This revised fifth edition of Doing Business with China has been updated to take into account key changes in the legal and fiscal environment. It remains the most comprehensive guide available to all aspects of commercial engagement in China. It focuses on developments in China's business and regulatory environment over the past four years since WTO entry and on the key industry sectors where China is already a global player or which offer good opportunities for foreign investment and trade. In addition, the guide provides authoritative insight into accounting, auditing and taxation practices; banking, foreign exchange and corporate finance; and marketing issues which are unique to the Chinese markets. Revisions include updates to chapter's on economic performance and outlook, China's Securities Market and sector reports on China's automotive indutry, banking, oil and gas and steel production and core minerals.
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Doing Business with China GLOBAL MARKET BRIEFINGS Doing Business with China REVISED FIFTH EDITION Consultant editors: Jonathan Reuvid and Li Yong Preface by: Lord Brittan Vice-Chairman, UBS Investment Bank Forewords by: Sir Digby Jones Former Director General, Confederation of British Industry (CBI) Shen Jueren Honorary Chairman, China Association of International Trade, Former Vice Minister of MOFTEC (now MOFCOM) Published in association with: HSBC The world΄s local bank GMB Publishers’ note Every possible effort has been made to ensure that the information contained in this publication is accurate at the time of going to press and neither the publishers nor any of the authors, editors, contributors or sponsors can accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the material in this publication can be accepted by the editors, authors, the publisher or any of the contributors or sponsors. Users and readers of this publication may copy or download portions of the material herein for personal use, and may include portions of this material in internal reports and/or reports to customers, and on an occasional and infrequent basis individual articles from the material, provided that such articles (or portions of articles) are attributed to this publication by name, the individual contributor of the portion used and GMB Publishing Ltd. Users and readers of this publication shall not reproduce, distribute, display, sell, publish, broadcast, repurpose, or circulate the material to any third party, or create new collective works for resale or for redistribution to servers or lists, or reuse any copyrighted component of this work in other works, without the prior written permission of GMB Publishing Ltd. GMB Publishing Ltd. 120 Pentonville Road London N1 9JN United Kingdom www.globalmarketbriefings.com This edition first published in 2005 and updated in 2006 by GMB Publishing Ltd. © GMB Publishing Ltd. and contributors Hardcopy ISBN 1 905050 08 9 E-book ISBN 1 905050 51 8 British Library Cataloguing in Publication Data A CIP record for this book is available from the British Library Contents Preface Lord Brittan, Vice-Chairman, UBS Investment Bank xv Forewords Sir Digby Jones, Former Director General, Confederation of British Industry (CBI) xix Shen Jueren, Honorary Chairman, China Association of International Trade and Former Vice Minister of MOFTEC (now MOFCOM) xxi Introduction Jonathan Reuvid xxiii About the Editors xxix Editorial Associates xxxi PART ONE: CHINA’S ECONOMY AND ADMINISTRATION 1.1 1.2 1.3 1.4 China’s Economic Performance and Outlook Jonath