The American Chamber of Commerce in Hong Kong (“AmCham HK”) provided its comments to the Ministry of Commerce on the draft Foreign Investment Law of the People’s Republic of China (“Draft Law”) on February 17, 2015.
With over 45 years of presence in Hong Kong, AmCham HK represents a wide membership comprised of senior executives with global and regional responsibilities and carries the mission to facilitate foreign investment in and trade with China. It is in AmCham HK’s strong interest to provide its comments to the Ministry of Commerce (MOFCOM) with Hong Kong being the center for international capital raising for PRC enterprises.
AmCham HK acknowledges the submission jointly made by US Chamber of Commerce, The American Chamber of Commerce in China and The American Chamber of Commerce in Shanghai and endorses the principal themes outlined in that submission.
AmCham HK welcomes the Draft Law, in particular, the national treatment principle, the narrowed focus on investment controlled by non-Chinese persons, the emphasis on openness and transparency, the consolidation of rules relating to foreign investment, and the convergence of organizational and governance arrangements for foreign-invested and domestic enterprises.
AmCham HK’s submission provides a perspective based on Hong Kong’s identity and key drivers of its success, namely, the rule of law; open, efficient and globalized capital markets; and free and fair competition. It raises concerns regarding the fundamental uncertainties about “foreign investments” flowing from the concept of “control”, and the expansive scope of “national security” review. It recommends adherence to relevant conditions necessary for effective capital markets, including certainty, predictability and transparency of regulatory treatment; and minimal administrative and regulatory burdens on investors. It commends the national treatment principle expressed in the draft significant for free and fair competition, but nevertheless addresses aspects that are fundamentally anti-competitive.
Ms. Queenie Tsui
Assistant Manager, Government Relations & Public Affairs
Tel: (852) 2530 6914
E-mail: [email protected]
ABOUT THE WOMEN OF INFLUENCE AWARDS
Presented by the American Chamber of Commerce in Hong Kong, the awards seek to recognize and honor the best that Hong Kong has produced and to provide inspiration to other women. Past winners of individual categories awards in 2013 include Laura M. Cha, Teresa Ko, Debra Meiburg, Kylie Uebergang and Hayden Majajas. All individuals connected with AmCham, Women of Influence Committee, as well as all sponsoring companies of the event and the employees of those companies, were not eligible for entry to the Awards.
ABOUT AMCHAM HONG KONG
With nearly 1,700 members, the American Chamber of Commerce in Hong Kong (AmCham) is one of the largest American Chambers outside the United States, the largest international chamber in Hong Kong, and one of the most dynamic and influential international business organizations in the Asia-Pacific region. AmCham’s mission is to foster commerce among the United States, Hong Kong, and Mainland China; and to enhance Hong Kong's stature as an international business center.