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ARTICLE · 20 JANUARY 2022

China Publishes Draft Amendment To Company Law

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The Standing Committee of the 13th National People's Congress issued the draft Amendment to the Company Law ("Amended Company Law") on December 24, 2021 for comment through January 22, 2022.

ChinaCorporate/Commercial Law
Lester Ross
Lester Ross
Kenneth Zhou
Kenneth Zhou
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China Publishes Draft Amendment to Company Law

The Standing Committee of the 13th National People's Congress issued the draft Amendment to the Company Law ("Amended Company Law") on December 24, 2021 for comment through January 22, 2022.1 Since its enactment in 1993, the Company Law has already been amended five times. The draft Amended Company Law consists of 15 chapters and 260 articles and has made roughly 70 substantive changes on the basis of the 13 chapters and 218 articles of the current Company Law (rev. 2018).

The draft Amended Company Law would (i) refine special provisions on state-invested enterprises; (ii) improve the company establishment and exit system; (iii) optimize corporate structure and corporate governance; (iv) optimize the capital structure; (v) tighten the responsibilities of controlling shareholders and management personnel; and (vi) strengthen corporate social responsibility.

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