We are pleased to announce that we have six Chinese interns from China University of Political Science and Law (CUPL) to place their internship in our firm since today.
Mr. Wang Yu (ÍõÓî)
Ms. Li Wanwan (ÀîÍäÍä)
Ms. Yu Yaqi (ÓáÑÅç÷)
Ms. Luo Lili (ÂÞÀòÀò)
Ms. Wang Shiyuan(ÍõÊÀÔ°)
Ms. Wen Xin (ÎÂÜ°)
Please join us to welcome them....
July 15, 2009, 12:20 pm
Last week I was sitting in a restaurant and really just wanted to be left alone. Work has been busy and I was thinking about a couple of cases I was working on. A Chinese guy sitting next to me kept trying to talk to me, though it was obvious I was trying to ignore him. At first I was pretty annoyed because I just wanted to eat in peace and assumed he only wanted to practice his English. But I was polite and we eventually struck up a conversation in which we both talked about what we did at work. I told him that I practice law in China and he said he worked for an auto loan finance company. This actually peaked my interest because I do a lot of labor and employment work, dealing with terminated managers and senior employees, stealing the company cars after they have been fired. In the past, I had always been told that China does not have any businesses that do auto repossession ¡°repo man¡± services. My dinner partner proceeded to tell me that his work involves not only going after people who don¡¯t pay their auto loans but also repossessing the cars. He offered to email me a whole list of guys that would locate the car, go in the middle of the night, break into the car, and drive off. It was exactly the service I had been looking for and had always been told didn¡¯t exist in China. I guess sometimes it does pay to let people practice their English during your dinner!
July 8, 2009, 12:31 pm
Lehman, Lee & Xu held its annual party on January 16, 2009, to celebrate the Chinese New Year. The firm and its employees had much to celebrate as they came together after a very successful year. The past year of 2008 has witnessed many ups and downs in the financial and business sectors as well as the legal industries throughout the world. However, because of its long-standing presence and experience working in China and its prominent, loyal client base, LEHMAN, LEE & XU has been experiencing impressive growth, even during this time of down-sizing and demotions. While businesses are being forced to trim down before the year of 2009, Lehman, Lee & Xu is building muscle in order to keep its clients safer and better protected in the midst of this financial storm.
February 5, 2009, 4:48 pm
This year, I was fortunate enough to gain some practical work experience with the law firm of Lehman, Lee & Xu. Not only was this experience useful for my future legal career but it was enjoyable and gave me the opportunity to meet good people and learn from their expertise. Throughout my time, I was able to research various legal topics, learn more about the Chinese legal arena, meet with the Mongolian ambassador and publish my first legal article. Without the help of my colleagues and peers at Lehman, Lee & Xu I would not have gained so much from the experience. I look forward to using the contacts and associations I have made through my position at the firm to help me in the future!
December 11, 2008, 10:00 am
In association with leading international lawyers, The Global Legal Group of the UK has recently published the 5th edition of The International Comparative Legal Guide to: Pharmaceutical Advertising, a practical insight to cross-border Pharmaceutical Advertising work. This book presents a comprehensive guide to the dynamic and growing pharmaceutical industries and is an invaluable tool for those seeking to enter or expand within the field. The guide presents readers with five general chapters that give a detailed overview of key issues related to pharmaceutical advertising laws and regulations. What really struck us is how suitable a companion the guide is and no doubt will be of use to practitioners in the field. I was impressed by the way the guide addressed issues as multi-jurisdictional transactions and found the country-specific portions highly useful. The knowledge and expertise of the contributing writers is unparalleled and we are fortunate enough to have this wealth compiled into one inclusive guide. Having been in China for 21 years I've seen the development of the industry from an embryonic form to the enormous industry it is today and this guide's coverage of China is really second to none for a publication of this breadth¡£
Mr. Edward Lehman is currently one of the leading attorneys in China¡¯s growing pharmaceutical field and previously acted as counsel to the SFDA, which is the Chinese equivalent of the American organization, the FDA. As an expert in the field, he has represented 28 of the 42 Research-Based Pharmaceutical Companies in China. ...
August 20, 2008, 3:29 pm
I am Li Guangming, with my English name Frank, and I am from Peking University (Beida as called) Law School, second year for my master¡¯s degree and with the major in International Commercial Law. And I have passed the bar examination and also TEM8£¨Test for English Major£©.
Since the graduation date approaches, one of my ambitious dreams will come true£to be a lawyer. Here in this summer, I feel it necessary to find an outstanding law firm to begin my internship. By an occasional and a lucky opportunity, I come to Lehman, Lee&Xu Law Firm, an outstanding law firm, which makes me feel greatly honored.
Though only several days passed, I have learned a lot here, not only about the profession itself, but also on how to behave myself. One sentence repeatedly emphasized by Dr. Lehman, managing director of the firm, impressed me deeply, ¡°People may forgive your professional mistakes, but never your bad manners as a man.¡± Truly, good manners make perfect.
Of course, the professional skills the lawyers here reveal are also undoubtedly fantastic and unparalleled. The presentations given by some of them about their business have shown their proficiency. And in order to become a successful lawyer, I have a lot to learn from them. I know, to apply my school knowledge to practice, I still have a long way to go. But I believe I will be much improved here in this summer.
July 17, 2008, 5:08 pm
What a fantastic chance it is to step from one of the most famous law schools in China to have an intimate contact with one of the most outstanding law firms in China! We are lucky to obtain it. We five students (including one graduate and four undergraduates) from China University of Political Science and Law (CUPL), namely Stone Shi, Alice Zhang, QD Qi, May Liu and Tak Tan, feel it a great honor to have taken this opportunity to be here in Lehman to finish our summer internship. We are ¡°old guys¡± in our college for the three-year study of law there, with the indoctrinations from many eminent professors. However, in the professional world, we are just rookies. So we are prepared for the challenge, which is a must for a law school student to become a lawyer. And that¡¯s why we want to thank Dr. Lehman so much for enrolling us in his successful business, so that we learn a lot from the most superb lawyers in China about how to analyze a case, how to do a law research and how to solve a concrete problem, which are the abilities we can hardly gain in school.
Compared to other domestic law firms, Lehman is more open-minded and internationalized, which stresses cooperation and mutual benefit a lot. So we believe that this summer will be an unforgettable one in our life, and we will pride ourselves so much for it, since we are already here, in Lehman.
July 17, 2008, 2:52 pm
October 15, 2007 - by Rena He
The Shanghai real estate market cooled down. The price has fallen slightly and so has the turnover. After a rapid rise on price during the last few months, now most consumers hold a cautious attitude, and wait to see its trend. Compared with the turnover on the National Holiday last year, the turnover of real estate on the holiday this year has fallen by 45.6%. Experts analyze that the control strategy and too high price attribute to the reduction.
I think it¡¯s good news to many of us, especially to a student like me. We are now facing too much stress, and on the top is buying a house. The price of real estate has risen so fast these years. Take an example, the development of real estate market has made a 26-year girl the richest person in China. But on the other side, the majority can¡¯t afford a house, particularly in big cities, such as Beijing, Shanghai. Many people spend all their life to repay the loan that they borrowed to buy a house from the bank. There is a word that describes very well ¨C¡°the house slave¡±. Now Shanghai has sent good news to us. Will Beijing be the next?
October 15, 2007, 9:50 am
Xinhua has reported that the State Environment Protection Administration (SEPA) is setting up a pilot ecological compensation system in order to monetize the damage that industrial activity causes to state-level natural reserves, mineral resources, and rivers. According to the article, unspecified government departments would also establish an ¡°inter-regional coordinated mechanism¡± to protect river networks.
The article mentions the Y90,000 fine levied on director Chen Kaige for littering and the destruction of vegetation during the shooting of his film, ¡°The Promise,¡± which was used for the restoration of the scenic nature reserve on which it was shot. However, local authorities were unable to completely restore the previous state of the area using the funds provided by the fine.
Will the valuations of environmental destruction developed by SEPA be sufficient to redress the damages done by polluters? An alternative valuation of environmental destruction, the green GDP, has already been shelved by the authorities earlier this year, in part because some of its calculations showed the costs of environmental damage to completely negate the growth reported by regular GDP. Given China¡¯s resistance to considering the true costs of economic development, the penalties imposed by the new ecological compensation scheme may indeed fail to meet their mark.
September 20, 2007, 4:41 pm
August 24, 2007 ¨C by Ryan Beers
Here is some text from a blog article from well known China blog site, Chinalawblog, commenting on outsourcing a companies¡¯ production to China. Working out of Lehman Lee & Xu¡¯s Shenzhen office, we deal with these issues on a daily basis, and the following points are something I also wish to impress upon companies intending to manufacture out of the Pearl River Delta.
¡°1. Chinese suppliers. Since Chinese suppliers run the gamut from superb to criminal, you must check out any potential supplier in advance. A basic credit check will reveal whether the Chinese company with whom you have contracted is the factory owner, not just some broker posing as such. A thriving company is less likely to risk its reputation by cutting safety corners than a company on the verge of going under.
2. Quality control. Because most Chinese product arrives already packaged for retail sale, a statistically valid inspection system within China is critical. The Chinese government has its own inspection system for food and drugs, but to reduce costs, many Chinese suppliers intentionally avoid this system. You have to ensure your Chinese supplier is licensed to manufacture the product you¡¯re buying, licensed to export it and follows Chinese government inspection procedures.
3. Contracts. Your contract with your supplier should detail your safety and quality control requirements and your inspection rights. If the contract states you¡¯re responsible for inspection, you must inspect. Your contract with your Chinese manufacturer can either shift liability toward or away from you.
4. History. You know who your problem suppliers are and you need to replace them now before they cause even bigger problems. Ask a product liability defence lawyer whether having to deal with a bunch of e-mails from you to your supplier complaining of ¡°continual quality shortfalls¡± is going to be good for your product injury lawsuit. Actually, don¡¯t bother, you know the answer.
5. Insurance. Insurance is not a replacement for the above, but it¡¯s your backup. Insurance almost never covers more than your legal fees and out of pocket damages; it will not cover your time spent defending lawsuits, nor will it cover your damaged reputation.
6. Marketing. Don¡¯t make claims about your product you can¡¯t support. Many North American importers claim their Chinese product is manufactured to a standard that simply is not followed in China. Things like this just give the plaintiff¡¯s lawyer more ammunition against you in any legal proceeding.¡±
August 23, 2007, 2:15 pm
China Blawg is in the running for the best China blog in the law and business category on Chinalyst.
There are many quality blogs on China, and many of them are competing for this award. China Blawg wishes all the bloggers best of luck ¨C but of course, we would still prefer to get more votes than they do!
Vote for China Blawg HERE!
July 23, 2007, 2:34 pm
July 17, 2007 - by Alex Clar
Recently, an American client approached our firm wanting to know if there was a problem with doing business with a large Chinese company that in their words was supposedly under a "sanction" by the U.S. Government. To most casual observers, one thinks of a government or the U.N. imposing sanctions on another state. Although, in recent news, the U.S. Government went after Banco Delta Asia, a banking institution based in Macau, for alleged money laundering and distribution of counterfeit U.S. dollars on behalf of North Korea. However, the case of Banco Delta is not an isolated situation. In fact, the U.S. Government actively maintains extensive lists of companies and individuals whose business transactions with Americans are restricted. In our situation, the Chinese company was listed under the Iran Nonproliferation Act of 2000.
July 18, 2007, 12:19 pm
October 23, 2006 - by Robin
Finally the waiting is over. After several weeks of hard work behind the scenes by all involved, we are pleased to reveal that the ultimate information gateway to China has been revamped and redesigned with a fresh look. Our new blawg was specifically tailored to boast a new depth to its functionality, to enhance its accessibility to the largest possible number of visitors, and to offer a truly awesome blogging experience to our audiences.
China Blawg is basically a blawg developed for everyone and we will endeavor to make it as informative, educational, thought provoking and enthralling as possible. We hope that it will serve as our primary communication medium where we share our knowledge, ideas and experiences, and interact with you, wherever you are, whenever you want.
If you have something to shout about or if you wish to share your stories, please let us know. In addition, we welcome any feedback on our new site including comments and suggestions for improvement.
October 25, 2006, 2:42 pm
Securities firms are likely to be able to invest privately held hard foreign currency abroad under a new government rule. The new rule, which the government began public consultation on yesterday, should encourage capital outflow and reduce pressure for the yuan to appreciate.
"Securities firms can set out an asset management plan to raise tradable foreign currency domestically and invest it in financial products abroad," says the draft rule, released yesterday by the China Securities Regulatory Commission (CSRC).
The rule has been posted on the regulator's website and public opinion will be sought until July 31.
"The rule will create diverse investment opportunities for domestic capital. Instead of being limited to the Chinese market, investors can now buy into international markets," said Li Yongsen, professor with Renmin University of China. "It will increase investors' investment portfolios and diminish risks."
"Hong Kong will be the first targeted market for domestic brokerages, due to its close connection with the mainland," said Jiang Jianrong, an analyst with Shanghai-based Shenyin Wanguo Securities.
The rule, while bringing brokerages more business, will also be a new challenge for securities firms, as domestic firms will have to familiarize themselves with the overseas market, in which many of them lack experience.
"Leading firms such as China International Capital Co Ltd and CITIC Securities will have an advantage in such business, as they have some overseas experience," said Li.
Besides allowing brokerages to raise funds for overseas investment, the draft rule also includes regulations for brokerages' asset management business.
"Brokerages can set out asset management plans to invest in stocks, bonds market and funds," the draft rule says.
"Asset management is actually a private equity activity, as brokerages are banned from advertising for clients through mass media," said Jiang, adding that the rule will be the country's first regulation on private equity activities.
The CSRC did allow some leading brokerages to pioneer asset management schemes as early as October 2004. Following the release of the rule, all qualified securities firms will be able to follow suit.
The rule, by encouraging capital outflows, is widely believed to be able to alleviate the yuan's pressure to appreciate.
The renminbi has gained 1.6 per cent since the government revalued it on July 21, 2005.
And the policy to allow qualified foreign institutional investors to invest in the domestic capital market in 2002, the so-called QFII scheme, also increased the supply of foreign currency, putting pressure on the yuan to rise.
To strike a balance, the government has relaxed controls on capital outflow, allowing fund management firms and insurers to invest abroad under the so-called qualified domestic institutional investors, or QDII, programme.
The State Administration of Foreign Exchange recently gave Bank of China, the Industrial and Commercial Bank of China Ltd and Bank of East Asia Ltd quotas worth a combined US$4.8 billion to convert yuan deposits into foreign currency for overseas investment on July 21.
"Now a new channel for foreign currency outflow will alleviate the pressure to appreciate the yuan," said Li.
The domestic stock market closed mostly flat yesterday despite the central bank's announcement of another 0.5 percentage point hike in bank reserve requirements on Friday.
The benchmark Shanghai composite index closed at 1,665.944 points, up 0.04 of a per cent, after falling as much as 2 per cent during the morning.
Turnover in Shanghai A shares was 17.2 billion yuan (US$2.2 billion).
According to Jiang, yesterday's draft rule also encouraged more subscriptions in the latest initial public offerings (IPOs) as it gave no limitations on how much such asset management plans can subscribe to in an IPO.
She emphasized that it was another break as brokerages will now be allowed to invest in stocks of the companies they underwrite, which was previously banned by the regulator.
October 23, 2006, 2:10 pm
In December, Starbucks sued the coffee shop chain Shanghai Xingbake for trademark infringement. Starbucks uses its American logo and name on storefronts, but its customers know the coffee company as Xingbake. "Xing" is pronounced shin and means "star" in Chinese, while bake is pronounced bah-kuh, which is the phonetic rendering of "bucks." In China, the first to register a copyright has traditionally prevailed in courts. After pressure from foreign companies, however, China passed a "well-known mark" exception to protect global brands. The law, however, doesn't give absolute criteria for what should be considered a well-known mark. And even if the Starbucks name is considered well-known, Xingbake is not. The Chinese system is consistent with the rest of the world. Perhaps an even bigger issue for Starbucks and other global brands in China is trade dress, or the visual appearance of a product or its packaging.
In China, it's not unusual for a company to imitate the look and feel of a global company's logo or the format of its stores, without recourse. Kentucky Fried Chicken has a Taiwanese competitor whose logo is so similar it includes an Asian-looking Colonel Sanders, minus the eyeglasses and beard. Such off-brands tend to operate city-by-city, making it hard and costly to keep track.
It's an important test case for China in which it could be demonstrated that the road is one of safety and preservation, and one of predictability, for companies that are coming into China for the first time. Companies must consider legal challenges and the fees that come with it, when they want to do business in China. The costs that come with should be considered before you enter China.
October 23, 2006, 2:08 pm
Growth in China's fixed asset investments eased marginally in the first seven months of 2006, official data shows, offering further evidence that the economy may be starting to cool.
Urban fixed assets, a measure of investment in China's major infrastructure projects, totaled 4.47 trillion yuan (US$560 billion), up 30.5 percent from thesame period a year ago, the National Bureau of Statistics said. China's urbanfixed asset investments rose 31.3 percent in the first six months of the year,according to previously released figures.The level remains well above the official target of 18 percent growth for the year, although Qu Hongbin, an economist at HSBC in Hong Kong, said the very slight slowdown was positive. "It's a good thing," said Qu. "It means the tightening measures that have been introduced since March are starting to have an impact.
"But it is still far too early for the authorities to claim victory in its fight against overheating." China's economy expanded by 10.9 percent in the first six months of the year and 11.3 percent in the second quarter, driven by heavy investment especially in the provinces. The central bank has implemented a range of macro measures to try and slow economic growth, such as an interest rate hike in April and curbs on investment in key industries.
Other figures released this month have also pointed to a very mild deceleration in the economy, with year-on-year growth in industrial output for July slowing to 16.7 percent from 19.5 percent in June. Inflation slowed to 1.0 percent in July from 1.5 percent a month earlier. The nation's trade surplus soared over 40 percent from a year ago to 14.61 billion dollars in July to hit another record high although export growth of 22.6 percent was slightly lower than 23.3 percent recorded 12 months earlier.
However Anantha Nageswaran, an economist at Julius Baer investment bank in Singapore, was highly skeptical that the recent data could be relied upon to gauge the temperature of the Chinese economy. "The Chinese government announces a few tightening measures and, voila, we have slower industrial production and investment spending growth," Nageswaran told clients in a note. The true state of China's growth trajectory is a matter of belief (rather)than reliance on reported statistics." The fixed asset numbers released on Wednesday also appeared to reinforce government concerns that provincial authorities are not enacting measures to slow the economy as swiftly as Beijingwould like. The central government has repeatedly told the provinces to cool it but the country's key economic planner said last week the economies of three quarters of China's provinces expanded at 12 percent or more in the first six months.
Projects funded by provincial and local governments in the first seven months increased 31.1 percent to four trillion yuan, the statistics bureau said.
October 23, 2006, 2:07 pm
The collection of property tax is in line with central government policy, but there is currently no timetable for implementing it, a central bank official said Monday. There will not be a uniform tax rate for the whole country, Yi Gang, assistant to governor of the People's Bank of China, told a symposium in Beijing.
He explained that the property tax will be collected by local governments, who will impose different rates.
The central government began mulling over the introduction of property taxes in October, 2003. Some economists suggest owners should pay an annual property tax according to the size of their homes and the government should collect transfer taxes to redistribute profits generated by rising home prices. The tax rates on the whole should be controlled, Yi said, adding that when property taxes are collected, taxes for property development and other real estate items should be lowered correspondingly.
October 23, 2006, 2:06 pm
It is vitally important to use the law to protect migrant workers' rights and interests, says a signed article in Dazhong Daily. An excerpt follows:
The Labor and Social Security Bureau of Henan Province is soliciting public opinion on its newly drafted regulation on the protection of the rights and interests of migrant workers. It is said to be China's first regional legislation in this field. The draft regulation contains rules on labor contracts, wage payments, social insurance and labor use. It also clearly defines the rights of migrant workers and the obligations of employers. Judging from its contents, the regulation is quite rigorous.
The significance of this regulation goes far beyond the legal protection it can provide to migrant workers. The significance lies in its recognition of migrant laborers' status in cities. It acknowledges the various rights of migrant workers in a legal form and will help these drifting migrant workers gain equality with their urban counterparts. Migrant workers are a rather huge group in China. This group faces common problems such as high mobility, high risks, low incomes and difficulties in protecting their rights. Society should address the practical issue of protecting the rights of this disadvantaged group.
The state has issued laws and regulations recognizing and protecting migrant workers' rights and interests. But without specific provisions for their implementation, these laws and regulations have not functioned well in reality. To gain their due rights and interests, migrant workers, as well as the governments, have paid dearly. Disputes caused by defaulted payments to migrant workers have become a major social issue.
As Henan Province's regulation comes into effect, migrant workers will have a law that truly speaks for them. It will at least enable migrant laborers working in Henan to get strong legal support.
The new regulation shows that society has further realized the importance ofmigrant laborers. This regulation is not a special favor; it is something that has been due to migrant workers for quite some time.
We will hopefully see similar regulations issued in other areas in the near future.
October 23, 2006, 2:06 pm
China is revising a law to make it possible to impose harsher punishment on energy lavishment, the government said Sunday, at a time when fast economic growth is unabatedly costing excessive energy resources. The Financial and Economic Committee of the National People's Congress, or China's top legislature, and the National Development and Reform Commission (NDRC) are jointly making a proposed revision for the Law on Saving Energy resources, which is expected to be completed later this year, an NDRC source told Xinhua.
The law was put into effect eight years ago, but has since banned no projects failing to meet energy-saving requirement. The government is worrying that it is difficult to reach this year's target of reducing energy costs for per unit gross domestic product. The revised law will feature strengthened enforcement and supervision and include both incentives for saving energies and punitive measures against energy-lavishing behavior, the NDRC said, without giving details.
It will typically target the construction sector, which now accounts for one-third of all energy costs in China. Construction projects that do not meet energy-use demands will be off-limits, the source said.
October 23, 2006, 2:00 pm
1. CHINA IS THE 4TH LARGEST ECONOMY IN THE WORLD.
The country has achieved phenomenal economic development since 1978. China has realized an average real GDP growth rate of over 9 percent annually. 2005 GDP was USD 2.26 trillion and real GDP growth was 9.9 percent.
2. CHINA HAS THE WORLD'S LARGEST POPULATION WITH A RAPIDLY GROWING MIDDLE CLASS.
The total population of China is 1,350,000,000 according to the July 2006 estimate by the government. 50 million Chinese families (150-200 million people) are qualified as middle class, with per household annual income of US9,248, and USD 38,224 of assets on average. The number of middle class families in China is expected to reach 100 million by 2010.
3. WITH A LITERACY RATE OF 90.9 PERCENT, CHINA IS AHEAD OF OTHER MAJOR DEVELOPING COUNTRIES. ITS ABILITY TO PROVIDE QUALITY LABOR AT A LOW COST CANNOT BE MATCHED.
The world's average adult literacy rate for all developing countries is 76.4 percent. China exceeds this figure by 14.5 percent. India has long been considered China's rival in terms of economic development. Yet, when examining adult literacy rates, China enjoys a superior position in comparison to India's 61.07 percent literacy rate.
4. CHINA IS CURRENTLY THE THIRD LARGEST TRADER IN THE WORLD AFTER THE U.S. AND GERMANY. IN 2005, CHINA BECAME JAPAN'S LARGEST TRADING PARTNER WHILE BEING THE SECOND LARGEST OF THE U.S. AND THE E.U.
In 2004, the trade volume between China and the U.S. reached over USD 152 billion, and over USD 151 billion between China and Japan. Japan is China's largest import partner as 16.8% of China's imports came from Japan in 2004. The trade volume has increased 34.66 percent on average with all top ten trading partners in 2004.
5. CHINA HAS SIGNIFICANTLY IMPROVED ITS INFRASTRUCTURE OVER THE PAST DECADE.
The government assigned top priority to the development of the transportation system in its 7th Five-Year Plan (1985 - 1990). China's telecommunications sector averaged an annual growth rate of 20 percent from 1997 to 2004. China's electricity generating capacity has been growing at 6 percent annually.
6. FOLLOWING THE COUNTRY'S ACCESSION INTO THE WTO, CHINA IS OPENING UP ITS MARKET TO FOREIGN INVESTORS.
China's commitment to WTO rules and agreements has brought about significant changes. Previously off limits industries such as banking, insurance, and telecommunication are now gradually becoming more and more accessibe.
7. CHINA OFFERS GENEROUS TAX INCENTIVES TO ATTRACT FOREIGN INVESTMENT.
Investments often are granted tax breaks for up to two years, depending on the industry and location of the business. Various taxation incentive packages are available in free trade zones throughout the country. Free trade zones are designated cities and regions designed to attract foreign investment. Companies registered in these zones are exempt from complex customs regulations.
8. CHINA HAS MADE REMARKABLE IMPROVEMENT IN LABOR PRODUCTIVITY.
According to official statistics, China's labor productivity (the quantity of output produced by a given quantity of labor input) rose from 24.77 in 1995 to 60.54 in 2001. The current average labor productivity growth rate in China is 6.5 percent per year, exemplifying the productiveness of China's labor force.
9. CHINA HAS BEEN RESTRUCTURING ITS BANKING INDUSTRY.
Until recently, China's state-owned banks have been instructed by the government to lend to large failing state-owned enterprises (¡°SOEs¡±), while small or private businesses were unable to secure credit. This resulted insignificant portfolios of non-performing loans. After the reform, local financial institutes will have more funds available for promising new businesses.
10. CHINA HAS SIGNIFICANTLY IMPROVED ITS LEGAL STRUCTURE, IN AN EFFORT TO PROMOTE TRANSPARENCY.
Regulations and periodic updates regarding investment in China are now available on the website of the Ministry of Commerce (¡°MOFCOM¡±). In addition, WTO agreements also required that all notices of regulatory changes be accompanied with appropriate translation.
October 23, 2006, 1:55 pm
China's legislature is studying how to revise the country's energy conservation law to meet the goals of both economic development and energy conservation, a senior Chinese legislator said on Monday.
Li Tieying, vice-chairman of the National People's Congress (NPC) Standing Committee, said that the current energy conservation law no longer meets the country's development needs.
Li said that changing the focus of economic development from energy and resources consumption to energy saving will have a profound effect on relations between people, society and nature.
The NPC Standing Committee enacted the Energy Conservation Law of China in November 1997. It governs the administration of energy, the proper use of energy resources, promotion of energy-saving technology and protection of the environment.
Research into the effectiveness and enforcement of the law is being conducted by the NPC Standing Committee, he said. The NPC Standing Committee also wants to revise the Energy Conservation Law to secure a strong legal framework for building an energy-saving society, he said.
Li called for the law and policies to encourage economic growth and energy conservation, noting that economic development that features high energy consumption which results in serious pollution and waste is not sustainable.
Li made the remarks at a seminar on energy conservation and legislation. Li noted that development can not only be concerned with the growth of the GDP, it must also be in harmony with nature.
According to a report released by the Development Research Center of the State Council, energy supply uncertainties can be effectively addressed with a comprehensive national energy policy that stresses energy efficiency, renewable energy and a more market oriented oil and gas sector.
China should more aggressively promote energy efficiency and commercialization of its national oil and gas companies by opening the sector to international oil companies. This will attract investment and needed new technologies, said the report.
The country should clarify the security-enhancing roles of both international and national companies. This could lead to the creation of a market-oriented, multi-source, robust national energy economy that would provide an important basis for security of supply, the report said.
The "right mix" of a specific security of supply measures should be selected according to China's needs from a suite of measures that includes: maintaining spare domestic production capability; protection of its import oil transport channels; accumulated reserves; allocation and possibly rationing systems to share scare supplies equitably; and close international cooperation with trading partners for whom secure oil supplies are essential for their economic well being and with energy exporters who have a similar interest in secure markets, the report stressed.
Recognizing the country's interdependence in the global energy sector and incorporating security of supply into the country's long term strategy could be the first steps on the road towards a stable energy supply, which is one of the pillars of sustainable development for the sector and the overall economy during the coming decades, the report said.
October 23, 2006, 1:40 pm
China's unemployed is forecast to grow by 14 million in 2006, and that this trend will continue until at least 2010.
A nation-wide government survey of the country's 120 million or so migrant worker...
October 20, 2006, 6:23 pm
The Qinghai Tibet Railway on the "roof of the world" has transported more than 70,000 passengers to Lhasa, capital of Tibet Autonomous Region, since it opened to traffic on July 1, a railway...
October 20, 2006, 6:16 pm
Alternative Dispute Resolution, commonly known as ADR, include a set of mechanisms of negotiation, mediation, and arbitration all designed to foster agreement among parties in a dispute in an effort t...
October 20, 2006, 6:11 pm
China's State Administration of Foreign Exchange (SAFE) has granted quotas worth 3.5 billion U.S. dollars to two Chinese commercial banks to buy overseas financial investment products on behalf of the...
October 20, 2006, 6:10 pm
A mounting number of intellectual property rights (IPR) cases involving foreign companies demonstrate the country's strengthening crackdown on counterfeiting and piracy, said a senior official.
August 7, 2006, 11:14 am
China Securities Regulatory Commission relaxes M&A rule.
Investors holding more than 30 per cent of a listed company will no longer be required to offer to buy all of its shares under a new rule ...
August 4, 2006, 2:40 pm
Lehman, Lee & Xu, one of the first law firms in China established in 1992, has quickly grown to become one of the largest and most successful law firms in China. Our International Law & Practi...
August 4, 2006, 7:25 am
Yeah, I'm an intern at a law firm and I'm really eager to become a lawyer in three years or so.
Most folks would immediately call me a large variety names, ambulance chaser being one of the nicer ...
August 4, 2006, 7:24 am
The income rankings for the 16 cities among the Yangtze River Delta were released yesterday, showing Shanghai's drop from the number one position last year to number four after the first half of 2006;...
July 27, 2006, 10:25 am
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