According to a report in the Law Society's Law Gazette, the UK's legal sector is set to benefit from new outward investment rules issued recently by China's Ministries of Commerce and Foreign Affairs.
The guidance, issued as part of the Chinese government's 'Going Global' initiative, outlines the sectors and countries in which the authorities would like to see investment by Chinese firms.
In addition to permitting Chinese law firms to invest in the UK's legal sector, the guidance reveals that other approved investment sectors in the United Kingdom include financial services, research and development, transport, distribution, and pharmaceuticals.
However, the Law Gazette report went on to explain that Chinese companies in the relevant sectors looking to expand overseas will still need to obtain regulatory approval from Beijing.
Speaking to the Law Sociaty's official news service, managing partner of Norton Rose's Beijing office, Jean-Marc Deschandol observed that:
"This is a dramatic move - in the past, it was almost impossible for state-owned companies, private Chinese companies, or even foreign joint ventures to invest overseas. Now it's not only possible, it's encouraged."
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment