U.S. and Chinese attorneys on corporate and intellectual property (IP) laws Tuesday agreed that China is making progress on improving the legal environment for overseas businesses and investors.
The lawyers from two prominent U.S. and Chinese law firms, Fenwick & West LLP and JunHe LLP, shared their views with legal and business professionals in the Bay Area of San Francisco on some positive measures recently taken by the Chinese government to improve the legal environment for foreign businesses interested in exploring the Chinese market.
During a seminar hosted by Chinese American Lawyers of the Bay Area, a non-profit organization, the legal experts discussed the latest developments in China's foreign investment law, customs clearance and technology transfer, among others.
Adam Li, a partner of JunHe LLP, briefed the audience on China's newly-established foreign investment law that will have a far-reaching impact on foreign companies and cross-border trade.
In March this year, China's national legislature approved a foreign investment law, which will provide stronger protection and a better business environment for overseas investors after it takes effect on Jan. 1, 2020.
"The most important thing is that it emphasizes national treatment in almost every aspect" of business for foreign companies and investors during their investment activities in China, Li said.
China has also increased transparency and removed a lot of restrictions on foreign investors by unveiling "a much shorter" negative list that excludes foreign investment in China, he added.
Andrew Klungness, a partner of Fenwick & West LLP on intellectual property and technology transactions, told Xinhua that China has really improved its intellectual property enforcement.
China is taking measures to make American companies and other foreign firms more comfortable to do business in China, Klungness noted.
"I'm totally against the trade war," he said, noting "the world is a much more peaceful place when we have things in common, whether their business or cultural or whatever."
He stressed that it's not in the United States' best interest to "isolate ourselves or drive away Chinese companies."
Klungness agreed that China is taking steps to improve IP protection for foreign businesses.