China's Anti-trust Structure Lacks Fairness, Unity, Details
China's new anti-trust Law will come into force today, and the government has decided to split responsibility for enforcing the different parts of the law between three separate government organizations. The lack of unified review this will entail along with an absence of detailed implementation regulations will certainly lead to confusion and delay both for the companies affected by the law and regulators as well.
PBoC to Set Up Exchange Rate Bureau
The People's Bank of China (PBoC), China's central bank, is planning to set up a new department: the Exchange Rate Bureau, indicating that the RMB exchange rate has become a more important monetary policy instrument.
China's New Antitrust Law Has Multinationals Guessing
China is to implement a new antitrust law a week from now on August 1, and transnational companies enjoying dominant positions in their industries are busily preparing for it, consulting international law firms and conducting in-house legal preparation and training.
Beijing Clamps Down on SOE Expansion
The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) has warned central SOEs (state-owned enterprises directly under the central government) against over-expansion. SASAC announced that it would strictly restrain their M&A and reorganization, and forbid central SOEs from illegally investing funds borrowed from banks in financial, securities, real estate, or insurance projects.
China to Regulate Overseas Acquisition of Financial Firms
China's supervisory departments intend to reinforce restraints on overseas M&A activity by Chinese financial institutions, to coordinate bidding and avoid two or more groups competing for one project. They will also hold the right to veto any acquisition, even after a contract has been signed, over risk management considerations.
Chinese Government Confident yet Picky with Foreign Investors
The global economic downturn and the uncertainties of the world financial markets have heightened confidence in the Chinese market. China said it still welcomes foreign capital and would promote qualified foreign invested companies to go public in China's A-share market in 2008. In the meantime however, China has also been more careful in choosing its foreign investments.
Environmental Protection and Energy Step Up in Wen's New Cabinet
As has been expected, considerable institutional adjustments are being made in China's central government in the wake of the recent National People's Congress. A National Bureau of Energy is being established as various ministries and government bodies are being chopped up, moved around or reshaped. The new institutional reform will increase the status of environmental protection while consolidating departments dealing with transportation and food and drug safety.
There Is Nothing So Expensive As a Cheap Lawyer
As more China companies send products to the United States, these companies find themselves faced with American litigation that can be confusing, expensive and disruptive. Patent litigation can be especially challenging.
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