On 26 December 2019, the State Council of the People's Republic of China (“PRC”) promulgated the new PRC Regulations for the Implementation (“RI”) of Foreign Investment Law (“FIL”). The purpose of the RI is to further elaborate the details and implement the FIL already promulgated in March 2019. The RI, together with FIL, came into force on 1 January 2020 and will repeal the PRC Wholly Foreign-Owned Enterprise Law, PRC Sino-Foreign Equity Joint Venture Law and PRC Sino-Foreign Contractual Joint Venture Law (which were the laws applicable to foreign investments in PRC) and their respective regulations for implementation.
This update sets out a short summary of the salient terms of the new RI.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the partner at WongPartnership whom you normally work with or any of the following partners:
Joseph HE
Head – China Practice
d +65 6416 8218
e joseph.he@wongpartnership.com
Click here to see Joseph’s CV.
Gerry GAN
Partner – China Practice
d +65 6416 8006
e gerry.gan@wongpartnership.com
Click here to see Gerry’s CV.
Miao MIAO
Partner – China Practice
d +86 21 3306 4990
e miao.miao@wongpartnership.com
Click here to see Miao’s CV.
LIANG Weitan
Partner – China Practice
d +65 6416 2556
e weitan.liang@wongpartnership.com
Click here to see Weitan's CV.