eehills to offer legal services in Shanghai Pilot Free Trade
United Kingdom-based Herbert Smith Freehills
said on Wednesday that it has be 阿拉爱上海女神会所 come the sixth international law firm to be given approval to operate in the Shan
ghai Pilot Free Trade Zone after joining hands with
Shanghai-based Kewei Law Firm. 阿拉爱上海女神会所As part of the joint operations, the two law firms will provide legal advisory services to int
ernational and Chinese companies in sectors like cross-border mergers and acquisitions, corporate affa
irs, banking and finance, disputes, competit
ion, capital market and financial regulation. 阿拉爱上海 In December 2014, the Shanghai Municipal Bureau of Justice released two regulations whic
阿拉爱上海h gave the green light to the joint operations model. Under this, a foreign law fir
m and a Chinese law firm can send their lawyers to each other’s offices as legal consultants. Such a business model is only allowed within the Sh
anghai FTZ at present, and at least one law firm should be geographically operating in the FTZ.
Based on the current regulations in China, the representative offices 阿拉爱上海女神会所
of foreign law firms can only provide information explaining the influence of th
e Chinese legal environment. They are not allowed to provide judicial interpretations in the country.
阿拉爱上海May Tai, managing partner of Herbert Smith Freehills in China, said th
e joint operations model will allow Kewei to undertake legal work for Herbert Smith Fr
eehills within the permitted business boundaries for foreign law firms in China. 阿拉爱上海女神会所
The current joint operation is not the first of its kind for Herbert Sm
ith Freehills. The London-headquartered law firm has also been working with H
iswara Bunjamin and Tandjung in Indonesia in a similar fashion for the last 15 years.
ciple. So every country has important principles, and we absolutely c
annot make concessions on such issues of principle
,” the vice-premier said. Liu, however, added that he hoped both sides would exhibit flexibility in the talks.
He refuted the criticism of the US side that Chin
a reneged on its promises in the draft trade text. “We believe that it is only natural to have changes before a final deal; it is something that surely occurs in the process, so we
k the Chinese side has back-walked,” he said, adding that he disagreed with the wording of “renege”. “We just h
ad differing views on how to phrase some things in t he text, and we hope to resolve it, so it’s unnecessary to overreact to the issue,” he said.
Under a pilot scheme, the first group of six provinces and cities sold 6.8 billion yuan in bonds
at commercial bank counters to individu
al buyers between March 22 and early April. The coupon rates are between 3.01 percent and 3.33 percent, higher than treasury b
ed by the central government as well as bank deposits with the same maturity. Gross local bond issuances hit 1.18 trillion yuan in the first qua
pared with only 219.5 billion yuan in the same period last year. The total quota for 2019 local government bond issuances is 3.08 trillion yuan, according to the Ministry of Finance.
“About 60 percent of the bonds were issued for
ongoing construction, especially for shantytown renovation projects, railways and roads,” said Hao Lei, head of the ministry’s Budget Department.
While debt financing continues to grow, the government is experiencing sharp declin
es in fiscal revenue growth, especially from tax and land sales, official data showed.