Legal & Regulatory

China Customs Releases 31 Standards for Unit Consumption in Processing Trade

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Dec. 22 – China’s General Administration of Customs and the National Development and Reform Commission jointly released a notice on December 10, approving 31 standards for unit consumption in processing trade for 2010. The new standards for unit consumption in processing trade, which are scheduled to be carried out on January 12, 2010, include the […]

U.S. Congress Looks to Revise SOX Legislation

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By Hank Bourg Dec. 17 – The U.S. House of Representatives last Friday passed sweeping legislation that tightens government regulation of the financial markets in the U.S. including addressing predatory lending practices and unregulated financial derivatives. Nestled in the various sections of the act, titled “The Wall Street Reform and Consumer Protection Act,” is an […]

Mainland, Hong Kong Credit Card Defaulters Risk Jail

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Dec. 16 – Hong Kong and mainland Chinese credit cards users risk jail time should they default on credit card debts three months after receiving a second warning notice, reports the South China Morning Post. Penalties for Hong Kong residents using cards issued by mainland banks will depend on whether the card was issued in […]

Personal Domain Name Registration Banned

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Dec. 15 – The China Internet Network Information Center (CNNIC) has banned the registration of internet domain names for personal use unless it is for licensed businesses or state-approved organizations effective immediately. CNNIC regulations requires that those wanting to register a .CN domain name must personally submit an application form with the company seal, a […]

New Regulations Released on Travel Industry Ads

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Dec. 14 – The Shanghai Tourism Bureau has released new regulations concerning the advertising activities of travel agencies. The regulations state that travel agencies will be barred from publishing tourism advertisements that go beyond the approved scope of the industry. Moreover, prices quoted in the advertisements shall be the total amount collected by travel agencies, […]

State Council Issues Guidelines for Establishing Foreign-Invested Partnerships

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By Richard Hoffmann Dec. 11 – China’s State Council has finally issued its long awaited guidelines on foreign-invested partnerships, under State Council Order (2009) No. 567. The measures, which also apply to companies and individuals from Hong Kong, Macau and Taiwan, permit foreign companies or individuals to establish FIPs in China either by themselves, or […]

International Business Groups Urge China to Cancel Procurement Policy

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Dec. 11 –  The heads of 34 international business groups have sent a letter to Chinese authorities urging them not to push through with plans to implement an Indigenous Innovation Product Accreditation system for high-tech equipment sold to government agencies. If the regulation is implemented, only companies included in the national catalog of products will […]

Verifying Chinese Registered Capital Amounts

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Part 2 in our series: Understanding Chinese Limited Companies By Richard Hoffmann Dec. 9 – As mentioned yesterday in an article on Chinese company business licenses, all businesses in China are required to demonstrate their registered capital amounts on their business license. While this is strictly monitored for foreign investors, the Chinese authorities are somewhat […]

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