China presents some of the world’s most exciting opportunities, and a unique set of cultural, legal and political challenges. It has a distinct legal regime that in many respects cannot be understood by direct reference to Western standards. Chinese legislation is typically drafted in broad terms that give civil servants and judges wide discretionary authority to interpret the rules in line with policy changes and China’s developing market economy. In addition, ongoing reform and regulatory change in China continues to present both challenges and significant opportunities for investors.