Authored by: Li Qiang
The legal system of companies constitutes a fundamental part of the socialist legal system. The current Company Law of the People’s Republic of China (PRC) (the “current Company Law”) was enacted in 1993. Since its inception, it has undergone amendments to certain articles in 1999 and 2004, a comprehensive revision in 2005, and important amendments to the basic system of companies in 2013 and 2018. Throughout the three decades following its promulgation and implementation, the Company Law has played a crucial role in establishing and improving the modern corporate system in China, contributing to the sustained and healthy development of the socialist market economy.