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In order to promote venture capital investment and to support small to middle sized business, the Ministry of Finance and the State Administration of Taxation have jointly promulgated the Circular on Pilot Tax Policies for Venture Capital Firms and Individual Angel Investors (Cai Shui [2017] No. 38 ) (the “Circular“) on April 28, 2017. The tax policy will be provisional in the pilot areas of Beijing-Tianjin-Hebei, Shanghai, Guangdong, Anhui, Sichuan, Wuhan, Xi’an, Shenyang, and Suzhou Industrial Park.
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The Ministry of Human Resources and Social Security, the Ministry of Foreign Affairs, the Ministry of Public Security and the Ministry of Culture jointly issued a notice of the Relevant Handling Procedures for Foreigners Entering China for the Accomplishment of Short-term Work Assignments (the “Notice”) on November 6th, 2014 and this Notice became effective on January 1st, 2015.
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Following the big change where registration was replaced by filing for establishment applications of companies excluded in the Negative List, China State Council further approves adjustment of the special access management measures for qualification requirements, share ratio restrictions and business scope restrictions in some industries in the Shanghai Pilot Trade Zone to allow foreign invested enterprises engaging in some business activities that were previously restricted or prohibited.
Continue Reading China State Council Approves Adjustment of Special Access Management Measures in Shanghai Pilot Free Trade Zone

The Regulations on Supervision and Administration of Medical Devices was amended and promulgated by the State Council on March 7th, 2014, effective June 1st, 2014. The last version is from 2000. The following highlights the changes that have been made.
Continue Reading Changes of the Amended Regulations on Supervision and Administration of Medical Devices

On February 19, 2014 the state-level General Administration for Industry and Commerce (the “AIC“) issued a notice to officially cancel the annual inspection for all types of enterprises including domestic entities, representative offices, branches and foreign invested entities since March 1st, 2014. Following this state-level AIC notice, many local AICs in Beijing, Shanghai, Guangdong, Hubei and Sichuan have also published their own respective notice of new rules and procedures governing their annual inspection this year.
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Understanding your rights as a creditor while navigating under China’s bankruptcy laws is becoming a must these days, especially for foreign creditors. As many foreign companies engage in business with Chinese companies, chances are likely that you will encounter a failing Chinese company that will file for bankruptcy in China. A China bankruptcy filing can have a tremendous impact upon foreign creditors.  If you are doing business with Chinese companies or have investments in Chinese companies, you should be aware of your rights as a creditor under Chinese bankruptcy laws. Knowledge about your rights as a creditor – whether it be filing a claim, recovering your property, compelling a bankruptcy administrator to continue performance of a contract or seeking its rescission, having the bankruptcy administrator examine and revoke fraudulent transfers and preferences or exercising set off rights – are all important legal rights which can help you to minimize your business risks.
Continue Reading Creditors’ Rights Clarified By Interpretation II of the Supreme People’s Court on Several Issues Concerning the Application of the Enterprise Bankruptcy Law of the People’s Republic of China