China’s Foreign-Invested Limited Partnership Enterprise: An Analysis of its Legal Personality, Limited Liability and Transferable Ownership Interest PDF
Preview China’s Foreign-Invested Limited Partnership Enterprise: An Analysis of its Legal Personality, Limited Liability and Transferable Ownership Interest
China-EU Law Series 7 Stephan Kuntner China’s Foreign-Invested Limited Partnership Enterprise An Analysis of its Legal Personality, Limited Liability and Transferable Ownership Interest China-EU Law Series Volume 7 Editor-in-Chief FeiLiu,China-EUSchoolofLaw,Beijing,China HinrichJulius,UniversityofHamburg,Hamburg,Germany SeriesEditors China-EU School of Law, At the China University of Political Science, Beijing, China BjörnAhl,UniversityofCologne,Cologne,Germany RonaldMontySilley,China-EUSchoolofLaw,Beijing,China TianshuZhao,China-EUSchoolofLaw,Beijing,China Moreinformationaboutthisseriesathttp://www.springer.com/series/11933 Stephan Kuntner ’ China s Foreign-Invested Limited Partnership Enterprise An Analysis of its Legal Personality, Limited Liability and Transferable Ownership Interest StephanKuntner Hamburg,Germany ISSN2198-2708 ISSN2198-2716 (electronic) China-EULawSeries ISBN978-3-030-54180-4 ISBN978-3-030-54181-1 (eBook) https://doi.org/10.1007/978-3-030-54181-1 ©TheEditor(s)(ifapplicable)andTheAuthor(s),underexclusivelicencetoSpringerNatureSwitzerland AG2021 Thisworkissubjecttocopyright.AllrightsaresolelyandexclusivelylicencedbythePublisher,whether thewholeorpartofthematerialisconcerned,specificallytherightsoftranslation,reprinting,reuseof illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similarordissimilarmethodologynowknownorhereafterdeveloped. Theuseofgeneraldescriptivenames,registerednames,trademarks,servicemarks,etc.inthispublication doesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfromtherelevant protectivelawsandregulationsandthereforefreeforgeneraluse. The publisher, the authors, and the editorsare safeto assume that the adviceand informationin this bookarebelievedtobetrueandaccurateatthedateofpublication.Neitherthepublishernortheauthorsor theeditorsgiveawarranty,expressedorimplied,withrespecttothematerialcontainedhereinorforany errorsoromissionsthatmayhavebeenmade.Thepublisherremainsneutralwithregardtojurisdictional claimsinpublishedmapsandinstitutionalaffiliations. ThisSpringerimprintispublishedbytheregisteredcompanySpringerNatureSwitzerlandAG. Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland In memory of my cousin Sebastian Wiesler (*7.4.1995 {26.8.2014) Preface ThepresentbookisanupdatedversionofmyPhDthesis,whichwasacceptedbythe UniversityofHamburginJune2019anddefendedwithhonoursinDecemberofthe sameyear.Thechangesinlegislationupto30April2020havebeenincorporated. MypassionforChineseculture,history andlawbeganin2006duringmylegal studiesattheInstituteofLawoftheChineseAcademyofSocialSciences(中国社会 科学院法学研究所)inBeijing.Intheperiodbetween2010and2014,Istudiedthe ChineselanguageatNanjingUniversity(南京大学)andworkedforaninternational law firm in Shanghai for over three years. Having had the chance to study and researchbutalsopracticelawinChinahasbeenagreatprivilege,asitallowedmeto take both an academic and a practical approach to my research question. The four yearsinChinahavebeenanunforgettableandrichexperience,whichhasintensified myloveforthisfascinatingculture. IamverygratefultomysupervisorProfessorDr.HinrichJuliusforhisguidance, ongoingsupportandtheacademicfreedominconceptualisingmyresearchproject.I amfurtherindebtedtoProfessorDr.RüdigerVeilforactingasasecondsupervisor andhisencouragementthroughoutthisproject. I would especially like to express gratitude to my friend Dr. Johanna Croon- Gestefeldforherinvaluablescholarlyadvice,never-endingencouragementandstrong support throughout my PhD studies. For fruitful theoretical discussions and helpful counsel,IwouldalsoliketoacknowledgeAnnaElshafei,ProfessorDr.Dr.h.c.mult. Karsten Schmidt, Professor Dr. Knut Benjamin Pissler and Professor Dr. Carsten Jungmann.IammuchobligedtoProfessorFeiLiu(刘飞),ProfessorDr.HinrichJulius andRonaldMontySilleyforincludingmybookintheChina-EULawSeries. Writingthisbookoverseveralyears,ontwodifferentcontinents,wouldnothave been possible without my friends. Their motivating encouragement, support and wonderful humour at all times have been invaluable. I would particularly like to recogniseMartinAsseburg,MaximilianNeeb,Dr.MartinHejma,ClaireProebstle, Dr.AlexanderStark,Dr.TinaAnderson,ConradWandt,AnoukBender,NinaMarie Güttler,Dr.JanSturm,MareilePaskeandallmyfriendsinNanjing,Shanghai,Jork andHamburg. vii viii Preface IthankmyparentsAnitaandJohannKuntnerandmybrotherChristophKuntner andhisfamilyfortheircontinuousassistanceandencouragementduringmyentire legal studies and career. My entire family has always understood my passion for Chinaandshowngreatsupportofmyendeavours,evenintimesofsorrow.WhileI was writing this book, my cousin Sebastian Wiesler sadly passed away at a young age.Ihavededicatedthisbooktohismemory. Hamburg,Germany StephanKuntner孔劭凡 May2020 Contents 1 IntroductionandConcept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.1 FramingtheTask. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.2 ResearchQuestion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1.3 Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1.3.1 EconomicAnalysisofLaw. . . . . . . . . . . . . . . . . . . . . . 10 1.3.1.1 TheTheoryofEconomicAnalysisofLaw. . . 10 1.3.1.2 EconomicAnalysisofLawintheContextof ChineseLaw. . . . . . . . . . . . . . . . . . . . . . . . 12 1.3.1.3 RelevantEfficiencyCriteria. . . . . . . . . . . . . . 13 1.3.1.3.1 TheAnatomyofCorporateLaw. . 14 1.3.1.3.2 TheAnalysedFeaturesofa ‘StandardCorporateForm’. . . . . . 15 1.3.1.3.3 TheRoleofStatutoryLawin GoverningEnterprises. . . . . . . . . 17 1.3.1.3.3.1 DefaultProvisionsand MandatoryRules. . . . 18 1.3.1.3.3.2 TheBenefitofLegal Rules. . . . . . . . . . . . 20 1.3.2 ComparativeLawApproach. . . . . . . . . . . . . . . . . . . . . 21 1.3.3 ComparisonwiththeEquityJointVenture. . . . . . . . . . . 26 1.4 CourseoftheInvestigation. . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 PartI BasicPrinciplesofChinesePartnershipLaw 2 TheConceptofForeignDirectInvestmentinChina. . . . . . . . . . . . 33 References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 3 JointVentureEnterprisesasSino-ForeignAlliances. . . . . . . . . . . . 37 3.1 HistoryandFrameworkofForeignDirectInvestmentsandJoint VentureLaw. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 ix x Contents 3.1.1 EarlyFormsofFDIinChina. . . . . . . . . . . . . . . . . . . . 37 3.1.2 The‘Openingup’ofChina:IntroducingJointVentures andForeignInvestmentLaws. . . . . . . . . . . . . . . . . . . . 38 3.1.3 TheDualStructureofDomesticandForeignInvestment Laws. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 3.1.4 China’sAccessiontotheWTO:InitiatingLiberalisation oftheForeignInvestmentRegime. . . . . . . . . . . . . . . . . 45 3.1.5 TheMarkofaNewEra:TheNewForeignInvestment Law. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 3.1.5.1 MotivesandLegislativeTimelineforthe ForeignInvestmentLaw. . . . . . . . . . . . . . . . 47 3.1.5.2 ScopeofApplicationandDefinitionofForeign Investment. . . . . . . . . . . . . . . . . . . . . . . . . . 50 3.1.5.3 DomesticEnterpriseFormsOpenedtoForeign Investors. . . . . . . . . . . . . . . . . . . . . . . . . . . 51 3.1.5.4 PromotingandProtectingFDI. . . . . . . . . . . . 53 3.1.5.5 NationalSecurityReview. . . . . . . . . . . . . . . 54 3.1.6 TheAdministrativeFramework:Guidance,Approval andRegistrationofForeignInvestmentProjects. . . . . . . 55 3.1.6.1 TheLongstandingBenchmark:Restrictive GovernmentSupervisionofFDI. . . . . . . . . . 55 3.1.6.1.1 DirectingandRestrictingFDI: TheGuidanceCatalogue. . . . . . . . 55 3.1.6.1.2 LimitedScopeofBusiness Operation. . . . . . . . . . . . . . . . . . 57 3.1.6.1.3 OfferingPreferentialTreatment. . . 58 3.1.6.1.4 FDIApprovalProcessand Authorities. . . . . . . . . . . . . . . . . . 59 3.1.6.2 ExperimentingwithReforms:TheShanghai FreeTradeZone. . . . . . . . . . . . . . . . . . . . . . 64 3.1.6.3 ApproachingaNewNormal:Registration InsteadofApprovalandGuidancebyNegative ListSystem. . . . . . . . . . . . . . . . . . . . . . . . . 66 3.1.6.3.1 TheInterimReform:Allowing Record-FilingforCertain Investments. . . . . . . . . . . . . . . . . 67 3.1.6.3.2 TheNewUnifiedRegistrationand ReportingSystem. . . . . . . . . . . . . 69 3.1.6.3.3 TheNewComprehensiveNegative ListSystem. . . . . . . . . . . . . . . . . 71 3.1.7 AssessingtheForeignInvestmentLawandLatest Reforms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 3.2 FormsofJointVenturesasSino-ForeignAlliances. . . . . . . . . . . 77 3.2.1 EquityJointVenture中外合资经营企业. . . . . . . . . . . 77
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