December 19, 2007 - by Maggie Xu
According to law expert Ye Rongsi, the earliest possible date for China's Energy Law would take effect in 2009.
Recently, the National Energy Leading Group (NELG) published a draft of the law on its website for public comment. The draft will also be carried by selected newspapers. The public will be able to submit opinions or suggestions by mail, fax or e-mail to the NELG.
The draft stipulates that the government will establish a partially market-based energy pricing system, which will reflect supply and demand, as well as environmental costs.
The draft does not, however, mention the establishment of a ministry of energy, which has been suggested by many energy experts.
The public-comment period ends Feb. 1, 2008.
Since the start of 2006, China has drawn up four versions of the energy law. A draft was prepared for discussion in September by the National Committee of the Chinese People's Political Consultative Conference, National People's Congress, local governments, companies and industry associations.
December 19, 2007 - by Maggie Xu
To our American friends in China -- please be sure not to miss the U. S. Embassy's announcement that the American Citizens Services will be closed on the afternoon of December 21, and all day December 24, December 25, and January 1. Before the days of e-mail, Mr. Lehman used to hold the title of "Warden" charged with the task of alerting other Americans who lived in Beijing any messages from the Embassy. Funny how times have changed for the better.
Lehman, Lee & Xu will be open for business as usual, except on January 1.
To all of our friends around the world -- stay safe, stay warm, and stay out of trouble! Our firm and our clients are populated with all types: Jews, Christians, Muslims, Buddhists, believers, agnostics and atheists. We are a representation of what is happening in China today. All we wish for is peace on earth, goodwill to all, and stand steadfast that everyone needs a "moral compass" to survive and thrive in modern China. Happy holidays.
December 17, 2007 - by Maggie Xu
Employers in central China's Henan Province who fail to sign labor contracts with rural workers for more than one month since their employment will be punished to pay double the monthly wages to the workers as compensation.
As a largest province, Henan has accepted plenty of rural workers nationwide.now The local provincial legislature adopted a package of regulations which will be promulgated on January 1st,2008 on protecting the legitimate rights and interests of the 18-million rural migrant workers in Henan.
The regulations state employers must sign labor contracts with the workers when they are employed. The contracts must include clauses on the contract term, payment, working hours, breaks and holidays, and social insurance,etc.
The regulation also notes rural workers with relatively stable jobs should be incorporated into the basic pension insurance system.
Eligible workers have rights to apply for [url=http://english.china.com/zh_cn/business/news/11021613/20070926/14366146.html][color=Orange]...
The Lehman China Law Blog would like to encourage our readers and anyone interested in making money in China to attend The Chinese Finance Association's winter party. The party will be held in Washington D. C. on this upcoming Wednesday, December 12, and feature special guest speaker Jim Rogers, co-founder of the Quantum Fund and author of ¡°A Bull in China: Investing Profitably in the World's Greatest Market.¡±
The Chinese Finance Association is a non-profit organization aimed at facilitating the exchange of ideas, knowledge and information on education, and research and practice in finance and related areas between the US and China. Lehman, Lee & Xu has been a member of TCFA since its inception. We cannot overemphasize our support for this group¡¯s activities and would like everyone to know what an excellent networking organization it is; it has been invaluable in growing our finance, mergers & acquisition, and hedge fund practice.
Ming Jiang, TCFA President, also announced via email that
In addition to Mr. Rogers and Ping's talks, we have some speakers from TCFA annual conference present. Among them, Eugene Xu and David Yan, both are experts in subprime and ABS area; Feng Chang, MD from Morgan Stanley, an expert in quantitative equity.
To register for the event, please visit the TCFA website.
Just a short note to let our readers know that China has announced that it plans to introduce more than 20 new regulations on foreign merger and acquisitions some time before the new Anti-Monopoly Law goes into effect in August 2008. According to Xinhua¡¯s report, Cheng Siwei, vice chairman of the Standing Committee of the National People¡¯s Congress, said that foreign M&A deals will be evaluated based on whether or not domestic firms are fairly priced, and whether the deal would lead to company asset growth.
No word on the details of these regulations yet, but our friend Paul Jones at Jones & Co. mentioned to us that he thinks the number of regulations means that the new regulations will probably introduce sector-specific regulation.
December 3, 2007 - by Maggie Xu
Court reforms launched in China over the past decade have helped obtain judicial efficiency, including significant progress in the rulings in major, difficult or controversial cases, the country's top judge said recently.
According toXiao Yang, Supreme People's Court (SPC) President, the reform of judicial committees, the highest decision-making bodies in the country's judicial system, has vastly improved trial quality and rulings.
But the reforms have made judicial committee members, along with other judges or panels, join the bench to hear or try the cases.
Each judge must read the case document, express his opinion and directly question litigants, moreover, for difficult, complicated or socially important cases, judicial committees have to hear the cases in person to better understand the facts and reduce the chances of biased rulings. Besides, SPC judicial committees have been divided into two groups, one for criminal cases and the other for civil and administrative cases, to improve efficiency and accuracy.
Local high courts and immediate people's courts have formed their own criminal, civil and administrative committees, too. As part of the reforms, judicial committees have also used secret ballots to arrive at a ruling.
Renmin University of China's professor of criminal law Chen Weidong has welcomed the reforms as "the transfer from closed sessions to trial participation in accordance with trial characteristics". Chinese courts are becoming more professional and specialized, with the formation of special judicial committees and excellent judges who know how to deal with major cases,Chen stated.