U.S.-China Economic Relations: Present and Future

By Richard H. Holton; Wang Xi et al. | Go to book overview

13. Legal Status of Foreign Equity Enterprises in China

DONG SHIZHONG

In 1979, China began its policy to reform its economy and to open up to the outside world. The important objectives of the open policy are to introduce foreign capital and to import advanced technology, while enhancing economic and academic exchanges with foreign countries, corporations, and individuals.

The investment of capital in a foreign country in joint-venture form is a common type of international economic cooperation. It is not only practiced between developed countries, but has also become increasingly popular between developed and developing countries. The main features of it are joint investment, joint management, joint bearing of risks, and joint sharing of profits.

The legal status of foreign-equity enterprises is guaranteed by the Chinese Constitution, the law of the People's Republic of China and Joint Ventures Using Chinese and Foreign Investment, and other pertinent laws and regulations. The Constitution of China states: "All foreign enterprises and other foreign economic organizations in China shall abide by the law of the People's Republic of China; their lawful rights and interests are protected by the law of the People's Republic of China." The law on Chinese-foreign joint ventures, too, clearly states: "The Chinese govern­ ment protects, by the legislation in force, the resources invested by a foreign participant in a joint venture and the profits due to him pursuant to the agreements, contracts, and articles of association authorized by the Chinese government, as well as his other lawful rights and interests."

The Constitution of China provides that: "The People's Republic of China permits foreign enterprises and other economic organizations or individuals to invest in China, to carry out all kinds of economic coopera­ tion with Chinese enterprises or other economic organizations according to the provisions of the law of the People's Republic of China." Hence, the state declares in its basic law that not only joint ventures with Chinese and foreign investments are permitted, but other types of foreign investment

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