UPDATE (Dec. 17, 2019): It appears that a complete Civil Code has indeed been submitted for review at the NPCSC’s upcoming session. Here is an unofficial but authentic draft (PDF).
The Council of Chairpersons decided on Monday, December 16 to convene the 15th session of the 13th NPC Standing Committee (NPCSC) from December 23 to 28. The NPCSC will review at least 11 legislative bills at its upcoming six-day session. A quick rundown follows.
Continue reading “NPCSC Session Watch: Civil Code, Securities Law, Yangtze River Protection, Taiwanese Investments & Export Control (Updated)”
On Friday, March 15, 2019, the National People’s Congress adopted the Foreign Investment Law [外商投资法] by a 2929–8 vote, with 8 abstentions and 3 delegates not voting. Upon taking effect on January 1, 2020, the Law will replace China’s currently fragmented foreign investment regime: three separate foreign investment laws enacted in the early years of China’s economic reform. Our English translation of the new Law is available here.
Continue reading “Summary of China’s New Foreign Investment Law”
UPDATE (Feb. 18, 2019): The NPCSC apparently did quietly release the full text of the second draft of the Foreign Investment Law on January 29. (So quietly that we could not find the webpage unless we use the website’s search function.) We thank the reader who sent us the link.
We shall start by saying that, no, the NPC Standing Committee (NPCSC) has not released the official second draft of the Foreign Investment Law [外商投资法] that it reviewed in late January. We instead found an unofficial version of the second draft on WeChat—specifically this post by a public account focusing on fiscal and tax issues. [*] After checking this document against state media reports on the second draft, we have every reason to believe that it is authentic.
An English translation of the second draft of the Foreign Investment Law (along with the Chinese original) is now available on China Law Translate.
Continue reading “Second Draft of Foreign Investment Law: A Summary of Main Changes (UPDATED)”
UPDATE (Jan. 29, 2019): On the morning of January 29, the NPCSC decided to submit the draft Foreign Investment Law to the 2019 NPC session for deliberation (and most certainly adoption). It is unclear at this point whether it will release the second draft of the Law for public comments, but as we argued below, the chance is slim. We very briefly noted the main new provisions in the newest draft on Twitter:
The NPC Standing Committee (NPCSC) conducted an initial review of the draft Foreign Investment Law [外商投资法] last December but took no further action. Readers may recall that we then explained what we saw as the (only) two potential legislative timetables for the Law: It will be adopted by the NPC either this March (after another NPCSC review in late February) or in March 2020 (after a few more readings in 2019). The longer process would not help show China’s willingness to comply with certain demands the United States made during trade negotiations, while the shorter one faces procedural hurdles under Chinese law.
Faced with two imperfect choices, the NPCSC has decided to take an unexpected third approach. It will convene for a special session from January 29 to 30 to conduct a second review of the draft Foreign Investment Law, the Council of Chairmen announced on Wednesday. At the end of the two-day session, the NPCSC will most certainly submit the Law to the NPC, which will then most certainly approve it at its annual session in March.
Continue reading “NPCSC Adds Special Session for Second Review of Foreign Investment Law (UPDATED)”
The 13th NPC Standing Committee (NPCSC) concluded its seventh session on Saturday with the adoption of a series of laws and decisions. Below we will take a brief look at each.
Continue reading “NPCSC Takes No Further Action on Foreign Investment Law (for Now), Adopts Two Tax Laws & Codifies Civil Service Reform”