It is now a matter of only weeks before the new Foreign Investment Law (FIL) in China is set to replace existing foreign direct investment laws (1 January 2020). The ambition to simplify in-bound investment, level the playing field between foreign and domestic investment and increase flexibility in Chinese investments is generally welcomed. However, there is still significant uncertainty as to how this very short piece of legislation will replace current rules and integrate with existing procedures.
China is also in the process of rolling out it's so-called "Corporate Social Credit System" (CSCS), a big data-enabled set of mechanisms for overseeing, rating and controlling the behavior of market participants more comprehensively than credit rating tools that exist today.
The system will contain industry-agnostic criteria, such as compliance with environmental standards, employee treatment and taxation, as well as industry-specific dimensions. No matter the size or type of operations, foreign companies in China will be affected and it will be crucial to know your company's social credit score, as well as the scores of your partners.
Join us on December 3 to hear more about the new FIL and CSCS from Lucas Jonsson, Partner at Mannheimer Swartling.
Light breakfast will be served.
Mannheimer Swartling Advokatbyrå
33/F, Jardine House
1 Connaught Place
Central, Hong Kong