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by Xia Dongxia  Yang Ting King & Wood Mallesons’ Dispute Resolution Group

The Interpretation of the Supreme People’s Court on Issues Concerning the Application of Law for Hearing Cases of Sale and Purchase Contract Related Disputes (the “Interpretation”) was ratified at the 1545th Meeting of the Judicial Committee of the Supreme People’s Court on March 31, 2012, and became effective on July 1, 2012. The Interpretation, which includes eight parts and forty-six articles, further clarifies the application of laws regarding the establishment and validity of sale and purchase contracts, delivery and transfer of title, risk allocation, inspection and acceptance of the subject matter, liabilities for breach and retention of title, as well as special sales transactions. It is believed that the Interpretation will function significantly in enhancing the practicability of the existing contract rules, providing instructions to the people’s courts of all levels for the fair trial over contract disputes, protecting relevant parties’ lawful rights and interests and regulating market transactions.Continue Reading The Principle of Balancing Benefits and Losses Established – New Judicial Interpretation to the PRC Contract Law

作者：张保生 金杜律师事务所争议解决组

（一）与诉讼相比，通过仲裁方式解决纠纷的特点

仲裁是一种通过非诉讼的手段解决民商事纠纷的方式。由于世界通行的现代仲裁制度是为适应市场经济和国际经贸往来迅速发展的需要，弥补诉讼制度之不足而建立、发展起来的，因而它具有一定的特点和优势。主要体现在以下几个方面：

1、灵活性

在仲裁中，当事人可以根据自身的情况来选择仲裁机构、仲裁员、仲裁地点和适用的实体法，甚至选择仲裁的时间。特别是可以考虑仲裁员的经验、阅历、职称、学历、品行素养、仲裁水平等诸多方面在仲裁名册中自由选择自己信任的仲裁员。
Continue Reading 诉讼还是仲裁？– 跨国公司争议解决方式的选择

作者：张守志 顾嘉  金杜律师事务所争议解决组

一、CDM项目法律服务

根据《联合国气候变化框架公约》、《京都议定书》以及缔约方会议的有关决定，清洁发展机制（“Clean Development Mechanism”或“CDM”）作为全球减少温室气体减排量的主要跨境交易机制之一，在欧洲债务危机之前，已形成可观的碳交易市场规模。

在全球CDM项目中，有将近一半以上的核证碳减排量（“CERs”）由在中国境内的中资企业生产和提供。而CERs的买家主要来自丹麦、荷兰、比利时、英国等欧洲国家，以及日本和韩国等少数亚洲国家。Continue Reading CDM项目法律服务的最新动态

By Rupert Li  King & Wood Mallesons

People frequently observe the cultural barriers which the Chinese companies find difficult to overcome in relation to China’s nascent outbound investment program.  Since China is culturally and politically different from the mainstream trading countries, an attribution of the anguish on both sides of the negotiation table to cultural barriers is indeed tempting but often misplaced.  Any professionals operating in places other than in the rule setting non Anglo-American jurisdictions always have war stories to share with their colleagues.  The Mexican tycoons prefer to negotiate their deals in the smoking rooms of their vast hacienda guarded by private soldiers.  The Indians nod to signify their disapproval and shake their heads for approval, or sometimes vice versa.  The Japanese entertain their foreign guests with stylized geisha dance and ocean dainties of whale meat and blow fish. 
Continue Reading Cross Border Transactions– How Many Hardships does China Need to Overcome?

作者：黄建雯 金杜律师事务所国贸组

“中国政府在医疗卫生体制改革一系列政策及最新公布的十二五计划中明确表达了其将大大改善中国人民福祉的宏伟规划与承诺。”“与此同时，医疗卫生领域各相关方面，包括制药行业自身，都应当以严格遵守最高职业和伦理道德标准的行为规范的方式来响应政府的这一宏伟规划和承诺。”——主席致辞（《RDPAC药品推广行为准则（2012年修订版）》）   

为此，中国外商投资企业协会（CAEFI）药品研制和开发行业委员会（RDPAC）在更加深入地了解患者和其他利益相关方需求的基础上，为了进一步强化行业的推广行为准则，于2012年7月重新修改并制定了《RDPAC药品推广行为准则（2012年修订版）》（以下简称“2012版本”）。2012版本于2012年7月1日起生效，并取代2002年版的《FRPIA药品推广行为准则（第二版）》及2006年版和2010年版RDPAC药品推广行为准则。
Continue Reading 药品推广行为准则最新更新与发展

By Mark Schaub Chen Bing King & Wood Mallesons’ FDI Group Shanghai Office.

State Administration of Taxation of the PRC (“SAT”) promulgated the Administrative Rules on Income Tax for Policy-based Relocation of Enterprises on August 10, 2012 (“Rule 40″) which is set to become effective on October 1, 2012.   Policy based relocation refers to relocations at the request of the authority rather than voluntary relocations by enterprises (see below for more details).

Rule 40 aims at establishing more specific and systematic rules in terms of preferential tax treatments which apply to policy-based relocations. This new rule will replace the Circular on Relevant Issues concerning Enterprise Income Tax on Incomes from Policy-based Relocation or Disposal of Assets promulgated by State Administration of Taxation on March 12, 2009 (“Circular 118”).Continue Reading New Enterprise Income Tax Rule in relation to Enterprise Relocation

作者：徐萍 金杜律师事务所公司组

在国际经济格局被重塑的今天，中国企业的身上蕴含着一股强大的驱动力，促使他们走向海外，以自身的优势产能同国外资源及先进技术相结合，成为全球经济舞台的领跑者。

面对历史性的机遇，中国企业的境外投资近五年内呈现爆发性的增长。但是，由于文化、法律环境、经营理念的重大差异，中国企业在跨境并购中面临着复杂多变的问题和艰巨的挑战。一项对213项中国企业海外并购项目的调查结果表明，有67%的海外并购项目是失败的，这个比例在整个国际并购市场上是很高的。造成中国企业出师不利的原因有很多：缺乏对目标国法律和文化的了解；没有对目标公司进行充分的尽职调查，充分评估风险；缺乏应对目标国贸易保护主义政策的能力；交易流程缺乏计划和组织；未能将中国及海外的运营进行整合。这些风险有很多都可以通过聘用值得信赖的顾问团队来避免和应对。Continue Reading 中国企业海外并购中的风险防范

By Liu Zhigang King & Wood Mallesons’ Finance Group

The history of Project Finance in China is not long, but it is rich. In the earliest days, Project Finance was used mainly in power plant deals, then later extended to water plant deals and petrochemical projects. At that time, Chinese sponsors were short of funds and experience, and Chinese banks were short of foreign exchange and caught up in bad loans. Furthermore, China’s infrastructure base was very weak, and the production capability of Chinese entities was also unreliable. Therefore, the lenders in the Project Finance market were mainly foreign banks, and the loans included commercial loans, export credit, and soft loans. The loans were used mainly to import the machinery and equipment produced by the foreign producers. As well as the collateral on all project assets, the lenders also requested and were able to obtain sponsors’ guaranties and even governmental guaranties for almost every project, although such arrangements are not typical under the project finance model.
Continue Reading Development of Project Finance Deals in China and with Chinese Banks

作者：刘志刚 金杜律师事务所融资组

项目融资在中国的历史不是很久，它是一个舶来品，但迄今已经积累了很多的实践。在最初始的阶段，项目融资模式主要用于火电厂的建设，之后才扩展至水厂、化工项目，等等。在那个时候，中国的发起人缺乏资金和经验，中国的银行机构缺少外汇，并且正在为大量的不良贷款所困扰。同时，国内的基础设施建设相当薄弱，而中国生产商的设备制造能力也是不可靠的。在种种因素的作用下，项目融资市场上的贷款人主要是外资银行，贷款品种包括商业贷款、出口信贷以及政府贷款，贷款中的大部分用来进口国外生产的机器设备。贷款人不但要求在项目的全部资产之上设置担保，而且往往要求并能够获得发起人的保证担保，甚至是项目所在地政府的担保，尽管这在项目融资的模式中并不是常见的安排。

经过20多年的发展，中国公司和银行进行的项目融资交易模式已经有了很大的变化。目前，具备中国因素的项目融资交易主要有两类：在中国境内进行的项目融资和在中国境外进行的项目融资。两种模式有各自不同的特点。Continue Reading 中国项目融资的发展

作者：何佳梅 罗千里 金杜律师事务所证券组

《海峡两岸投资保护和促进协议》(“投保协议”)终于在2012年8月9日由海协会与海基会顺利签署。投保协议于第5次陈江会即决定纳入会谈重点，但遗憾两岸对于投保协议一直未能达成共识，直到两年后的第8次陈江会始开花结果。

限于篇幅，以下仅就两个焦点，并分别就陆资企业与台商的影响分析。

双向投资保障

投保协议值得关注的重点之一，是提供了双向投资保障的明文规定。亦即，国内对台商，以及台湾对陆资的保障。其实，国内在1994年3月5日已出台《台湾同胞投资保护法》，提供台商相当程度的投资保障。
Continue Reading 难产的两岸投保协议