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" Legal regulation of foreign direct investment in China's transitional economy. "
Xie, Xiaodong.
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Latin Dissertation
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| Record Number
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1095263
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TLets389428
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| Main Entry
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Xie, Xiaodong.
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| Title & Author
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Legal regulation of foreign direct investment in China's transitional economy.\ Xie, Xiaodong.
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| College
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University of London
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| Date
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1993
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| student score
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1993
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| Degree
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Ph.D.
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| Abstract
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This thesis attempts a wide-ranging examination of the legal regulation of foreign directinvestment in China's transitional economy by means of an exploration of the role of lawas an instrument for accommodating foreign investors' business autonomy, while tryingto maintain appropriate controls and to balance Chinese and foreign interests in thisprocess. It endeavours to investigate how China translates its foreign investment policyinto law. The study further discusses the interactions of underlying economic, political,social and cultural factors in the implementation process and their impact on theeffectiveness of law, and reveals the causes hindering the implementation of law.It is noted that while legalization through the deployment of formal laws andregulations is a general feature of China's implementation of its reform and open policiessince 1979, the regulation of foreign direct investment receives the closest attention,aiming at defining and protecting the rights and interests of foreign investors andredressing their worries about lawlessness and instability of policy. This study examinesissues fundamental to the management and operation of foreign investment enterprises:control structures for management and operation, domestic resource allocation and foreigntrade administration, labour and personnel concerns, foreign exchange controls, land useregulation and tax administration. On this basis, it argues that though China has providednumerous legal and technical provisions, they are often not effectively implemented asintended or are readily replaced by other regulatory instruments such as administrativeprocedures, policy statements and local rules, which do not have formal legal bindingforce and thus have to be implemented on the basis of "good faith". Destructive factorsinclude legislative deficiencies and the complications and inconsistencies in multi-levelimplementation, arising from the relations between administrative institutions, theirmanner of exercising powers, the modes of policy implementation, ignorance of legalrevisions, traditional government-enterprise relationships, distorted competition amonglocalities, the rising regionalism under decentralization, the unsettled nature of economicreform, the lack of efficient markets, ineffective functioning of institutional legalstructures and certain cultural barriers.This thesis also argues that following its gradual liberalization of policy, from strictcontrol and overcautious regulation to allowing the following of "international practices"and provision of national treatment, China's foreign investment laws have reacted to thesechanges by moving from being a separate regime towards convergence with thatgoverning domestic enterprises, thus promoting the integration of foreign investment intothe Chinese economy. It argues, moreover, that while Western legal values and institutionsare having some positive effects in creating formal rules, a full understanding of theseconcepts and the socioeconomic contexts in which they originate and operate is neededif difficulties in implementation are not to increase further.It is concluded that China's legislation only partially reflects its policy. Moreover, itfalls short of the government's expectation of using law as an instrument to overcome theunstable nature of policy and to guarantee business autonomy for foreign investmententerprises. Attempts are further made to outline the efforts necessary for improving theeffectiveness of law and to suggest likely legal changes affecting foreign investmententerprises, given the adoption of "socialist market economy" as China's ultimate goal ineconomic reform.
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Law
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University of London
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