on 31 October 2014; the Catalogue of Investment Projects Subject to Government Verification—2013 Version (政府核准的投资项目目录—2013年本), promulgated by the State Council on 2 December 2013 and the Catalogue of Investment Projects Subject to Government Verification—2004 Version (政府核准的投资项目目录—2004年本), promulgated by the State Council on 16 July 2004.
- 234.
Art. 8 2014 Foreign Investment Measures.
- 235.
Art. 10 2014 Foreign Investment Measures.
- 236.
Art. 16 2014 Foreign Investment Measures.
- 237.
Art. 3 2014 Foreign Investment Measures.
- 238.
Mahony (2015), p. 124.
- 239.
Art. 4 2014 Foreign Investment Measures in conjunction with the 2016 Government Verification Catalogue.
- 240.
Art. 5 2014 Foreign Investment Measures.
- 241.
Art. 17 2014 Foreign Investment Measures.
- 242.
MOFCOM is the result of the consolidation in 2004 of the State Economic Trade Commission, focused on domestic PRC trade issues, and the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), responsible for foreign trade affairs (Mahony 2015, p. 132).
- 243.
Mahony (2015), pp. 130–131.
- 244.
ibid, p. 132.
- 245.
For the EJV, Articles 6-15 EJV Law; for the CJV, Articles 6-13, 24-25 CJV Law.
- 246.
Mahony (2015), p. 139.
- 247.
ibid, p. 140.
- 248.
Wei (2010), p. 65.
- 249.
Art. 5, Art. 6 Para. 2 Regulations on the Administration of Company Registration.
- 250.
The allocation of competences between SAIC and local AIC is regulated in Articles 3–4 of the Administrative Measures on the Authorisation over the Registration of Foreign-Invested Enterprises (外商投资企业授权登记管理办法), promulgated by the State Administration of Industry and Commerce on 12 December and amended on 29 April 2016.
- 251.
Art. 3 Regulations on the Administration of Company Registration.
- 252.
Decision on the Institutional Reform Plan of the State Council (关于国务院机构改革方案的决定), adopted at the 1st Session of the 13th National People’s Congress on 17 March 2018 and effective as of the same day.
- 253.
Wang et al. (2018).
- 254.
Ibid. For responsibilities previously carried out by SAIC and AIC, reference is now made SAMR throughout this book, unless otherwise specified.
- 255.
ibid.
- 256.
Mahony (2015), p. 120.
- 257.
Wei (2010), p. 66.
- 258.
- 259.
Liu (2008), p. 5.
- 260.
For more details, see Mahony (2015), pp. 59–61.
- 261.
PRC Anti-monopoly Law (中华人民共和国反垄断法), adopted at the 29th Session of the Standing Committee of the 10th National People’s Congress on 30 August 2007 and effective as of 1 August 2008.
- 262.
- 263.
Art. 3 Para. 3 Anti-monopoly Law.
- 264.
Art. 20 Para. 3 Anti-monopoly Law.
- 265.
Harris Jr et al. (2011), pp. 129–130.
- 266.
Brumfield et al. (2018).
- 267.
Harris Jr et al. (2011), pp. 138–141.
- 268.
For more details, see Mahony (2015), pp. 73–76, 406–415.
- 269.
Liu (2008), p. 5.
- 270.
ibid, p. 5; Mahony (2015), p. 120.
- 271.
- 272.
Wei (2010), p. 66.
- 273.
ibid, p. 66.
- 274.
Art. 38 PRC Administrative Licensing Law (中华人民共和国行政许可法), adopted at the 4th Session of the Standing Committee of the 10th National People’s Congress on 27 August 2003 and amended at the 10th Session of the Standing Committee of the 13th National People’s Congress on 23 April 2019 and effective as of the same date; in conjunction with Art. 6 Para. 8 PRC Administrative Reconsideration Law (中华人民共和国行政复议法), adopted at the 9th Session of the Standing Committee of the 9th National People’s Congress on 29 April 1999, amended at the 10th Session of the Standing Committee of the 11th National People’s Congress on 27 August 2009 and amended at the 29th Session of the Standing Committee of the 12th National People’s Congress on 01 September 2017 and with effect as of 01 January 2018.
- 275.
Art. 12 Para. 3 PRC Administrative Procedure Law (中华人民共和国行政诉讼法), adopted at the 2nd Session of the 7th National People’s Congress on 4 April 1989, amended at the 11th Session of the Standing Committee of the 12th National People’s Congress on 01 November 2014 and amended at the 28th Session of the 12th National People’s Congress on 27 June 2017 and effective as of 01 July 2017.
- 276.
- 277.
Mahony (2015), p. 140.
- 278.
- 279.
- 280.
Mahony (2015), p. 81.
- 281.
European Union Chamber of Commerce in China (2016).
- 282.
Yang (2015), p. 127.
- 283.
ibid, p. 105; Mahony (2015), p. 84.
- 284.
Zhang (2016), p. 53.
- 285.
Decision Authorising the State Council to Temporarily Adjust Administrative Approvals Under Relevant Laws Within the China (Shanghai) Pilot Free Trade Zone (授权国务院在中国(上海)自由贸易试验区暂时调整有关法律规定的行政审批的决定), adopted at the 4th Session of the Standing Committee of the 12th National People’s Congress on 30 August 2013, effective as of 1 October 2013 and repealed with effect as of 1 October 2016 by Art. 4 Para. 3 of the Decision to Revise FIE Laws (see Sect. 3.1.6.3.1 fn. 306).
- 286.
General Plan for the China (Shanghai) Pilot Free Trade Zone (中国(上海)自由贸易试验区总体方案), promulgated by the State Council on 18 September 2013.
- 287.
Special Management Measures on the Entry of Foreign Investment into the China (Shanghai) Pilot Free Trade Zone (2013 Negative List) (中国(上海)自由贸易试验区外商投资准入特别管理措施(负面清单)(2013年修订)), promulgated by the Shanghai Municipal People’s Government on 29 September 2013, repealed by the Special Management Measures on the Entry of Foreign Investment into the China (Shanghai) Pilot Free Trade Zone (2014 Negative List) (中国(上海)自由贸易试验区外商投资准入特别管理措施(负面清单)(2014年修订)), promulgated by the Shanghai Municipal People’s Government on 30 June 2014, and substituted by the Special Management Measures for the Market Entry of Foreign Investment into Pilot Free Trade Zones (Negative List) (自由贸易试验区外商投资准入特别管理措施(负面清单)), promulgated by the General Office of the State Council on 8 April 2015, amended on 5 June 2017; amended jointly by the National Development and Reform Commission and the Ministry of Commerce on 30 June 2018 and amended on 30 June 2019 with effect as of 30 July 2019.
- 288.
Para. 1 Shanghai FTZ Authorisation Decision; Art. 2 Para. 2c Shanghai FTZ General Plan.
- 289.
Art. 2 Para. 2b Shanghai FTZ General Plan in conjunction with the Appendix to the Shanghai FTZ General Plan.
- 290.
Art. 2 Para. 2b Shanghai FTZ General Plan.
- 291.
- 292.
- 293.
See the overview of comments in Zhang (2016), pp. 56–57.
- 294.
Plan for the Comprehensive Deepening of the Reform and Liberalisation of the China (Shanghai) Pilot Free Trade Zone (全面深化中国(上海)自由贸易试验区改革开放方案的通知), promulgated by the State Council on 30 March 2017 with effect as of the same day.
- 295.
For an overview of this expanded plan, see Chan et al. (2017).
- 296.
Art. 2 Shanghai FTZ General Plan.
- 297.
Yang (2015), pp. 94–95.
- 298.
China Central Government (2017).
- 299.
Reuters (2018).
- 300.
- 301.
Art. 13 FIL, Art. 10 FIL Implementing Regulations.
- 302.
Xinhua News Agency (2013).
- 303.
ibid.
- 304.
See exemplarily Articles 3 (9) and 4 (7) of the Circular on the publication of ‘Made in China 2025’ (印发《中国制造2025》的通知), promulgated by the State Council on 8 May 2015.
- 305.
Lin and Harris (2017).
- 306.
Decision to Revise Four Laws including the PRC Wholly Foreign-Owned Enterprise Law (修改《中华人民共和国外资企业法》等四部法律的决定), adopted at the 22nd Session of the Standing Committee of the 12th National People’s Congress on 3 September 2016 and effective as of 1 October 2016.
- 307.
Last Paragraph of the Decision to Revise FIE Laws.
- 308.
Arts. 1-3 Decision to Revise FIE Laws.
- 309.
Arts. 1-3 Decision to Revise FIE Laws.
- 310.
Hezel and Vinck (2016).
- 311.
Interim Measures for the Administration of the Establishment and Change of Foreign-invested Enterprises (Draft for Comments) (《外商投资企业设立及变更备案管理暂行办法》(征求意见稿)), promulgated by the Ministry of Commerce on 3 September 2016.
- 312.
Circular on Proper Registration for Foreign-Invested Enterprises after the Implementation of Record-Filing Administration (关于做好外商投资企业实行备案管理后有关登记注册工作的通知), promulgated by the State Administration of Industry and Commerce on 30 September 2016 and effective as of 1 October 2016.
- 313.
Notice No 22 of 2016 (公告2016年第22号), promulgated jointly by the National Development and Reform Commission and the Ministry of Commerce on 8 October 2016 and effective as of the same date.
- 314.
Koppitz and Meng (2016).
- 315.
For a definition thereof, see Sect. 3.1.6.3.3.
- 316.
Interim Measures for the Administration of the Establishment and Change of Foreign-invested Enterprises (外商投资企业设立及变更备案管理暂行办法), promulgated by the Ministry of Commerce on 8 October 2016, revised on 30 July 2017, revised on 29 June 2018 and repealed on 01 January 2020.
- 317.
Koppitz and Meng (2016).
- 318.
What constitutes a ‘major change’ is defined in Article 6 Administration Measures.
- 319.
Art. 2 FIE Administration Measures.
- 320.
Art. 12 Para. 1 FIE Administration Measures.
- 321.
Art. 12 Para. 1 FIE Administration Measures.
- 322.
- 323.
State Council (2018).
- 324.
ibid.
- 325.
Koty (2018).
- 326.
Circular on Proper Implementation of the Catalogue of Investment Projects Subject to Government Verification—2016 Version—Regarding Foreign Investments (做好贯彻落实《政府核准的投资项目目录(2016年本)》有关外资工作的通知), promulgated by the National Development and Reform Commission on 14 January 2017 and effective as of the same date.
- 327.
Art. 5 Para. 2 FIE Administration Measures.
- 328.
Koppitz and Wu (2017).
- 329.
Xu et al. (2020).
- 330.
Art. 37 FIL Implementing Regulations.
- 331.
See Sect. 3.1.6.1.4.
- 332.
Art. 36 FIL Implementing Regulations.
- 333.
See Sect. 3.1.6.1.4.
- 334.
Xu et al. (2020).
- 335.
Art. 35 FIL Implementing Regulations.
- 336.
Notice on Effectively Completing the Registration of Foreign Invested Enterprises for the Implementation of the Foreign Investment Law (贯彻落实《外商投资法》做好外商投资企业登记注册工作的通知), promulgated by the State Administration for Market Regulation on 31 December 2019 and effective as of 01 January 2020.
- 337.
Xu et al. (2020).
- 338.
Art. 34 FIL, Arts. 38-39 FIL Implementing Regulations.
- 339.
Foreign Investment Information Reporting Measures (外商投资信息报告办法), jointly promulgated by the Ministry of Commerce and the State Administration for Market Regulation on 30 December 2019 and effective as of 01 January 2020.
- 340.
Notice No. 62 on Matters Relating to Foreign Investment Information Reporting (公告2019年第62号——关于外商投资信息报告有关事项的公告), promulgated by the Ministry of Commerce on 31 December 2019 and effective as of 01 January 2020.
- 341.
Art. 25 Reporting Measures.
- 342.
Notice on Soliciting Public Opinions on the Revised Draft Catalogue of Industries for Guiding Foreign Investment (《外商投资产业指导目录》修订稿公开征求意见的公告), promulgated jointly by the National Development and Reform Commission and the Ministry of Commerce on 7 December 2016.
- 343.
Foreword to the 2016 Draft Guidance Catalogue.
- 344.
See Sect. 3.1.6.1.1. fn. 197.
- 345.
Koppitz and Wu (2017).
- 346.
Preamble, Guidance Catalogue.
- 347.
Catalogue of Industries for Encouraging Foreign Investment (2019 Version) (鼓励外商投资产业目录(2019年版)), promulgated jointly by the National Development and Reform Commission and the Ministry of Commerce on 30 June 2019 with effect as of 30 July 2019.
- 348.
Catalogue of Priority Industries for Foreign Investment in Central and Western China (中西部地区外商投资优势产业目录), promulgated jointly by the National Development and Reform Commission and the Ministry of Commerce on 16 June 2000; amended on 23 December 2008, amended on 9 May 2013 and amended on 17 February 2017 and effective as of 20 March 2017.
- 349.
Art. 8 Guidance Provisions. The 2019 Negative List in the Guidance Catalogue stipulates two types of foreign investment projects that are limited to EJVs, one type that is limited to CJVs, and two types that are limited to EJVs or CJVs. Notably, the wording in the 2019 Negative List still referred to EJV and CJV, even though these special types of enterprises were to be abolished with the FIL on 1 January 2020. The requirement for an EJV will most likely have to be understood as the requirement of establishing a sino-foreign joint venture in the form of a limited liability company under the Company Law. Regarding the CJV, however, it remains to be seen if these industries will be opened to foreign invested partnership enterprises or if they also will require the establishment of a sino-foreign joint venture in the form of a limited liability company under the Company Law.
- 350.
Chinese controlling shareholding (中方控股) is defined in Article 8, Para. 2 Guidance Provisions as the aggregated investment of the Chinese party accumulating to at least 51% of the investment project. The 2019 Negative List in the Guidance Catalogue requires Chinese controlling shareholding for nine foreign investment projects.
- 351.
Chinese relative controlling shareholding (中方相对控股) is defined (in Art. 8 Para. 2 Guidance Provisions) as the aggregated ratio of the Chinese investors is more than the investment of any individual foreign investor. The 2019 Negative List in the Guidance Catalogue requires Chinese relative controlling shareholding for only one foreign investment projects.
- 352.
The term ‘Chinese leading party’ (中方主导) has been newly introduced with the 2015 version of the Guidance Catalogue. The 2019 Negative List in the Guidance catalogue requires a Chinese leading party for one type of foreign investment project in the field of education. It is defined in Item No 31 of the FDI Negative List as ‘the principals or principal administrative officers shall be Chinese citizens and Chinese members shall not be less than half of all members of their councils, boards of directors or joint management committees’.
- 353.
Regarding the significance of the role of the legal representative, see Sect. 7.2.2. The 2019 Negative List in the Guidance catalogue requires a Chinese legal representative for two industries.
- 354.
This limitation is not expressly grounded in the Guidance Provisions, but is utilised in the 2019 Negative List in the Guidance Catalogue for two types of foreign investment projects.
- 355.
A promise was made, for example, for the manufacturing of automobiles to lift the restriction on the proportion of shares held by foreign investors (currently at a maximum of 50%) for commercial vehicles in 2020, and for passenger cars in 2022, Item No 9 2019 FDI Negative List in the Guidance Catalogue.
- 356.
- 357.
Hübner (2014), pp. 23, 47–63.
- 358.
Art. 13 Guidance Provisions.
- 359.
- 360.
- 361.
Koppitz and Wu (2017).
- 362.
Opinions on Implementing the System of Negative List for Market Access (实行市场准入负面清单制度的意见), promulgated by the State Council on 2 October 2015 and effective as of the same date.
- 363.
Circular on the publication of the Draft Market Access Negative List (Pilot Edition) (印发市场准入负面清单草案(试点版)的通知), promulgated jointly by the National Development and Reform Commission and the Ministry of Commerce on 2 March 2016.
- 364.
Para. 4 Pilot Master Negative List Circular.
- 365.
Chan et al. (2019).
- 366.
Para. 1 Pilot Master Negative List Circular.
- 367.
Art. 1 Para. 11 Market Access Negative List Opinion.
- 368.
Circular on the publication of the Market Access Negative List (2018 Version) (印发市场准入负面清单草案(试点版)的通知), promulgated jointly by the National Development and Reform Commission and the Ministry of Commerce on 21 December 2018 and effective as of the same date.
- 369.
Catalogue for Guiding Industrial Restructuring (产业结构调整指导目录), promulgated by the National Development and Reform Commission on 27 March 2011, amended on 16 February 2013 and amended on 30 October 2019 with effect as of 01 January 2020.
- 370.
Chan et al. (2019).
- 371.
Wong (2019).
- 372.
ibid.
- 373.
Tam and Qi (2016).
- 374.
Note No 4 FTZ Negative List.
- 375.
Ranft and Meng (2016).
- 376.
Art. 2 Para. 8 Market Access Negative List Opinion; Note No 6 to the FDI Negative List in the 2016 Draft Guidance Catalogue.
- 377.
McGinty et al. (2019a), p. 12.
- 378.
- 379.
Nägeli (2003), p. 66.
- 380.
McGinty et al. (2020), p. 10.
- 381.
Xu et al. (2020).
- 382.
Hong and Liu (2020).
- 383.
Baker & McKenzie International (2017).
- 384.
ibid.
- 385.
- 386.
See Sect. 1.3.3.
- 387.
See Sect. 3.1.5.3.
- 388.
- 389.
- 390.
National Bureau of Statistics of China (中华人民共和国国家统计局) (2019), Chapter 11–15.
- 391.
National Bureau of Statistics of China (中华人民共和国国家统计局) (2019), Chapter 11–15.
- 392.
Foreign Investment Department of the Ministry of Commerce (中华人民共和国商务部外国投资管理司) (2019); at the time of writing of this book, no statistic for the entire year 2019 has been published yet.
- 393.
See for example manufacturing of automobiles, Item No 9 of the 2019 FDI Negative List in the Guidance Catalogue. For other specific sectors, investors are given a choice between the EJV and CJV. See for example medical institutions, Item No 33 of the 2019 FDI Negative List in the Guidance Catalogue.
- 394.
- 395.
See Sect. 3.1.2. fn. 18.
- 396.
See Sect. 3.1.3. fn. 48.
- 397.
Art. 4 Para. 1 EJV Law, Art. 16 Para. 1 EJV Implementing Regulations.
- 398.
Art. 2 EJV Implementing Regulations.
- 399.
Art. 1 EJV Law.
- 400.
Art. 1 EJV Law.
- 401.
Arts. 10-13 EJV Implementing Regulations.
- 402.
For industrial manufacturing EJVs, it is typical to have a term of 30–50 years. In the service sector, the term is usually shorter (Mahony 2015, p. 181).
- 403.
Art. 4 Para. 3 EJV Law.
- 404.
Shen (2015), p. 35.
- 405.
ibid; Mahony (2015), pp. 181–182.
- 406.
Art. 18 EJV Implementing Regulations.
- 407.
Shen (2015), p. 36.
- 408.
Art. 17 EJV Implementing Regulations.
- 409.
Art. 4 Para. 2 EJV Law.
- 410.
See Section 2.
- 411.
Art. 6 Para. 1 EJV Law, Art. 30 EJV Implementing Regulations.
- 412.
Art. 6 Para. 1 EJV Law, Art. 31 EJV Implementing Regulations.
- 413.
Bath (2007), p. 782.
- 414.
Mahony (2015), p. 180.
- 415.
Art. 33 EJV Implementing Regulations.
- 416.
Art. 34 EJV Implementing Regulations.
- 417.
Art. 6 Paras. 2–3 EJV Law, Arts. 35–38 EJV Implementing Regulations.
- 418.
Art. 51 Para. 1 Company Law in conjunction with Art. 2 Para. 2 of the Interpretation of Key Provisions of the ‘Implementing Opinions on Certain Issues Concerning the Application of the Law in the Administration of the Examination, Approval and Registration of Foreign-Invested Enterprises’ (《关于外商投资的公司审批登记管理法律适用若干问题的执行意见》重点条款解读), promulgated by the State Administration for Industry and Commerce on 22 September 2006 (Interpretation of the Opinions on Applying the Company Law).
- 419.
- 420.
- 421.
See Sect. 3.1.2 fn. 28.
- 422.
See Sect. 3.1.3 fn. 49.
- 423.
Shen (2015), p. 35.
- 424.
Art. 2 Para. 2 CJV Law; Art. 4 CJV Implementing Regulations.
- 425.
National Bureau of Statistics of China (中华人民共和国国家统计局) (2019), Chapter 11–15.
- 426.
National Bureau of Statistics of China (中华人民共和国国家统计局) (2019), Chapter 11–15.
- 427.
National Bureau of Statistics of China (中华人民共和国国家统计局) (2005), Chapter 18–14.
- 428.
Foreign Investment Department of the Ministry of Commerce (中华人民共和国商务部外国投资管理司) (2019). At the time of writing of this book, no statistic for the entire year 2019 has been published yet.
- 429.
Calculation by the author, based on data from National Bureau of Statistics of China (中华人民共和国国家统计局) (2019), Chapter 11–15.
- 430.
See exemplary higher learning institutions, Item No 31 of the 2019 FDI Negative List in the Guidance Catalogue. For other specific sectors, investors are given a choice between the EJV and CJV. See exemplary medical institutions, Item No 33 of the 2019 FDI Negative List in the Guidance Catalogue.
- 431.
Art. 1 CJV Law. Like in the EJV, the Chinese party can only be a Chinese company, enterprise or other economic organisation, while the foreign party can also be a natural person.
- 432.
Arts. 10–13 CJV Implementing Regulations.
- 433.
- 434.
Art. 4 Para. 3 EJV Law.
- 435.
Art. 21 Para. 1 CJV Law, Art. 43 Para. 1 CJV Implementing Regulations.
- 436.
Art. 21 Para. 2 CJV Law, Art. 44 CJV Implementing Regulations.
- 437.
Wei (2010), p. 68.
- 438.
Art. 21 Para. 2 CJV Law, Art. 44 CJV Implementing Regulations.
- 439.
- 440.
Mahony (2015), p. 188.
- 441.
ibid, p. 189.
- 442.
Art. 5 Para. 1 EJV Law, Art. 22 EJV Implementing Regulations.
- 443.
Art. 8 CJV Law, Art. 18 Para. 1 CJV Implementing Regulations.
- 444.
- 445.
Art. 2 Explanatory Notes on the Implementation of the ‘PRC Sino-Foreign Cooperative Joint Venture Law Detailed Implementing Regulations’ (关于执行《中华人民共和国中外合作经营企业法实施细则》若干条款的说明), promulgated by the Ministry of Foreign Trade and Economic Cooperation on 22 October 1996.
- 446.
Interview with a partner of a foreign law firm in Shanghai that the author has conducted in October 2015; Liu (2008), p. 20.
- 447.
Kroymann (2009), p. 143.
- 448.
Liu (2008), pp. 20–21.
- 449.
Art. 2 Para. 2 CJV Law; Art. 4 CJV Implementing Regulations.
- 450.
Art. 14 Para. 1 CJV Implementing Regulations.
- 451.
Mahony (2015), p. 187.
- 452.
Art. 12 CJV Law.
- 453.
Wei (2010), p. 68.
- 454.
Art. 25 CJV Implementing Regulations.
- 455.
Art. 31 CJV Implementing Regulations.
- 456.
Art. 51 Para. 1 Company Law in connection with Art. 2 Para. 2 Interpretation of the Opinions on Applying the Company Law.
- 457.
Art. 12 Para. 1 CJV Law, Arts. 32–34 CJV Implementing Regulations.
- 458.
Art. 12 Para. 2 CJV Law, Art. 35 Para. 1 CJV Implementing Regulations.
- 459.
Art. 12 Para. 2 CJV Law.
- 460.
- 461.
Art. 4 Para. 2, Arts. 50-54 CJV Implementing Regulations.
- 462.
Art. 2 Para. 2 CJV Law, Art. 4 Para. 1 CJV Implementing Regulations.
- 463.
Art. 50 CJV Implementing Regulations.
- 464.
- 465.
Art. 51 CJV Implementing Regulations.
- 466.
Art. 52 Para. 1 CJV Implementing Regulations.
- 467.
Art. 52 Para. 2 CJV Implementing Regulations.
- 468.
Art. 52 Para. 1 CJV Implementing Regulations.
- 469.
Art. 54 CJV Implementing Regulations.
- 470.
Art. 53 CJV Implementing Regulations.
- 471.
Kroymann (2009), p. 167.
- 472.
Art. 25, Art. 53 Para. 1 CJV Implementing Regulations.
- 473.
Art. 53 Para. 2 CJV Implementing Regulations.
- 474.
- 475.
Kroymann (2009), p. 168.
- 476.
Argumentum a contrario to Article 51, Paragraph 1 Company Law in connection with Article 2, Paragraph 2 Interpretation of the Opinions on Applying the Company Law.
- 477.
Art. 31 CJV Implementing Regulations.
- 478.
Kroymann (2009), p. 170.
- 479.
ibid, p. 170.
- 480.
Art. 12 Para. 1 CJV Law, Arts. 32-34 CJV Implementing Regulations.
- 481.
Art. 12 Para. 2 CJV Law, Art. 35 Para. 1 CJV Implementing Regulations.
- 482.
Mahony (2015), p. 189.
- 483.
ibid, p. 189.
- 484.
Interview with a partner of a foreign law firm in Shanghai that the author has conducted in October 2015.
- 485.
Wei (2010), p. 68.
- 486.
Interview with a partner of a foreign law firm in Shanghai that the author has conducted in October 2015.
- 487.
- 488.
Interview with a partner of a foreign law firm in Shanghai that the author has conducted in October 2015.
- 489.
Mahony (2015), p. 198.
- 490.
Kroymann (2009), p. 80.
- 491.
See Sect. 3.1.2 fn. 35.
- 492.
- 493.
Mahony (2015), p. 38.
- 494.
Art. 3 Para. 1 FIE HoldCo Provisions.
- 495.
Mahony (2015), p. 39.
- 496.
Art. 2 FIE HoldCo Provisions.
- 497.
Art. 3 Para. 2 FIE HoldCo Provisions.
- 498.
Mahony (2015), p. 208.
- 499.
- 500.
Interim Provisions on Establishing Foreign Venture Capital Investment Enterprises (设立外商投资创业投资企业的暂行规定), promulgated jointly by the Ministry of Foreign Trade and Economic Cooperation, the Ministry of Science and Technology and the State Administration of Industry and Commerce on 28 August 2001; later replaced by the Administrative Provisions for Foreign-Invested Venture Capital Investment Enterprises (外商投资创业投资企业管理规定), promulgated on 30 January 2003 and amended on 28 October 2015.
- 501.
Zhang and Du (2014), p. II-5.1.2.
- 502.
Art. 3 FIVCE Provisions.
- 503.
Art. 2 FIVCE Provisions.
- 504.
Art. 4 Para. 1 FIVCE Provisions.
- 505.
Zhang and Du (2014), p. II-5.1.10.
- 506.
- 507.
Art. 4 Para. 2 FIVCE Provisions.
- 508.
Art. 7 Para. 6 FIVCE Provisions.
- 509.
Zhang (2017), p. 237.
- 510.
Art. 4 Para. 3 FIVCE Provisions.
- 511.
Art. 7 Para. 6 FIVCE Provisions.
- 512.
- 513.
Art. 7 FIVCE Provisions.
- 514.
Zhang and Du (2014), p. II-5.1.3.
- 515.
Zhang and Du (2014), p. II-5.1.19-20.
- 516.
- 517.
- 518.
See Sect. 5.3.3.
- 519.
See Sect. 3.1.2 fn. 33.
- 520.
Shen (2015), p. 39.
- 521.
Arts. 1-2 FICLS Provisions.
- 522.
Art. 2 FICLS Provisions.
- 523.
Shen (2015), p. 33.
- 524.
Arts. 76-145 Company Law.
- 525.
- 526.
Art. 17 FIL, Art. 18 FIL Implementing Regulations.
- 527.
Art. 7 FICLS Provisions.
- 528.
- 529.
National Bureau of Statistics of China (中华人民共和国国家统计局) (2019), Chapter 11–15.
- 530.
National Bureau of Statistics of China (中华人民共和国国家统计局) (2019), Chapter 11–15.
- 531.
Foreign Investment Department of the Ministry of Commerce (中华人民共和国商务部外国投资管理司) (2019). At the time of writing of this book, no statistic for the entire year 2019 has been published yet.
- 532.
Mahony (2015), p. 214.
- 533.
Shen (2015), p. 41.
- 534.
Mahony (2015), p. 218.
- 535.
Calculation by the author, based on data from the National Bureau of Statistics of China (中华人民共和国国家统计局) (2019), Chapter 11–15.
- 536.
References
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Kuntner, S. (2021). Joint Venture Enterprises as Sino-Foreign Alliances. In: China’s Foreign-Invested Limited Partnership Enterprise. China-EU Law Series, vol 7. Springer, Cham. https://doi.org/10.1007/978-3-030-54181-1_3
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