Imagine a world where five powerhouse nations are redefining the global economic landscape. BRICS—an acronym for Brazil, Russia, India, China, and South Africa—is not just a coalition of emerging markets; it is a formidable...more
The Trump Administration’s tariff wars may cause American companies to move operations offshore, with joint ventures in China one likely option. A joint venture with a Chinese partner can enable a company to respond nimbly...more
Letter from the Editors - Words are very powerful and the language we use often frames a discussion. For example, the term “shareholder activist” sounds like a consumer friendly person who has everyone’s best interests at...more
On August 18, 2017, China’s State Council issued guidelines clarifying rules passed a year ago by the State Administration of Foreign Exchange (SAFE) limiting outbound investments as cover-up to move money out of China....more
BACKGROUND - Due to the recent strong desire to convert Renminbi (“RMB”) funds into foreign currency and remit foreign currency amounts outside of China (“China” or the “PRC”, which excludes Hong Kong, Macau and Taiwan...more
Nine years ago, in July 2006, six different Chinese government agencies issued Opinion 171, the first of a number of circulars imposing limits on foreign investment in the property market in response to concerns about a...more
On January 19, 2015, China’s foreign investment regulatory authority Ministry of Commerce (“MOFCOM”) released a draft of new Foreign Investment Law (“Draft Law”) (See blog article Comparison Chart re JV Law and Foreign...more
Replacing Circular 75, Circular 37 simplifies the SAFE registration process for Chinese residents seeking offshore investments and financings, and it liberalizes cross-border capital outflow by Chinese residents. In addition,...more
New SAFE cross-border security rules will ease restrictions on offshore bond offerings and other offshore financings by Chinese companies. Introduction – On May 19, 2014, China’s State Administration of Foreign...more
On April 28, 2013, the State Administration of Foreign Exchange (the “SAFE”) promulgated the Administrative Measures of Registration of Foreign Debts (the “Foreign Debt Measures”) together with the detailed Operational...more
On May 11, 2013, the State Administration of Foreign Exchange (“SAFE”) issued the Provisions for Administration of Foreign Exchange Relating to Inbound Direct Investment by Foreign Investors ( “Circular 21”), effective May...more
In a number of incremental steps, the PRC government has been easing restrictions on the cross-border movement of RMB. The latest step for the private equity industry is the Renminbi Qualified Foreign Limited Partner Program...more
Chinese investments abroad have increased significantly in the past decade. Chinese enterprises (both private enterprises and state-owned enterprises, or SOEs) are heeding the Chinese government’s “venture out” (or zouchuqu)...more
In This Issue: SAFE Issues Notice of State Administration of Foreign Exchange on Further Improving and Adjusting Foreign Exchange Policies Related to Direct Investment; SAFE Makes Revisions to Provisions on Foreign...more