China Company Law Guide

Author: Wu Gao Sheng
Publisher:
Publish Date: 2005-10-01
Features: The Company Law was promulgated on December 29, 1993, and came into effect on July 1, 1994. Subsequently, it underwent amendments in 1999 and 2004. Its promulgation and implementation have played a positive role in standardizing the organization and behavior of companies, protecting the legitimate rights and interests of companies, shareholders, and creditors, promoting the reform of state-owned enterprises and the economic system reform, maintaining social and economic order, and advancing the development of the socialist market economy. With the deepening of the economic system reform and the gradual improvement of the socialist market economy system, it has become unable to fully meet the needs of the new situation. It is necessary to revise the Company Law. The revised Company Law consists of 13 chapters and 219 articles, providing comprehensive regulations on the types of companies, establishment conditions, establishment registration, internal organizational structures, financial accounting, mergers and divisions, and dissolution and liquidation. Especially, based on more than ten years of practice, it has introduced new and more operational provisions to regulate the internal governance structure of companies and protect the legitimate rights and interests of shareholders and company creditors, providing a solid legal basis for the sound operation of company systems.