China goes through a charade every year in which they convene a National Congress in the Great Hall of the People. This fiction pretends to consider “laws” and enacts them. This is an impressive building, no?
It is worth noting they have no desks, no? How can you work without a desk? [Asking for a friend.]
This year, they enacted a new Foreign Investment Law to take the place of three prior laws:
1. The Law on Sino-Foreign Equity Joint Ventures;
2. the Law on Sino-Foreign Contractual Joint Ventures; and,
3. the Law on Foreign-Capital Enterprises.
These “laws” were passed in the 1979-1990 time period, so they were overdue for an update. They, of course, had no impact on reality.
The new Law on Foreign Investment responds to the concern articulated by companies doing business in China regarding Chinese theft of intellectual property, amongst other issues. In a left handed way, it acknowledges the mischief and tomfoolery thereby contradicting the central government which says, “What? China is stealing intellectual property? No way.”