fodrch3.html  

ORDRE DES AVOCATS DE PARIS
FORMATION EN DROIT CHINOIS
sous l'égide de
l'Association Franco-Chinoise pour le Droit Economique
 
 
 

LA REGULATION DES FLUX FINANCIERS AVEC
LA REPUBLIQUE POPULAIRE DE CHINE

par

Daniel Arthur Laprès
Avocat au Barreau de Paris
Barrister & Solicitor (Nova Scotia Canada)
Of counsel to Kunlun Law Firm, Beijing, China

Paris, le 5 avril 2008
 
 
 

TABLE DES MATIÈRES
 

La conférence

Plan de discussion

Etudes de cas
 

Les sources

Actualités
 

Contexte économique
 

Encadrement des investissements en portefeuille par les étrangers
QFII
State-shares
Les investissements stratégiques par les étrangers
 

Encadrement juridique de la levée de fonds à l'étranger par les sociétés chinoises
B shares
H shares
 

Encadrement des investissements chinois à l'étranger
Investissements directs
Round trips
Foreign investment by insurance companies
Foreign projects
Qualified Domestic Institutional Investors (QDIIs)
Opening of Hong Kong capital markets to Chinese investors
 

Les risques juridiques dans les relations financières avec la RPC
Les aspects financiers
Le droit pénal
 

Travaux de recherche
 

Publications de Daniel Laprès concernant la Chine
 
 
 

CONTEXTE ECONOMIQUE

Tableaux de bord

Economie chinoise

Macroéconomie chinoise au plan international

Commerce extérieur de la RPC - OMC

Finance internationale de la RPC

OECD Stat Extracts

FMI, page index concernant la Chine
 
 




NEWS/ACTUALITÉS
au 5 avril 2008

Archives
March 31, 2008
February 5, 2008
January 8, 2008
October 22, 2007
September 20, 2007




Investissements chinois à l'étranger

Bank of China 2nd-Half Profit Growth Curbed by Subprime Loss (Bloomberg), by Luo Jun and Chia-peck Wong, March 25 (Bloomberg)

China rising: Its private firms set sights on rest of world (IHT) The Associated Press,March 16, 2008

Ping An in $ 2bn deal with Fortis, (FT) by Sarah Laitner in Brussels and Jamil Anderlini in Beijing, March 19 2008

Citic investors' sigh of relief at avoiding a Bear hug (FT) by Jamil Anderlini, Andrew Hill and Paul Betts, March 17 2008

China's champions (FT) by Geoff Dyer and Richard McGregor, March 17 2008

China signals it could ease share curbs (FT) by Jamil Anderlini, March 6 2008

Just what is in China's portfolio? And do foreign central banks think Agencies are treasuries? Brad Sester, RGE Monitor, March 12, 2007

China's overseas investment totals $ 5.5 billion in 2004, People's Daily Online, September 2, 2005
 
 

Le marché boursier chinois

Shanghai A-share index

Shenzhen A-share index

B-share index

China Stocks Set for Worst Quarterly Drop; Vanke, Baoshan Fall (Bloomberg) by Zhang Shidong, March 31

View of the day: Chinese investors more choosy (FT) by Jing Ulrich, March 10 2008

China May Allow Short Selling This Year, Securities News Says (Bloomberg)by Zhao Yidi, March 4 (Bloomberg)

Statistiques concernant le marché boursier chinois 1995-2004

China stocks close at record high, People's daily online, March 28, 2007
 
 

Le marché étranger pour les valeurs chinoises

Hang Seng's China Enterprise Index (H-shares)

Halter USX China Index

Investors hanker no more for HK and China IPOs (FT) by Andrew Wood and Justine Lau in Hong Kong, March 27 2008

ExxonMobil redevient la première entreprise mondiale en Bourse (les Echos) 26/03/08

Une société chinoise rouvre les introductions sur Alternext(les Echos), 25/03/08

China's Banks Duck Credit Crisis Mostly, (NYT) by The Associated Press

Large China issues rouse fear of oversupply (FT), by Geoff Dyer, March 5, 2008
 
 

Le régime de change chinois
 

Pékin ne veut pas laisser s'apprécier sa devise (Le Monde) 31.03.08

Chinese exporters shun flagging dollar (FT) by Robin Kwong in Hong Kong, March 27 2008

China Sets Yuan Reference Rate at 7.1175 Against U.S. Dollar, by Kim Kyoungwha, March 4 (Bloomberg)

Les touristes chinois à l'assaut du monde, (le Figaro) 07/03/2008

Moins d'excédents commerciaux en Chine, Le Monde 12.03.08
 
 

ENCADREMENT JURIDIQUE

Encadrement juridique de la levée de fonds à l'étranger par les sociétés chinoises

B shares

- B-Share Regulation, adopted at the 37th Executive Meeting of the State Council on November 2, 1995, and was promulgated by the State Council on December 25, 1995.

- Notice Regarding B-share Investment by Chinese Citizens allowing domestic individual investors to open B-share accounts and trade B shares in foreign currency issued by the China Securities Regulatory Commission (CSRC) on February 19, 2001.

H shares

- Special Regulations concerning Issuing and Listing of Shares Overseas by Companies, adopted at the 22nd Executive Meeting of the State Council on July 4, 1994, promulgated by the State Council on August 4, 1994 and effective as of the date of promulgation.
 

Encadrement des investissements par les étrangers sur les marchés financiers chinois

QFII

- Measures for the Administration of Investment in Domestic Securities by Qualified Foreign Institutional Investors, jointly adopted by the CSRC, the PBOC, the SAFE on.

- Circular on Implementing the Administrative Measures for Securities Investment in the Territory of Qualified Foreign Institutional Investors, issued by the CSRC on August 24, 2006.

- Amendment to the Provisions on the Establishment of Investment Companies by Foreign Investors of November 13, 2004 thereafter)

State-shares

- Notice Regarding the Transfer of State Shares and Legal Person Shares of Listed Companies to Foreign Parties jointly issued by the CSRC, the MOFCOM and the State Economic and Trade Commission (SETC) effective from November 4, 2002.

- Tentative Provisions on the Use of Foreign Investment to Restructure State Owned Enterprises jointly issued by the SETC, the MOFCOM, the State Administration for Industry and Commerce (SAIC), and the SAFE, to be effective from January 1, 2003.

Investments by foreigners in Chinese companies

- Measures for Strategic Investments by Foreign Investors in Listed Companies, issued jointly by the MOFCOM, the CSRC, the SAT, the SAIC and the SAFE on December 30, 2005.

- The Interim Provisions on the Takeover of Domestic Enterprises by Foreign Investors adopted by the MOFCOM promulgated with effect as of September 8, 2006)

Encadrement des investissements chinois à l'étranger

Investissements directs

- Circular on Foreign Exchange Policy Adjusting on Some Overseas Investment, issued by the SAFE on July 1, 2006.

- Interim Measures for the Administration of Examination and Approval of the Overseas Investment Projects, issued by the NDRC promulgated on October 9, 2004.

Round trips

- Notice Regarding Certain Issues relating to Foreign Exchange Administration of Equity Financings and Return Investments by Domestic Residents through Offshore Special Purpose Vehicles, issued by the SAFE on October 21, 2005 which entered into effect on November 1, 2005.

Foreign investment by insurance companies

- Temporary measures on overseas use of foreign exchange insurance funds issued jointly by the China Insurance regulatory Commission (CIRC) and the China Banking Regulatory Commission on August 9, 2004 with immediate effect.

Foreign projects

- Temporary Procedures for the Administration of Project Financing Conducted Outside China were promulgated by the NDRC and the SAFE effective as of April 16, 1997.

Qualified Domestic Institutional Investors (QDIIs)

- Trial Measures for the Administration of Securities Investment Outside the Territory of China by Qualified Domestic Institutional Investors, promulgated by the CSRC on June 18, 2007 and effective as of July 5, 2007.

- Circular of the CSRC on Issues Concerning the Implementation of Trial Measures for the Administration of Overseas Securities Investments of Qualified Domestic Institutional Investors, N° 81, effective as July 5, 2007.
 

Opening of the HK market to Chinese investors

Le 21 août 2007 la SAFE a annoncé que les chinois auront la possibilité d'ouvrir des comptes auprès des succursales de la Bank of China pour faire des échanges sur les bourses à Hong Kong. Pourtant les mesures ne sont encore pas entrées en vigueur.
 
 

LES RISQUES JURIDIQUES DANS LES RELATIONS FINANCIERES AVEC LA CHINE

Les aspects financiers
L'article VIII des Statuts du Fonds Monétaire International
L'audit juridique

Le droit pénal
Le risque pénal dans les relations d'affaires avec la République Populaire de Chine
Coopération franco-chinoise en matière de coopération et de sécurité
 
 

RECHERCHES

Le Système financier face aux défis de la transition Christian Aubin, Jean-Pierre Berdot, Daniel Goyeau et Jacques Leonard

Types of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors in China by Xiaomin Sun

Development and Problems in China's Financial System by Ya Hwei Yang

China's Financial Markets, An Insider's Guide to How the Markets Work by Liu Lisheng

External Liberalization and the Evolution of China's Exchange System: an Empirical Approach by Min Zhao
 
 

PUBLICATIONS DE DANIEL LAPRES CONCERNANT LA CHINE

Business Law in China: Trade, Finance, and Investment

Actualités du commerce électronique en Chine

La gouvernance des entreprises en Chine

Le cadre juridique du commerce électronique en Chine: entre nébuleuse législative et pratiques expérimentales

Le droit du commerce électronique en République Populaire de Chine
(text in Chinese)

The EU_China WTO Agreement Compared with the US-China Agreement

Legal Dos and Don'ts of Web Use in China

La distribution en Chine

Réglementation des nouveaux marchés financiers
 
 

DANIEL ARTHUR LAPRES

Cabinet d'avocats

contacts














ARTICLE VIII DES STATUTS DU FMI - Obligations générales des états membres

Section 1. Introduction

Outre les obligations assumées en vertu d'autres dispositions des présents Statuts, chaque état membre s'engage à respecter les obligations énoncées au présent article.

Section 2. Non-recours aux restrictions sur les paiements courants

a) Sous réserve des dispositions de la section 3, paragraphe b), de l'article VII et de la section 2 de l'article XIV, aucun àtat membre n'impose, sans l'approbation du Fonds, de restrictions à la réalisation des paiements et transferts afférents à des transactions internationales courantes.

b) Les contrats de change qui mettent en jeu la monnaie d'un état membre et sont contraires à la réglementation du contrôle des changes de cet état membre maintenue ou imposée conformément aux présents Statuts ne sont exécutoires sur les territoires d'aucun état membre. En outre, les états membres peuvent, par accord mutuel, coopérer à des mesures destinées à rendre plus efficace la réglementation du contrôle des changes de l'un d'eux, à condition que lesdites mesures et réglementations soient conformes aux présents Statuts.

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