The New Legal Environment of Investment in Mainland China after China's Accession to the WTO --- An Analysis from the Perspective of Foreign Funded Enterprises
|關鍵字:||世界貿易組織;外商投資企業;市場開放;法律環境;WTO;Investment of Foreign Funded Enterprises;Market Access;Legal Environment|
China, as a developing county, regards attracting foreign investments as the most important policy for its economic development. With more and more foreign capital flowing into China and influencing its economy greatly, the laws regulating foreign investments and enterprises are in the process of being systematically established. However, due to the historical background of a planned economy, all laws regarding foreign investments and enterprises were still made under the idea of planned economy and the government regulating authority was vastly granted. At the end of 2001, China finally entered into the WTO. The commitments made and the agreements signed by China will change the way it introduces foreign investment into the country. Becoming a member of the WTO means that China has to make some essential reforms. It has been observed that China has gradually discarded its limited and sectional openness and will adopt in a comprehensive and multilateral scale an open attitude toward the rest of the world. Most people believe that international rules will prevail over national regulations. China progressively abandons the government-controlled economy and embraces for economic activities, the unilateral and impenetrable policy-making process will become a story in the past; instead, in the coming future, China will synchronize with the WTO and the global economic mechanisms. Those reformations improve China』s opening process; the openness is going to give feedback to China』s reformation ad finem. The said observations and assertions are especially supported by the amendments of the three acts that regulate foreign investment before China entered the WTO. Most of all, these amendments greatly influence the overall arrangements of foreign investors. In addition, along with the recent wave of open policy by the Beijing Government in response to its access to WTO, some newly developed situations have received a lot of attention. For instance, the adjustment of tax policy, the entrance permit for the trade in service industries, the increase of market-oriented foreign investment enterprises, and the more and more intensive competition between Taiwan-capital enterprises and emerging China local capital enterprises, and also the interaction between economic development in Mainland China and its legal environment. All of these issues deserve research and discussion in depth.