Category: Law & Regulation

The Standing Committee of the National People's Congress adopted a new corporate bankruptcy law Sunday. The new law, which takes effect June 1, 2007, requires bankrupt enterprises to pay creditors before using any remaining assets to pay laid-off workers. It replaces the Interim Enterprise Bankruptcy Law, which was introduced in 1986 on a test basis […]

Reported suspicious foreign exchange transactions rose 12-fold last year over 2004, according to a central bank study released Thursday. The China Anti-Money Laundering Monitoring and Analysis Center received reports of 1.988 million suspect foreign exchange deals, while questionable yuan transactions numbered 283,400, seven times the 2004 figure. Money laundering has been identified by the government […]

The Shanghai government's pension fund management arm is suing two companies controlled by Zhang Rongkun, Shanghai Electric Group's former director, in a move to retrieve about US$433.09 million of the fund, the South China Morning Post reported. The government unit, which oversees more than US$1.38 billion of the city's corporate annuity, is demanding Fuxi Investment […]

Managers of state-owned companies who sell off state assets cheaply may be punished under a controversial property law considered by the National People's Congress Standing Committee Tuesday, the South China Morning Post reported. The latest draft of the Property Law promises equal protection for state and private property after a previous draft was shelved following […]

Shanghai Electric claimed ignorance Monday as to why three of its former executives have been detained by the Communist Party, the Financial Times reported. "We do not know why they have been investigated," newly-appointed company chairman Xu Jianguo said. "But I can responsibly tell you that their investigations are not related to the company." The […]