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Article: Ten years to sharpen one sword: an introduction to China's new law on enterprise bankruptcy.(TRADELINE)
- Article from:
- Business Credit
- Article date:
- February 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With the introduction of a modern comprehensive bankruptcy law, there are expectations that this legislation will help drive foreign investment in China and for it to increase substantially over the next several years.
The People's Republic of China's new Enterprise Bankruptcy law, passed in August 2006, is seeking to find balance between the country's cultural heritage of cradle-to-grave protection for all, while protecting social stability, with modernizing China's legal system to keep pace with its growing economy. There was no bankruptcy system in effect in China until the late Qing dynasty, which ruled until 1911. When the Com munists took power, any ...