The Standing Committee of the National People’s Congress on 3 September 2016 passed a decision on amending four laws, including the Law on Wholly Foreign Owned Enterprises, and the amendment became effective on 1 October. Under the decision, a recordal system for the establishment and administration of corporate changes of foreign-invested enterprises (FIEs) in “industries that are not subject to special administration measures for entry” has been implemented on a nationwide basis.
On the same day, the Ministry of Commerce (MOFCOM) released a draft of the Interim Measures for the Administration of the Recordal of the Establishment and Change of Foreign-Invested Enterprises for public comment until 22 September 2016. Under the draft measures, which came into effect from 1 October 2016, “industries that are not subject to special administration measures for entry” are those which will be listed in a “negative list” for foreign investment, similar to the ones that have been adopted in the four pilot free trade zones (FTZs) in Shanghai, Guangdong, Tianjin and Fujian.
The decision and the draft measures represent China’s attempts to further relax the regime for administration of FIEs on a nationwide basis.
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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by e-mailing Danian Zhang (Shanghai) at: danian.zhang@bakermckenzie.com
