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【Hot off the press】Article by Deloitte China and Qin Li's comments China’s Foreign Investment Law published in Bloomberg's Tax Management International Journal
Bloomberg's Tax Management International Journal published an article titled " Dawning of a New Era for China’s Foreign Investment Law " authored by our Patrick Yip, Vice Chairman of Deloitte China and Lily Ji, Counsel of Shanghai Qin Li (Beijing) Law Firm on June 8.
On 15th March 2019, the Second session of the 13rd National People's Congress enacted The Foreign Investment Law of the People's Republic of China ('New FIL') which will become effective 1st January 2020. The New FIL is significant in that it represents a fundamental change, with a number of welcome provisions, in China’s law applicable to foreign investments and investors.
However, some questions remain, for example, provisions on the treatment of Hong Kong, Macao, and Taiwan Investments; impact on variable interest entity (VIE); and transition and convergence issues; which if clarifies, would further enhance the effectiveness of the new law in achieving its intended goal of attracting foreign investment.
Although detailed guidance is yet to be issued to clarify some of the provisions in the New FIL, the broad principles and approaches adopted in the new law are admirably innovative and transformative.
If you would like to read the full article, please refer to the attachment (English version only).
For any enquiries, please contact:
Vice Chairman, Deloitte China
Tel: +852 2852 1618
Counsel, Shanghai Qin Li (Beijing) Law Firm
Tel: +86 10 8512 5562