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1.
What are the basic laws and regulations encouraging overseas investors
to invest in China?
In order to create a congenial investment environment and to encourage
overseas firms to invest in China, China has gradually set up
a relatively complete legal system. In 1979 the National People's
Congress issued The Law of the People's Republic of China on Chinese-Foreign
Equity Joint Ventures. In the following 20-odd years, the Chinese
government has promulgated and issued a series of laws and statutes
concerning the establishment, operation, termination and liquidation
of foreign-invested enterprises. The main laws and regulations
include the three basic laws: The Law of the People's Republic
of China on Chinese-Foreign Equity Joint Ventures, The Law of
the People's Republic of China on Chinese-Foreign Contractual
Joint Ventures, and The Law of the People's Republic of China
on Wholly Foreign-Owned Enterprises; detailed rules for the implementation
of the three basic laws; The Company Law of the People's Republic
of China; The Income Tax Law of the People's Republic of China
for Enterprises with Foreign Investment and Foreign Enterprises;
Interim Provisions for Guiding Foreign Investment; Industrial
Catalogue for Foreign Investment; Interim Provisions Concerning
the Investment within China of Foreign-invested Enterprises, Provisions
Regarding the Merger and Separation of Foreign-invested Enterprises,
and Liquidation Measures for Enterprises with Foreign Investment.
These provide legal bases from which to guarantee the independent
operation rights of foreign-funded enterprises and to protect
the legitimate rights and interest of both domestic and overseas
investors.
Currently, the Chinese government is reexamining its existing
laws and statutes in accordance with the framework of the WTO.
It has abolished certain obsolete laws and regulations, and
will gradually revise the laws and regulations that are incompatible
with the rules of the WTO. For instance, in 2000 China revised
The Law of the People's Republic of China on Chinese-Foreign
Contractual Joint Ventures and The Law of the People's Republic
of China on Wholly Foreign-Owned Enterprises, and discarded
certain restrictions regarding the balance of foreign exchange
account and localization of supplies. In 2001 The Law of the
People's Republic of China on Chinese-Foreign Equity Joint Ventures
was also revised.
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