Legal & Regulatory

China Issues Legislation for Internal Control Framework

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Nov. 4 – China has issued legislation detailing the comprehensive requirements needed for a company’s internal control framework called the Basic Standard for Enterprise Internal Control. The legislation was launched by the Chinese Ministry of Finance, the National Audit Office, and all three major industry regulators: the China Securities Regulatory Commission, the China Banking Regulatory […]

Hong Kong Launches Measure to Support SMEs

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Nov. 4 – The government of Hong Kong Special Administrative Region is set to implement the Loan Guarantee Scheme starting November 6 to help small and medium enterprises (SMEs) cope with the global credit crisis. Currently, ten participating lending institutions (PLI) are qualified to accept applications for the enhancement measures. The sub-ceilings for the Business […]

China to Add New Laws to its Civil Code

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Oct. 30 – According to a senior government official, the country will be adding two  laws on civil relations that should complete its Civil Code by 2013. “The Law of Torts and Application of Law in Foreign Civil Relations will complete the Chinese corpus on civil law if both are approved by the National People’s […]

China Issues New Law to Oversee State Assets

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Oct. 29 – China’s 11th National People’s Congress Standing Committee has approved a law that will allow the management of state-owned companies to prevent their assets from being illegal seized. The country has an estimated RMB30 trillion worth of state assets. According to China Daily, statistics show that between RMB80 billion to RMB100 billion worth […]

China Joint Ventures Rehabilitated? Big Business Thinks So

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By Chris Devonshire-Ellis Oct. 29 – Joint ventures in China have had more than their fair share of criticism over the years. Tales of deliberately cynical Chinese partners, investors being ripped off, and disasters all around have often done the media and blog rounds. Rhetoric of this sort can be found in abundance at blogs […]

China to Help SMEs Cope with Slowdown

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Oct.28 – China’s Ministry of Human Resources and Social Security says it will implement policies to help labor-intensive enterprises and small- and medium-sized enterprises (SMEs) weather the global financial crisis. The crisis has hit export-oriented SMEs hard and there has been a wave of factory closures and mass layoffs in the country. According to Xinhua, […]

Beijing Cuts Tax and Mortgage Rates to Boost Real Estate Market

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Oct. 23 – In a statement released on its website, the Ministry of Finance, said that starting next week it would reduce taxes on real estate and lower mortgage rates in an effort to boost the slumping housing sector. The property deed tax will be cut to 1 percent from 3 to 5 percent for […]

China to Raise Tax Rebates on Selected Export Goods

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Oct. 22 – China’s Ministry of Finance said tax rebates on selected export products will be raised beginning November 1; to ease pressure on businesses affected by slowing export demand. This is the second time in three months that China has increased tax rebates for the export industry. Last August 1, tax rebates were increased […]

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