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TOPICS THIS ISSUE:
Shenzhen Takes New Step in Government ReformsThe municipal government of Shenzhen City, one of the pioneers in China's ongoing reform and opening up drive, recently took a new step in government reforms by issuing a decree on the duties of government-employed lawyers. In May 2002, a legal advisory office was opened to handle legal affairs and lawsuits involving the city government. According to the new decree, Rules on the Work of the Legal Advisory Office of the People's Government of Shenzhen City, government lawyers can offer opinions on the government's major decisions, administrative activities and contracts. Government lawyers will also represent the city government in negotiations to settle major disputes. The advisory office has the final say on the employment of overseas lawyers by the city government. The decree also says that the leading official of a government body involved in a law case has to attend the court. (Source: Xinhua General News Service) China to Host International Trade Fair in SeptemberThe seventh China International Fair for Investment and Trade (CIFIT) will be held in Xiamen City in east China's Fujian Province between Sept. 8 and Sept. 11. The theme for the "International Investment Forum" of the seventh CIFIT is "improving investment environment and creating international competitive advantage," said Liu Yajun, deputy director of Foreign Investment Promotion Affairs Bureau of the Ministry of Commerce. The CIFIT will set up four pavilions for the fair, including investment promotion pavilion for member units, overseas pavilion, investment service pavilion and pavilion for well known enterprises. The CIFIT is the sole nationwide investment promotion event focusing on foreign direct investment. (Source: Asia Pulse) Guangdong Set for Investment PushThe government of Guangdong Province plans to invest RMB 2 trillion (US $250 million) in more than 100 projects over the next five years and plans to attract US$ 13 billion in foreign investment annually. Guangdong's executive vice-governor Mr. Tang Bingquan said the provincial government hoped that Hong Kong companies already active in Guangdong would participate. The huge investment is aimed at helping the Guangdong government reach its goal of attaining gross domestic product of US$3,100 per capita by 2010 - double that of 2000. Part of the investment would be in developing highway and electricity networks in mountainous regions to boost the local economies and the investment environment. At the end of last year, there were 70,000 Hong Kong-invested companies in the province, with actual investments of US$ 85.9 billion. Hong Kong accounted for 70% of the total overseas investment in the province. In recent years, the investment contracts of 2,000-3,000 Hong Kong companies had expired annually, Tang said. "Recently we have been considering the issue - where will these firms go and how could we make them stay in Guangdong to make them stronger and bigger? Will they stay in the Pearl River Delta or go to the Yangtze River Delta?'' he said. "Guangdong will use very possible means to provide development space and a low-cost environment for the 70,000 Hong Kong companies and potential investors from Hong Kong.'' Hailing the Closer Economic Partnership Arrangement (CEPA), Tang said Guangdong and Hong Kong should combine their advantages in manufacturing and services respectively to boost bilateral economic and trade co-operation. He believed Beijing would support the project but would not say when. (Source: Hong Kong Imail)
17 Financial Institutions Obtains Finance LicenseRegulations issued by the China Banking Regulatory Commission concerning Finance License Management came into effect on July 1 with seventeen financial institutions renewing their licenses. The "Financial institution Legal Person License" as well as the "License for Financial Business Operation" and relevant annual inspection system were abolished with the introduction of at new regulation. The seventeen institutions include: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank of China, National Development Bank of China, China Everbright Bank, Industrial Bank Co., Ltd., Shenzhen Development Bank, Guangdong Development Bank, Charted Standard Bank Beijing Branch, Charted Standard Bank Shenzhen Branch, Xiamen International Bank Zhuhai Branch, Bank of The Orient Xiamen Branch, Business Development Bank Shantou Branch, Chung Mei Trust & Investment Co., Ltd., China National Foreign Trade Financial & Leasing Corp. and CNOOC Finance Co., Ltd. (Source: SinoCast) China's Guangdong Expressway wins arbitration case over JV disputeGuangdong Provincial Expressway Development Co Ltd said it has won an arbitration dispute concerning a highway joint venture it is involved in. The dispute arise when it and five other firms from the southern Chinese province of Guangdong and Hong Kong signed an agreement to set up the venture with registered capital of RMB 1.12 bln prior to 2001 but one of the investors failed to invest the amount agreed upon. The Shenzhen branch of the China International Economic & Trade Arbitration Commission ordered the company in breach to pay RMB 3.368 million in compensation and RMB 300,000 in arbitration fees to the Development Co. (Source: AFX News Limited) Hong Kong capital inflows to rise after CEPA dealHong Kong will see greater economic benefit from the Closer Economic Partnership Agreement (CEPA) than Mainland China, particularly in terms of capital inflows, but the territory is unlikely to see a direct positive impact on its GDP growth this year or the next, economists said. The CEPA agreement will eliminate mainland import tariffs on 273 types of Hong Kong originated products in sectors including financial services, electronics products and textiles, from Jan 1, 2004. China will also open 17 service sectors to Hong Kong companies ahead of the WTO schedule, and waive tariffs on all other HK goods from Jan 1, 2006. Tariff reductions will cause Hong Kong's exports to the mainland to rise, but will "not result in a substantial increase in China's imports", as the region's exports to the mainland only account for a small part of China's total imports, Zhang Shuguang, a professor at the Unirule Institute of Economics in Beijing, said. According to figures from the Ministry of Commerce, Hong Kong accounted for 3.6% or US$ 10.74 bln of Mainland China's imports in 2002, making it the country's seventh-largest trade partner. Wang Xinbo, a researcher at the Unirule Institute, said, "CEPA will have more influence on capital flow rather than on foreign trade between mainland and Hong Kong." (Source: AFX News Limited) China Lawyers, Notaries, Patent, Copyright and Trademark
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