By Wu Ye and Luo Yi King & Wood Mallesons’ Corporate & Securities group

On 30 July 2017, a beautiful sunny Sunday in midsummer, without expectation the Ministry of Commerce (“MOFCOM”) issued two documents relating to foreign investment in China[1]. This was only two months after MOFCOM released draft measures.[2]

The inclusion in the record-filing system of foreign mergers and acquisitions  not involving special access administrative measures (negative list) and related-party M&A signals that foreign investment in China has entered an era known as the “Pre-establishment National Treatment (PENT) and negative list”.
Continue Reading What Will Become of Foreign Investment in China under the new Record-filing System?

By King & Wood Mallesons

China is already the largest recipient of foreign direct investment. However, as China continues to open up its markets, there are significant opportunities for ambitious clients to access China’s growth story. As the premier law firm in China, KWM is perfectly positioned to assist clients with their China strategy. This

By Ramón García-Gallardo, Xiao Jin, King & Wood Mallesons

gallardo_runtitledMore than five years after the United States (“U.S.”) and China agreed to start negotiations of a bilateral investment treaty (“BIT”), the launch of the negotiations between the European Union (“E.U.”) and China towards a BIT was announced at the Sixteenth China-E.U. Summit held in Beijing on 21 November 2013.
Continue Reading The E.U.—China bilateral investment treaty

By Mark Schaub and David Hong  King & Wood Mallesons’ Foreign Investment Group

Most media attention in relation to Shanghai’s Free Trade Zone (FTZ) has been in relation to banking sector liberalization and RMB internationalization.

However, personally the writers have felt that some of the greater opportunities in the short to mid- term would be in comparative niches. One such niche is a distinct opportunity for game console manufacturers such as Sony, Microsoft and Nintendo.
Continue Reading Free Trade Zone has Silver Lining for Gaming Companies

By Jack Wang, Chen Yun  King & Wood Mallesons’ Banking Regulation & Compliance Group

In the midst of its rapid economic development, the People’s Republic of China (PRC), the second largest economy and the largest trading nation in the world, has finally determined to change its domestic currency market, which used to be pretty much closed to foreign investors over a long period of time and accordingly, promulgated a series of laws and regulations to ease the previously tight foreign exchange (FX) control in the mainland. These laws and regulations were put in place to propel the internationalisation of Chinese Renminbi (RMB) by expanding the use of RMB under both current and capital accounts for the purpose of ultimately achieving an international status for the RMB matching the economic status of the PRC in the global economy. This chapter endeavours to outline a legislative landscape of RMB internationalisation from the following main aspects:
Continue Reading The PRC Legislative Landscape for RMB Internationalisation

By Monique Carroll, Ariel Ye, Max Bonnell and Jonathan Kelp[i]

Myanmar’s incumbent president U Thein Sein took office on March 2011 and since then the new government has become quasi-civilian, bringing an end to military rule. The new government has also undertaken economic and political reforms to encourage Western countries to suspend economic sanctions and to attract foreign investment.[ii]

Currently, China is the largest investor in Myanmar, providing US$20 billion in foreign direct investment according to the Directorate of Investment and Company Administration of Myanmar. Over many years China, and Chinese investors, have established good relationships with Myanmar’s government and obtained a ‘head-start’ in this regard over many other foreign investors who until recently, were prohibited from investing in Myanmar. However, with the changing political, social and regulatory environment in Myanmar, Chinese investors must consider new strategies to ensure the long-term success of their investments.
Continue Reading Investing in Myanmar – Risks and Strategies for Chinese Entities

By Xiong Jin, Feng Caihong, Liu Qing and Wei Kao  King and Wood Mallesons’ Mergers & Acquisitions Group

On November 19, 2012, the State Administration of Foreign Exchange (“SAFE”) promulgated the Circular Regarding Further Improvement and Adjustment of Policies on Foreign Exchange Administration of Direct Investment (Hui Fa [2002] No. 59, the “Circular”) which aims to dramatically simplify foreign exchange administration procedures concerning inbound and outbound direct investment. The Circular is a response to a directive to reduce administrative approvals in the Decision of the State Council on the Sixth Abolishment and Adjustment of Administrative Examination and Approval Projects (Guo Fa [2012] No. 52) promulgated by the State Council on 23 September 2012, and it also reflects a trend of relaxing foreign exchange supervision given China’s accumulation of major foreign exchange reserves. The Circular will be become effective on December 17, 2012 and is expected to have a significant impact on foreign direct investment and outbound investment by domestic enterprises.
Continue Reading SAFE Issues New Rules to Further Relax the Foreign Exchange Controls over Direct Investment

By King & Wood Mallesons

King & Wood Mallesons has updated its guide to doing business in Australia.

Australia welcomes and encourages foreign investment and has a favourable investment environment.  Investments that create exports, replace imports, introduce new technology or create employment are

particularly welcome.

Australia offers significant benefits for foreign investors, including:

  • a resilient and diverse economy with low inflation;
  • a transparent and liberal process for approval of foreign investment;
  • low barriers to trade and investment, with business-oriented corporate regulation;
  • a competitive company tax rate; and
    Continue Reading A guide to doing business in Australia