Source: National Development and Reform Commission of the People’s Republic of China, December 31, 2019
2019Year12month316267_6323：
Review of the "Regulations on the Implementation of w88 online sports betting Investment Law of the People's Republic of China"
2019Year3month157170_732212month12The draft of the "Implementation Regulations of w88 online sports betting Investment Law of the People's Republic of China" (hereinafter referred to as the "Implementation Regulations") was reviewed and approved on12month31Released on the day. The "Implementing Regulations" will be2020Year1month1It will be implemented simultaneously with w88 online sports betting Investment Law.
The "Foreign Investment Law" is the basic law for my country's utilization of foreign investment in the new era, and the "Implementing Regulations" are administrative regulations that specifically implement the "Foreign Investment Law". They are both important tools for promoting institutional openness. w88 online sports betting Investment Law and its Implementing Regulations, together with relevant departmental regulations, normative documents, and judicial interpretations, together constitute the institutional framework of my country's foreign investment management system in the new era.
The "Implementation Regulations" are divided into six chapters and 49 articles. In addition to the two chapters of General Provisions and Supplementary Provisions, they include four chapters: investment promotion, investment protection, investment management, and legal liability, which correspond to the relevant chapters of the "Foreign Investment Law." The "Implementation Regulations" have been fully prepared, and their content is positive, stable, and realistic, which is conducive to us following the spirit of the Fourth Plenary Session of the 19th CPC Central Committee“Build a new higher-level open economic system and implement a wider, wider, and deeper comprehensive opening.”
1. w88 online sports betting Investment Law and its Implementing Regulations are the results of my country’s long-term promotion of the reform of w88 online sports betting investment system
From1979Year7month1Starting from the passage of the Sino-Foreign Equity Joint Venture Law of the People's Republic of China at the second session of the Fifth National People's Congress on January 1, my country's foreign investment management system has gone through forty years since the reform and opening up.
Based onw88 online sports betting investment management system of the "Three Foreign Investment Laws" (including the "Foreign-owned Enterprise Law of the People's Republic of China", the "Sino-Foreign Joint Venture Enterprise Law of the People's Republic of China", and the "Sino-Foreign Equity Joint Venture Enterprise Law of the People's Republic of China") has played a positive role in attracting foreign investment. In the traditional foreign investment management system, on the one hand, there are a large number of preferential measures for foreign investment, and on the other hand, there are many barriers to foreign investment access. At the same time, there are large differences in the regulatory measures for domestic and foreign-funded enterprises in terms of domestic supervision. In the early days of reform and opening up, most of w88 online sports betting capital introduced into my country was cost-saving, and low-cost labor and tax incentives became the main motivations for entering China. The management system based on the "Three Foreign Investment Laws" is more suitable for this type of foreign investment. As my country's labor costs increase and the domestic market expands, more and more market-seeking foreign capital enters our country. Cost-effective labor is still one of the reasons why my country attracts foreign investment, but the huge and growing domestic market has become a more important motivation for foreign investment to enter China. Under this circumstance, both domestic and foreign-funded enterprises have put forward higher requirements for the business environment, especially a fair competition environment.
at200110776_10890200810979_110432007The unification of urban land use tax will be implemented,2008The unification of farmland occupation tax will be implemented,2009The real estate tax will be unified in 2018,201011438_11476200811565_11599
2013Year9month2912072_12425
201712719_127662017National Development Year5Document No.,2017National Development Year39Document number,2018国发19Document number,2019国发23, continue to promote the reform of w88 online sports betting investment system, deepen opening to the outside world, increase investment promotion efforts, deepen investment facilitation reforms, and protect the legitimate rights and interests of foreign investors.
The promulgation and implementation of w88 online sports betting Investment Law and its Implementing Regulations are of great significance. The pre-establishment national treatment plus negative list management system has been piloted and promoted, and has been officially determined in the form of laws and administrative regulations. The principle of consistent management of domestic and foreign capital after admission has been more widely reflected. The level of protection for foreign investment has been further improved. It can be said that the promulgation of the "Foreign Investment Law" and its "Implementing Regulations" are important legal achievements in the continuous reform of my country's foreign investment management system since this century.
2. Creating a fair competitive business environment is the main way to promote investment
Creating a business environment with fair competition is the most powerful means and the most important way to promote investment. For foreign investment to be implemented, regulatory authorities need to lower barriers to entry, implement fair treatment, and promote fair competition.
Article 9 of the "Foreign Investment Law" stipulates:“Foreign-invested enterprises shall equally apply the various policies of the state to support enterprise development in accordance with the law.” Article 6 of the “Implementation Regulations” further clarifies: “The government and its relevant departments shall treat foreign-invested enterprises and domestic-funded enterprises equally in accordance with the law in terms of government fund arrangements, land supply, tax exemptions, qualification licensing, standard formulation, project declaration, human resources policies, etc.” The provisions of the “Implementation Regulations” are quite specific. However, we should also note here that equal application should not be understood to mean that all policy measures are exactly the same. For example, for foreign employees of foreign-invested enterprises or foreign investors, if the regulatory authorities require consular authentication when reviewing identity certificates, it should not be considered a discriminatory measure. However, some regions are currently experimenting with the "commitment-and-start system" or the "commitment-starting system", which has a demonstrative effect on the facilitation of investment policies and measures nationwide.
Article 15 of the "Foreign Investment Law" stipulates:“The state ensures that foreign-invested enterprises can equally participate in standard-setting work in accordance with the law, and strengthen information disclosure and social supervision of standard-setting work.” The “Implementation Regulations” further clarify that the scope of equal participation in standard-setting work includes “national standards, industry standards, local standards and group standards.” The "Implementation Regulations" also give foreign-invested enterprises the right to propose standard project proposals to the standardization administrative department and relevant administrative departments.
According to Article 2 of w88 online sports betting Investment Law, foreign-invested enterprises are“An enterprise wholly or partly invested by foreign investors and registered and established in China in accordance with Chinese laws.” Therefore, a foreign-invested enterprise is a Chinese enterprise. The goods produced, projects constructed or services provided by foreign-invested enterprises are "domestic goods, projects and services" stipulated in Article 10 of the "Government Procurement Law of the People's Republic of China" and should be treated equally in government procurement. Article 16 of w88 online sports betting Investment Law clarifies this. The "Implementation Regulations" further refine this requirement, clarifying that "foreign-invested enterprises shall not be subject to differential or discriminatory treatment in terms of government procurement information release, supplier condition determination and qualification review, bid evaluation standards, etc., and shall not restrict suppliers based on ownership form, organizational form, equity structure, investor country, product or service brand, or other unreasonable conditions, and shall not treat products and services produced and provided by foreign-invested enterprises in China differently from domestic-funded enterprises."
The "Implementation Regulations" also particularly emphasize the requirements for policy transparency and openness in terms of foreign investment promotion. Policies to support enterprise development should be disclosed in accordance with the law. When drafting laws, regulations, rules and normative documents related to foreign investment, various methods should be adopted based on the actual situation to listen to the opinions of foreign-invested enterprises and relevant chambers of commerce and associations. The "Implementation Regulations" also make specific provisions on various investment promotion measures such as the construction of w88 online sports betting investment service system, special economic zones and experimental policies and measures for foreign investment, the catalog of industries that encourage foreign investment and preferential treatment, the formulation of foreign investment promotion and facilitation policies and measures by local people's governments, and foreign investment guidelines.
3. Establish and improve a high-level foreign investment protection system
Expanding and deepening opening up requires the establishment of a high-level foreign investment protection system. Article 18 of the "Constitution of the People's Republic of China" stipulates that foreign-invested enterprises"Legitimate rights and interests are protected by the laws of the People's Republic of China." w88 online sports betting Investment Law and its implementing regulations further implement the above requirements and establish and improve a high-level foreign investment protection system based on the existing foreign investment protection system.
China does not impose expropriation on investments from foreign investors. Under special circumstances, the state must have a legal basis for expropriating or expropriating property for the public interest. The "Implementation Regulations" clearly stipulate that“Under special circumstances, if the state expropriates the investments of foreign investors in accordance with legal provisions for the sake of public interests, it shall be conducted in accordance with legal procedures and in a non-discriminatory manner.” The standard required is quite high. If expropriated in accordance with legal provisions, timely compensation shall be provided based on the market value of the expropriated investment.
"Implementation Regulations" Provisions“Foreign investors’ capital contributions, profits, capital gains, income from asset disposals, intellectual property license royalties obtained, compensation or compensation obtained in accordance with the law, liquidation income, etc. within the territory of China can be freely remitted in and out of China in RMB or foreign exchange in accordance with the law.” These projects include both current and capital projects. No unit or individual may impose illegal restrictions on issues such as currency, amount, and frequency of inward and outward remittances. Foreign investors and foreign-invested enterprises enjoy full freedom of exchange in accordance with the law.
Our country is comprehensively improving intellectual property protection standards and strengthening intellectual property law enforcement. "Implementation Regulations" stipulates“The state will increase the punishment of intellectual property infringements, continue to strengthen intellectual property law enforcement, promote the establishment of a rapid collaborative protection mechanism for intellectual property rights, improve the diversified resolution mechanism for intellectual property disputes, and equally protect the intellectual property rights of foreign investors and foreign-invested enterprises.” This provision is basically consistent with the provisions of Article 15, Paragraph 1, of the recently announced Regulations on Optimizing the Business Environment. "Optimizing the Business Environment Ordinance" will be announced2020Year1month1will be implemented simultaneously with w88 online sports betting Investment Law and its Implementing Regulations.
The prohibition of forced technology transfer is one of the commitments China made when it joined the WTO. The accession protocol provides:“…China shall ensure that the allocation of import licenses, quotas, tariff quotas or any other approval of imports, import rights or investment rights by national and local competent authorities shall not be conditional on the existence of such products Competing domestic suppliers; any type of performance requirements, such as local content, compensation, technology transfer, export performance or research and development in China.” This provision includes a commitment not to use technology transfer as a prerequisite for the approval of certain administrative approval matters. w88 online sports betting Investment Law and its Implementing Regulations further strengthen the prohibition of forced technology transfer. The requirement to prohibit forced technology transfer is not limited to the above-mentioned administrative approval process, but also involves "the implementation of administrative licensing, administrative inspections, administrative penalties, administrative coercion and other administrative means." It can be said that administrative agencies and their staff may not use any behavior in the performance of administrative duties to force or covertly force foreign investors and foreign-invested enterprises to transfer technology. For some time, some foreign investors and foreign governments have believed that China's joint venture requirements and equity restrictions have also led to the issue of forced technology transfer in joint venture negotiations. On the one hand, we believe that forced technology transfer refers to the behavior of administrative agencies and their staff and does not involve market behaviors such as joint venture negotiations. However, at the same time, China has established a pre-establishment national treatment plus negative list management system and gradually and significantly reduced equity restrictions and joint venture requirements by compressing the negative list, which is also conducive to solving the concerns of foreign investors in technology transfer.
Article 23 of w88 online sports betting Investment Law,“Administrative agencies and their staff shall keep confidential the commercial secrets of foreign investors and foreign-invested enterprises that they learn in the course of performing their duties in accordance with the law, and shall not disclose or illegally provide them to others.” This article was added during the process of publishing the draft of w88 online sports betting Investment Law to solicit public opinions. The "Implementation Regulations" further specify this. When it is really necessary to provide materials and information involving commercial secrets, administrative agencies should limit the scope necessary to perform their duties and strictly control the scope of knowledge, and should establish and improve internal management systems.
Article 25 of the "Foreign Investment Law" stipulates that local people's governments at all levels and their relevant departments shall fulfill the policy commitments made to foreign investors and foreign-invested enterprises in accordance with the law and various contracts concluded in accordance with the law. Not only does it clearly require the performance of various contracts, but also policy commitments. Compared with existing judicial cases, this provision is a significant improvement. The "Implementation Regulations" clarify the meaning of policy commitments and stipulate the content of policy commitments,“‘Policy commitments’ refer to written commitments made by local people’s governments at all levels and their relevant departments within their legal authority on the support policies, preferential treatment and convenience conditions applicable to foreign investors and foreign-invested enterprises investing in the region. The content of policy commitments should comply with laws and regulations.”
w88 online sports betting Investment Law and its Implementing Regulations also provide for a number of mechanisms to protect foreign investment. For example, the legality review system of people's governments at all levels and their relevant departments when formulating normative documents involving foreign investment, the right of foreign investors and foreign-invested enterprises to request review of normative documents on which specific administrative actions are based when they file administrative lawsuits, etc. In particular, the Implementation Regulations provide detailed provisions on the complaint working mechanism for foreign-invested enterprises. w88 online sports betting Investment Law and its Implementing Regulations also provide for chambers of commerce and associations of foreign-invested enterprises, so that foreign investors and foreign-invested enterprises can protect their rights and interests through chambers of commerce, associations and other organizations.
4. Ensure the smooth transition of w88 online sports betting investment system with a positive, prudent and realistic attitude
Based onw88 online sports betting investment system of the "Three Foreign Investment Laws" has been in operation for 40 years and has accumulated a large number of regulations. Some regulations have been proven to be effective in long-term practice, while others are in urgent need of revision. After the "Three Foreign Investment Laws" and related administrative regulations are expressly abolished by the "Foreign Investment Law" and its "Implementing Regulations", many existing departmental regulations will not necessarily become invalid. Until they are explicitly repealed or amended, provisions that do not conflict with w88 online sports betting Investment Law and its Implementing Regulations may still be valid. At present, provisions inconsistent with w88 online sports betting Investment Law and its Implementing Regulations have been initially cleared up. The smooth implementation of w88 online sports betting Investment Law and its Implementing Regulations can be fully guaranteed. However, the operation of the new system will inevitably require a running-in and transition period, and the work of establishing, reforming, abolishing and interpreting will continue.
During the formulation process of w88 online sports betting Investment Law and its Implementing Regulations, legislators adopted a positive, prudent and pragmatic attitude. While clarifying the relevant basic systems, no specific provisions have been made for the time being on issues where opinions are still inconsistent or even controversial. Regarding the "Foreign Investment Law" and its "Implementing Regulations" before their implementation based onFor foreign-invested enterprises established under the "Three Foreign Investment Laws", the "Foreign Investment Law" gives a five-year transition period. The "Implementation Regulations" point out that "after the implementation of w88 online sports betting Investment Law5Within the year, the organizational form, organizational structure, etc. may be adjusted in accordance with the provisions of the "Company Law of the People's Republic of China", the "Partnership Enterprise Law of the People's Republic of China" and other laws, and the change registration shall be handled in accordance with the law, or the original enterprise organizational form, organizational structure, etc. may be retained. If the change cannot be made within five years, the "Implementation Regulations" stipulate that "the market supervision and management department will not handle other registration matters applied for, and the relevant circumstances will be publicized." "At the same time, "After the organizational form and organizational structure of existing foreign-invested enterprises are adjusted in accordance with the law, the equity or equity transfer methods, income distribution methods, residual property distribution methods, etc. agreed in the contract by the original joint venture or cooperation parties can continue to be handled as agreed. "These regulations are conducive to ensuring the smooth operation of w88 online sports betting Investment Law, and are also conducive to maintaining the effectiveness of market entity contracts as much as possible.
w88 online sports betting Investment Law and its Implementing Regulations provide an institutional foundation for China to expand and deepen its opening up to the outside world, and will surely play an important role in promoting the construction of a new higher-level open economic system in my country.
(w88 casino Professor, doctoral supervisor Cui Fan)
2019/12/31 Foreign Investment Department
Attached is a link to the original report: Commentary on the "Regulations on the Implementation of w88 online sports betting Investment Law of the People's Republic of China"
https://www.ndrc.gov.cn/xxgk/jd/jd/201912/t20191231_1218280_ext.html?from=timeline
