Clean Development Mechanism: Untapped Potential
Under the United Nation's Framework Convention on Climate Change (UNFCCC), “developed country Parties should provide new and additional financial resources to support the transfer of technology and take all practical steps to promote, facilitate and finance the transfer of, or access to, environmentally sound technologies and know how to developing country Parties.” However, a UNFCCC report revealed that a large portion of developing nations do not take advantage of CDM projects to import technology.
As long as technology transfer from developed countries is a convenient low-cost means for China to reduce GHG emissions, why doesn't China have more CDM projects that involve technology transfer? [continue reading to see our analysis]
Wang Rui, Partner, International Trade
Continue Reading...Hong Kong's Proposed Competition Ordinance: Unsettled Issues of Design
The Hong Kong Government has decided to introduce a cross-sector competition law during the 2008-09 legislative session. The Government has published a draft framework for the competition law and is currently seeking public comments on this draft.
The introduction of a competition law is a significant step for an economy to take. Not all competition laws are the same and the most important thing is that the law is designed well to suit the Hong Kong economy.
I. Key features of the draft framework paper
A. Competition rules
There are three core prohibitions commonly found in competition laws around the world. These are a prohibition against horizontal coordinated conduct such as price fixing between competitors; a prohibition on an abuse of unilateral market power (sometimes called an abuse of dominance or otherwise called an abuse of a substantial degree of market power); and a prohibition against anticompetitive mergers.
The competition law would contain two broad prohibitions:
• prohibition against undertakings (individuals, companies or other entities engaged in economic activities) entering into agreements, decisions or concerted practices with the purpose or effect of substantially lessening competition (the "First Conduct Rule"); and
• prohibition against undertakings that possess a substantial degree of market power from abusing that power with the purpose or effect of substantially lessening competition (the "Second Conduct Rule").
The Public Consultation Paper also raises the possibility of a prohibition against mergers or acquisitions that are likely to substantially lessen competition (the "Merger Rule") and a clearance process for mergers and acquisitions. If this possibility was not adopted, it would put the Hong Kong competition law out of step with most other competition law regimes around the world.
Also prohibited in some jurisdictions and not in others is certain vertical conduct like resale price maintenance. For example, the competition law on the Mainland contains such a provision. However, in step with recent US case law, Singapore does not prohibit such vertical conduct. The proposed Hong Kong law would follow the latter course. [continue reading for an in depth analysis]
*Nick Taylor is a partner of Gilbert+Tobin, a strategic partner of King & Wood since November 2007.
**Kenneth Choy is a partner of Arculli, Fong & Ng, King & Wood's associate firm in Hong Kong.
Debt Restructuring -- Second Life for a Distressed Company
Stellar Megaunion Corporation ("SMC") was in serious debt, as it could barely repay its liabilities. New World China Land ("NWCL"), which was seeking an opportunity to go public, proposed to acquire SMC as a shell company which has no assets, but is publicly listed. To achieve this goal, NWCL conducted several rounds of negotiations with SMC's creditors to settle SMC's debts and clear the roadblocks for the acquisition. However, the parties were unable to make much progress in the negotiations due to the large number of SMC's creditors involved. As SMC needed to solve its debt crisis as soon as possible and its negotiations with NWCL were deadlocked, the company decided to reorganize to completely release itself from the heavy debt burdens in a short period time.
SMC's Reorganization
A. Reorganization initiated by SMC's creditors
As SMC failed to repay it debts due, a third party creditor petitioned the proper Intermediate People's Court (the "Court") to reorganize SMC. The Court accepted the petition on March 11, 2008 ([2008] Yusanzhongbozi No.1).
B. Confirmation of Creditors' Rights
According to the proposed reorganization plan the administrator of SMC (the "Administrator") submitted to the Court and the first SMC creditors' meeting, 70 creditors filed claims and the total value of confirmed claims was nearly RMB 2.5 billion. [continue reading to find out the outcome]
Liu Yanling, Partner and head of King & Wood's Restructuring & Insolvency group.
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Intersect Between Intellectual Property Law And Competition Law
At first glance, the goals of intellectual property law and competition law might appear to conflict. IPR owners are granted statutory rights to control access and charge monopoly rents to others for use of their rights. IPR owners may also use terms of IPR licences to regulate downstream activities of their distributors, such as imposing exclusivity, territorial restraints and price restraints. Competition law, on the other hand, is directed at curtailing such market power which may prove harmful to economic welfare.
However, IP laws and competition laws can also be seen as complementary rather than antagonistic. Both laws share the same fundamental goals of enhancing consumer welfare and promoting innovation. According to the United States (US) Department of Justice (DoJ) and the Federal Trade Commission (FTC) :
“…[competition] laws protect robust competition in the marketplace, while intellectual property laws protect the ability to earn a return on the investments necessary to innovate. Both spur competition among rivals to be the first to enter the marketplace with a desirable technology, product, or service.”
While an IPR may confer a “legal monopoly” over a product, process or work, it does not necessarily confer an “economic monopoly”. Further, while an IP license may well confer restraints on licensees (such as territorial restraints) with respect to a specific product, process or work, there may be sufficient actual or potential close substitutes that constrain the exercise of market power by the IPR owner.
Despite the view that the goals of IP and competition laws are complementary, difficult questions can arise when competition law is applied to specific activities involving IPRs.
A. China's AML: Article 55
The IPR provision in the AML is set out in Article 55:
“This law shall not apply to the conduct of operators to exercise their intellectual property rights in accordance with the laws and relevant administrative regulations on intellectual property rights; however, this law shall apply to the conduct of operators to eliminate or restrict market competition by abusing their intellectual property rights.”
Article 55 exempts conduct which amounts to an exercise of IPRs so long as: those IPRs are exercised in accordance with the provisions of laws and administrative regulations relating to IPRs; and the conduct does not amount to an abuse of IPRs by eliminating or restricting competition.
The Article 55 approach is very similar to the approaches in Australia and Canada. In both these countries, there has been debate about when the IPR owner is only fairly exercising their inherent rights in the IPR or is trying to achieve something more which has an anti-competitive outcome. Experiences in both countries show that this dividing line can be difficult to draw.
[continue reading for further analysis]
* Angie Ng is a graduate in the Competition and Regulatory Group at Gilbert + Tobin in Sydney, Australia.
** Ding Liang is of counsel for King & Wood's International Trade Group in Beijing.
*** Peter Waters is a partner in the Competition and Regulatory Group at Gilbert + Tobin in Sydney, Australia.
King & Wood established a strategic alliance with Gilbert + Tobin in November 2007.
Foreign Exchange Capital: Restrictions on Domestic Investment
Recently, the Chinese government issued a couple of new laws and regulations to curb overseas “hot” money and strengthen the administration of foreign exchange. On August 5, 2008, the State Council amended and promulgated the Regulations on Foreign Exchange Administration of the People's Republic of China which requires that foreign exchange and the fund for settlement in a capital account should be used as approved by relevant approval authorities. On August 29, 2008, the Circular of Relevant Implementation Questions Concerning the Improvement of Administration of Payment and Settlement of Foreign Exchange Capital of Foreign Invested Enterprises (the “Circular”) was then issued by the State Administration of Foreign Exchange (“SAFE”), according to which the RMB settled from the capital account of a foreign invested enterprise (“FIE”) should be used in accordance with the business scope approved by the governmental agencies and may not be used to make equity investments in China. This means foreign investors cannot directly make use of the foreign exchange in their capital account to invest in China, which is expected to have a major impact on domestic re-investment by FIEs.
In the past, a number of foreign investors used to invest in China by first establishing a FIE and then using the FIE as an investment arm to re-invest in China. Please note such an FIE referred to here is not the so-called “foreign funded investment company” (“Investment Company”) which is a special entity set up by foreign investors to mainly engage in direct investment in China. Rather it refers to such a FIE whose business scope may include production, retail, wholesale of products, consulting or technology services or other businesses rather than “investment” as permitted under PRC law.
Interestingly, the item of “investment” is normally not allowed to be included in the business scope of a FIE by approval authorities like the Ministry of Commerce (“MOFCOM”) and corporate registration bodies like the State Administration for Industry and Commerce (“SAIC”) along with their local counterparts. However, the Provisional Regulations on Investment within China by Foreign Invested Enterprises which was promulgated dated July 25, 2000 jointly by MOFCOM and SAIC does grant a FIE a qualification to re-invest in China. In practice, a FIE is permitted to conduct investment in China e.g. acquiring the equity interests of other FIE(s) or domestic company(s), but a FIE is required to use RMB to make such investment under the current PRC law. Thus a question arises: if a FIE has no or cannot obtain sufficient amount of RMB by whatever lawful means, could it be allowed to convert funds into RMB from its capital account for the purpose of investment? [continue reading to find out the current policy]
Huang Caihua, Associate, FDI
Continue Reading...Employment Contract Law Implementation Regulations: Initial Thoughts
The Implementation Regulations of the PRC Employment Contract Law, which has been anticipated for over a year, became effective on September 18, 2008. Overall, the Regulations are consistent with the spirit of the Employment Contract Law and resolves certain problems in its implementation. However, the Regulations have a relatively limited impact and failed to meet many expectations.
A few limitations include:
(1) The Regulations do no resolve the question of whether a company may unilaterally make a final decision in formulating and revising internal rules, regulations, and other material matters or if the company must jointly formulate such internal policies along with its employees. Basically, the Regulations do not clarify whether the employer can determine the matters by itself when trade unions or employee representatives disagree. It is unfortunate that the differing views and practices on this question are not addressed as this is a major point of contention.
(2) The Regulations do not define the terms “temporary”, “auxiliary” and “substitute” employees as described in the Employment Contract Law. The three terms are used to classify those job positions that qualify for labor dispatch. Although the Regulations intentionally omitted definitions to preserve flexibility, the omission still makes that corresponding article in the Employment Contract law difficult to implement in practice and does not provide clarity for how to handle labor dispatch.
Resolving the above issues will most likely now be addressed by local rules promulgated in the future. Therefore, it is very important for employers to keep an eye on the local legislation (of both the place of the company’s registration and the place of performance of the employment contract). As always, the employer also then needs to continually update its internal regulations and rules in accordance to latest national and local legislation.
Duan Haiyan, associate, Labor & Employment
Continue Reading...Milk Mayhem - China Food Safety System in Flux
The current concerns about the spiking of dairy products in China with melamine have expanded into concerns about the state of Chinese food safety generally.
The problem does not appear to be a lack of regulations as there are a myriad of relevant laws, regulations and rules (including PRC Food Hygiene Law, PRC Product Quality Law, PRC Agricultural Product Quality Safety Law, PRC Consumer Rights Protection Law, Special State Council Rules on Strengthening Supervision and Management of Food Safety, National Plan for Major Food Safety Emergencies to name a few).
Perhaps the myriad of laws and regulators are part of the problem and not part of a solution. The existing PRC laws can cover the main points but it seems that problems remain due to a failure to enforce the regulations and not due to a failure to have enough of them. In addition there are so many authorities involved (Administration for Industry and Commerce, the Food and Drug Administration, the Administration of Quality Supervision, Inspection and Quarantine, the Standardization Administration, the Ministry of Health, the Ministry of Agriculture, the Ministry of Commerce, etc.) it may be difficult to determine the correct authority to be addressed in case of a problem and there are also co-ordination issues. Also it seems that local authorities have not fully enforced the regulations. As is often the case only the central authorities appear to be willing to take effective action.
Another problem appears to be that a number of large dairy companies were given inspection-free status by the General Administration of Quality Supervision, Inspection and Quarantine (China's product quality watchdog). As we have seen in Wall Street self-regulation or de-regulation is not always the right answer.
What's Next from a Legal Perspective
The PRC central authorities are now moving quickly to take action and calm consumers concerns including:
Cancelling Exemptions from the Inspection System – as mentioned above a major problem was a system of “trusted” companies being largely unsupervised. This system was cancelled on September 18, 2008 by the State General Administration for Quality Supervision, Inspection and Quarantine. On the same day, the State Council declared that the System of Exemption from Inspection for food quality was cancelled.
Draft PRC Food Safety Law - The government currently has a draft PRC Food Safety Law being circulated since April 20, 2008. This law will replace the PRC Food Hygiene Law, which is no longer considered suitable for today's China. The Draft law is an umbrella law which aims to establish a comprehensive supervision system for food safety and resolve turf fights between supervision authorities. It is expected that the Draft or its implementing regulations will be strengthened further in light of the dairy industry problems. One area of controversy is whether the food safety administration should still be done by a number of authorities (current method) or be done by one authority is still full of controversy.
Administrative Responsibility System – Up to now, 7 senior officials have been dismissed or have resigned due to the milk incident, including the Head of the State General Administration for Quality Supervision, Inspection and Quarantine (Mr. Li Changjiang) and the Mayor of Shijiazhuang (Ji Chuntang) resigning, the CCP Secretary of Shijiazhuang (Wu Xianguo) being dismissed, etc. Accordingly the government is taking responsibility. This distressing incident may be a spur to better and more effective regulation. Hopefully other governments facing different types of regulatory problems will also take specific action.
Mark Schaub, Partner, FDI
Transitional Tax Incentive Policies relating to the Enterprise Income Tax
The new PRC Enterprise Income Tax Law (“EIT law”) came into effect on January 1, 2008 and consolidated the enterprise income tax regimes for domestic enterprises and foreign-invested enterprises and ended the system of dual income tax regimes. The new EIT law unified the tax rates and tax incentive policies for both domestic enterprises and foreign-invested enterprises so that more equitable market conditions are created.
For those enterprises previously enjoying favorable tax incentives under the former tax regimes, the new EIT law provides a 5-year transitional period. For example, enterprises that enjoyed fixed term tax exemptions and reductions may continue to enjoy them until the end of the original term. Enterprises that used to enjoy a 15% tax rate will gradually shift from the lower rate to the 25% as required by the new EIT law. The transitional tax incentive policies are provided in many different tax regulations. The following is an introduction of some of the transitional tax policies:
Wu Libin & Stephen Nelson, Head of King & Wood's Tax Practice
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Labor Arbitration Decision Vacated
The First Intermediate Court of Beijing recently issued a landmark decision under the new Labor Mediation and Arbitration Law (effective May 1, 2008). Under the new law, only employees can appeal certain arbitration decisions, while the employer is only able to request the court to vacate arbitration decisions on certain narrow grounds.
In this recent case, the court vacated a previous labor arbitration decision on the grounds that the Labor Contract Law (effective Jan. 1, 2008) did not apply retroactively to the case at hand. The plaintiff in this case started to work for a Beijing medical technology company in Nov. 2007 with a probation period that lasted until Jan. 2008. In Feb. 2008, he was terminated for incompetence. He filed for a labor arbitration and was awarded RMB 3600 compensation under the Labor Contract Law. The company requested the court vacate the decision. Upon review, the court determined that the arbitrator retroactively applied the Labor Contract Law on severance calculation and vacated the arbitrator's decision on that ground.
This is the first reported case of a court vacating a previous labor arbitration award. Once vacated, the case could not be submitted to arbitration for a second time and the only recourse is now to seek judicial remedies before the courts.
In light of recent labor employment legislation, this decision will become persuasive authority for similar employment disputes. Unlike other countries in terms of costs and processing time, to arbitrate an employment dispute in China requires no filing fee and a final decision will be obtained within a couple of months. Labor arbitration filings have tripled since the promulgation of the new Labor Contract Law. Previously, either party could appeal the arbitration decision to the court to have a completely new trial of both factual disputes and legal issues. Under the new Labor Mediation and Arbitration Law, as illustrated by this case, arbitration decisions will now have certain limitations as to judicial appeal/review. In the short term, it will effectively reduce the court's case load. In the long term, it will teach the public to have a more rational view of employment litigation. For practitioners, the amount in controversy now becomes an important factor in evaluating the overall procedural strategy, since certain small claims of employment disputes will have limited grounds to appeal arbitration decisions.
Wu Jing, Attorney, Labor & Employment
New York: Current Trends Lead to Overseas Expansion
In the first half of 2008, overseas investment of Chinese companies has more than doubled from last year. This year, Chinese outbound investment has already reached 16 billion euros (nearly $23 billion) according to Bloomberg.
Correspondingly, we have seen an increasing number of our domestic Chinese clients invest abroad for both market seeking and resource seeking opportunities. We expect this trend to accelerate in the coming years as outbound rules continue to be relaxed and domestic companies shift their strategies to compete globally.
This trend, coupled with close working relationships with a significant number of American companies and law firms have lead King & Wood to establish its New York office opening September 9th, 2008. As a firm with an extensive client list in the banking industry, our location on Madison Avenue will serve as serve as a local presence for many of our American clients and also provide international support for our clients at home. Since 2001, King & Wood has made a series of international moves such as San Francisco, Hong Kong, Tokyo and most recently with our Sydney Strategic Alliance at the end of 2007.
For years we have seen U.S. and European law firms expand into China. As the global clout of Chinese companies grows, we will see continue to see Chinese law firms expand with them.
Shanghai Encourages Regional Headquarters
A few years ago, it seemed that
By Mark Schaub, Partner Shanghai Office of King & Wood，FDI
Continue Reading...Renewable Projects in Hong Kong may Lead to Additional Reward?
1.Introduction
On 6 June 2008, the Government of the Hong Kong Special Administrative Region (the “HKSAR”) announced the “Arrangements for the Implementation of Clean Development Mechanism (“CDM”) Projects in the Hong Kong Special Administrative Region” (the “Implementation Arrangements”). The Implementation Arrangements have been developed following consultations between the National Development and Reform Commission (“NDRC”) of
By Andrew Tan
Partner Arculli Fong & Ng (in association with King & Wood, PRC Lawyers)
New Trend of Global Cross-Border M&A and Strategic Investment Wave
2008 is destined to be an extraordinary year for global cross-border M&A. King & Wood, as a leading law firm deeply rooted in this activity in China, has noticed the following trends in the second half of 2007 and the first half of 2008...
By Wang Junfeng, Partner
Edward Jing, King & Wood’s Securities Group
Continue Reading...Anti-ambush Marketing Measures for the Beijing 2008 Olympic Games
As consideration for obtaining Olympic marketing rights, the official sponsors have contributed considerable funds and goods to the Olympic Games. The strong support of sponsors is crucial to the successful staging of every edition of the Olympic Games. As such, the International Olympic Committee (“IOC”) views the protection of the sponsors’ rights as an important aspect in the preparation and organization of the Olympic Games. The Government of the Beijing Municipality and Beijing Organizing Committee for the Games of the XXIX Olympiad (“BOCOG”) also solemnly have covenanted in the Host City Contract and the Marketing Plan that they will take all necessary measures to prevent and combat ambush marketing in any form...
By
Chinese Law on Product Recalls- A Work in Progress
Recent issues regarding Chinese products have focused on the gaps remaining in the law. However, the gaps are quickly closing. Product safety has become a top priority for China. Chinese authorities have streamlined the legislative process for product recalls at all levels...
By Li Yongmei King & Wood’s Domestic Litigation & Arbitration Practice
Continue Reading...Why No Poison Pill in China?
Last month, Mr. Martin Lipton, of Wachtell, Lipton, Rosen & Katz, honored King & Wood with a speech on the implications of the “poison pill” in legal practice. Mr. Lipton is noted for his innovative "rights plan", a series of defensive measures taken by the board of a target company in a hostile takeover. The “rights plan” is meant to ward off hostile offers that substantially underestimate the value of the target's shares. The rights plan was later referred to as the "poison pill" by Wall Street bankers whose attempts at hostile takeover below fair value were frequently frustrated by the "rights plan."
Mr. Lipton's speech inspired me to ponder the question of how defensive measures work in China's corporate governance. I then googled the word "poison pill" and "company" in Chinese, but found no instances of companies utilizing the poison pill within China. So why is there no poison pill in China?
By Li Wenbo King & Wood’s International Trade Group
Statute of Limitations Extended for Commencing Arbitration in Labor Disputes
By Xu Xiaodan, King & Wood's International Litigation & Arbitration Group. Continue Reading...
Tax Relief Policy in Post-Disaster Areas
The massive May 12, 2008 Wenchuan earthquake caused heavy property damage and saddening losses of life in the Chinese Providences of Sichuan, Shanxi, and Gansu. In order to support the earthquake relief and reconstruction effort, the Ministry of Finance and State Administration of Taxation has implemented post disaster tax deductions and exemptions. These relief measures impact affected individuals or enterprises, and also donations toward the relief effort. The most significant tax relief measures were announced in the “Notice on Implementing the Earthquake Relief and Reconstruction Tax Policies”(Notice 62). The taxes covered in the Notice included: enterprise income tax, individual income tax, house property tax, resource tax, stamp tax, urban land use tax, vehicle and vessel use tax, import tax.
By Zhang Yu, Wang Xiujuan, Chengdu Office of King & Wood, FDI
Continue Reading...New Technology Import Regulations May Cause Headaches for the Unprepared
The measures are a mix of devolution (i.e. the regulations delegate responsibility down to regional Bureaux of Commerce); increased regulation and supervision on the one hand but relaxation in other regards.
By Mark Schaub, Partner Shanghai Office of King & Wood，FDI
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Calculating Late Payment Breach Damages
Unclear provisions have frequently caused liability disputes for late payment damages. Clearly a non-breaching party may claim damages for late payment. Yet, opposing parties have often advanced differing methods for calculating damages depending on which method provides a more favorable outcome. In the past, courts also proposed differing principles for deciding cases. This lack of uniformity often led to confusion.
By Cheng Shigang, Associate in King & Wood's Domestic Litigation and Arbitration Group.
New Technology Import Regulations May Cause Headaches for the Unprepared
Two sets of new measures have been issued in June 2008 (namely Measures for the Administration of Prohibited and Restricted Technology Import and Measures for the Administration of Import and Export Contracts Registration) which are likely to have a material, practical affect upon technology licenses and transfers to and from
The measures are a mix of devolution (i.e. the regulations delegate responsibility down to regional Bureaux of Commerce); increased regulation and supervision on the one hand but relaxation in other regards.
By Mark Schaub, Partner
Continue Reading...Reading the Tea Leaves: Changes to Foreign Investment Catalogue
Despite 30 years of opening up, actual Chinese government policy remains opaque. Although not as incomprehensible to the outsider as Kremlin watching was in the Cold War there are still few opportunities to really grasp what type of foreign investment is actually in favor at any given time. Circular 57, also known as Catalogue for the Guidance of Foreign Investment Industries (“Catalogue”) was overhauled late last year and does provide some hints in this regard.
More than anything else the Catalogue shows increased regulation as the number of industries subject to specific restrictions or encouragement has been increased since the 2004 version (i.e. encouraged category now has 351 subjects compared to
Naturally there are winners and losers.
Some winners include 1) environmentally friendly industries; 2) some forms of media (restrictions on foreign investment in sports, entertainment, radio and television program production have been loosened from prohibited to restricted); 3) telecommunications (maximum foreign share raised from 35% to 49%).
Some losers include: 1) heavily polluting manufacturing (in particular batteries have been hit hard); 2) internet news and services are prohibited (although this may have been more a clarification than a change of existing policy); 3) foreign activities in real estate (due to, a possibly misguided, assumption that foreign investment is driving real estate prices ever higher).
Naturally the Catalogue is only one part of the picture. Investors will also need to examine what operational licenses and approvals are required and different localities also have different local policies. Despite this the Catalogue remains a useful initial tool for investors to gauge the likely attitude of the approval authorities to their project.
By Mark Schaub, Partner Shanghai Office of King & Wood，FDI
Urban and Rural Planning Law: Hot Issues
As
The Urban and Rural Planning Law of the People's Republic of
Highlights of the Urban and Rural Planning Law
1. Emphasizing Procedural Requirements such as Notice & Comment Period
2. Tightening Environmental Protection, Natural and Cultural Heritage Protection
3. Strengthening Rural Planning
4. Public Participation and Increasing Supervision and Inspection
5. Providing Relevant Legal Liabilities Punishing Local Governments for Non-compliance.
A Few Hot Issues:
-The Urban and Rural Planning Law stipulates more stringent approval procedures for building premises required by township and village enterprises, rural common facilities or public interest establishments within a township or village planning area. The Urban and Rural Planning Law provides that no farm land can be used for such buildings unless approved by the corresponding department of urban and rural planning under the people's government of the city or county.
-Chapter III of Implementation of Urban and Rural Planning, provides more complicated construction land-use right approval procedures than that provided in the Land Administration Law and former City Planning Law. Procedures for changing land use purpose are more stringent to curb disorganized allocation, transfer and use of construction land.
-The right to legally recover State-owned land is addressed in Article 58 of the Land Administration Law, which provides that "proper compensation should be given to land use right owners", but the Urban and Rural Planning Law, in line with the legislative spirit of the Property Rights Law , provides that "compensations shall be made according to law". This provision denotes an inclination towards property right holders.
It will be interesting to see how the law is enforced. This could be a great tool for smart growth within
By Zhang Tianhui, Editor, King & Wood China Bulletin
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Click here for the full article in Chinese. 中文
