1. PRC Property Rights Law
PRC Property Rights Law (the “Law”) was promulgated by the National People’s Congress on March 16, 2007 and takes effect as of October 1, 2007. The key features of the Law are included in this article.
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2. Unified Enterprise Income Tax Law Promulgated
The PRC Enterprise Income Tax Law (the “New EIT Law”) was promulgated by the National People’s Congress on March 16, 2007 and will come into effect January 1, 2008. The New EIT Law aims to unify the dual enterprise income tax system and will replace both of the PRC Income Tax Law for Foreign-funded Enterprise and Foreign Enterprise that is applicable to foreign invested enterprises (“FIEs”) and foreign enterprises and the PRC Interim Regulations on Enterprise Income Tax that is applicable to domestic enterprises (“DEs”), respectively.
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3. Revised Measures for Administration of Financial Leasing Companies
The revised Measures for Administration of Financial Leasing Companies (the “Revised Measures”) were promulgated on January 23, 2007 by China Banking Regulatory Commission (“CBRC”), and took effect on March 1, 2007.

The Revised Measures replace the prior regulations governing financial leasing companies issued in 2000 and open up the financial leasing industry to the overseas foreign commercial banks by allowing foreign invested financial leasing companies to operate their business at the same time with local peers in compliance with China’s commitments when gaining the membership to the World Trade Organization ("WTO").
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4. Interpretation on Some Issues Concerning the Application of Law in the Trial of Civil
Cases Involving Unfair Competition
Interpretation on Some Issues Concerning the Application of Law in the Trial of Civil Cases Involving Unfair Competition (hereinafter referred to as “Interpretation”) has been promulgated by the Supreme People’s Court on January 12, 2007 and come into force as of February 1, 2007. As the first Interpretation promulgated by the Supreme People’s Court concerning the civil cases of unfair competition, it sets out more specific standard in trial involving affirming the matter of fact and applying the law in hearing civil cases.
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5. China Introduces New Guidelines for Pre-acquisition Antitrust Filing
The Ministry of Commerce of the PRC ("MOFCOM") issued the Guidelines on the Antitrust Filing in the Acquisition of Domestic Enterprises by Foreign Investors on March 8, 2007 ("New Guidelines"), which amended and superseded an early version of such guidelines issues by MOFCOM on May 8, 2006. The New Guidelines elaborates the relevant rules regarding antitrust filing by foreign investors prior to its acquisition of domestic enterprises set out in the Provisions on the Acquisition of Domestic Enterprises by Foreign Investors ("M&A Rules") which is currently in effect, by providing further details with respect to filing party(ies), filing documents, filing procedure and time limitation of the antitrust filing.
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