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Law of the People's Republic of China on Chinese-F
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1979.07.08
NATIONAL PEOPLE'S CONGRESS
 THE LAW OF THE PEOPLE'S REPUBLIC OF CHINA ON CHINESE-FOREIGN EQUITY
JOINT VENTURES
 (Adopted  on  July  1, 1979 at the Second Session at the Fifth
National People's  Congress, Amendment to the Law in accordance with
"The decision on Amendment  to `The Law of the People's Republic of
China on Chinese-Foreign Equity Joint Venture'" was adopted on April 4,
1990 at the Third Session at the Seventh National People's Congress)
 @@  Article  1.  With a view to expanding international economic
cooperation and  technological  exchange, the People's Republic of
China permits foreign companies, enterprises, other economic entities
or individuals (hereinafter referred  to  as foreign parties) to
incorporate  themselves, within the territory  of  the  People's
Republic  of China, into equity joint ventures with Chinese companies,
enterprises or other economic entities (hereinafter referred to as
Chinese  parties)  on the principle of equality and mutual benefit and
subject to authorization by the Chinese Government.
 @@  Article 2. The Chinese Government protects, by the legislation in
force, the  investments  of foreign parties, the profits due them
and and their other  lawful rights and interests in equity joint
ventures, pursuant to the agreements,  contracts  and articles of
association approved by the Chinese
Government.
 All the activities of an equity joint venture shall be governed by the
laws, decrees  and pertinent rules and regulations of the People's
Republic of China.
 The  State  will  not nationalize or expropriate any equity joint
venture. Under  special circumstances, based on the need of the
social public interest,  equity  joint ventures may be expropriated
under legal procedures and against appropriate compensation.
 @@ Article 3. All parties to an equity joint venture shall submit
their agreements,  contracts  and articles of association to the
State's Competent Department  of  Foreign  Economic Relations and
Trade (simplified as "the examination  and  approval  authority"
hereinafter)  for  examination  and approval. The examination and
approval authority shall decide whether to approve or disapprove
them within three months. Once approved, the equity joint venture
shall  register  with  the  concerned department of the State
Administration  for  Industries and Commerce, and start operation
after receiving its business licence.
 @@  Article  4. An equity joint venture shall take the form of a
limited liability company.
 In  the registered capital of an equity joint venture, the proportion
of the investment  contributed  by the foreign parties(s) shall in
general not be less than 25 per cent.
 The  profits, risks and losses of an equity joint venture shall be
shared by the  parties  to  the  venture  in proportion to their
contributions to the registered capital.
 The  transfer  of  one party's share in the registered capital
shall be effected only with the consent of the other parties to the
venture.
 @@ Article 5. Each party to an equity joint venture may contribute
cash, capital  goods,  industrial  property  rights, etc. as its
investment in the venture.
 The  technology  or equipment contributed by any foreign party as
investment shall  be  truly  advanced and appropriate to China's
needs.  In  cases of losses  caused  by  deception  through the
intentional provision of outdated equipment or technology, compensation
shall be paid for the losses.
 The  investment contributed by a Chinese party may include the right
to the use  of a site provided for the equity joint venture during
the period of its operation. In case such a contribution does not
constitute a part of the  investment from the Chinese party, the
venture shall pay the Chinese Government a fee for its use.
 The  various  contributions  referred to in the present Article
shall be specified  in  the  contracts concerning the equity joint
venture or in its articles  of association, and the value of each
contribution (excluding that of the site) shall be ascertained by
the parties to the venture through joint assessment.
 @@  Article  6. An equity joint venture shall have a board of
directors with a  composition  stipulated  in the contract and the
articles of association after consultation between the parties to the
venture; each director shall be  appointed  and replaced by his
own  side.  The  chairman  and the vice-chairmen shall be chosen
through consultation by the parties to the venture of elected by
the board of directors. If the Chinese side or the foreign side
assumes  the  office  of  the chairman, the other side shall assu

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