Foreign Direct Investment in China

By Phillip Donald Grub; Jian Hai Lin | Go to book overview
noted in negotiating prior agreements. While no list of issues will address all potential problems, the points summarized in Tables 7.1, 7.2, and 7.3 may be helpful to investors prior to and during their contract negotiations. The sequence to follow, from initial contact through receiving a business license to commence business operations in China, is outlined in the following six steps. While the sequence is based on joint venture procedures in Shanghai, the process would be similar in any other open city or special economic zone. For a graphic illustration, refer to
Figures 7.1
and
7.2.
1. On the basis of Shanghai's current projects or other projects considered desirable to meet actual needs of Shanghai, investors may be recommended to prospective partners either through the medium of the Shanghai Foreign Investment Development Agency or through direct contacts with enterprises or corporations.
2. Negotiations on the terms and conditions of cooperation are held once initial talks prove that the establishment of a joint venture is feasible.
3. The Chinese party drafts a project proposal and submits it to the Shanghai Foreign Economic Relations and Trade Commission for approval. It receives the latter's decision within one month of the date of submission.
4. Upon project proposal approval from the Shanghai Foreign Economic Relations and Trade Commission, both parties enter into detailed negotiations and jointly develop a feasibility report. They then sign an agreement, a contract, and the articles of the association.
5. The authorities in charge of the Chinese enterprise apply to the Shanghai Foreign Economic Relations and Trade Commission for approval, and they receive its decision within one month. If the application is approved, a certificate of approval will be issued.
6. The joint venture then registers with the Shanghai Administration for Industry and Commerce and receives a business license (Figures 7.1 and 7.2).

NOTE
1.
Sue- Jean Lee and Andrew Ness, "Investment Approval," pp. 17-18. This article first appeared in the May/June 1986 issue of The China Business Review and has been reprinted with permission of the US-China Business Council.

-141-

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