News & Insights
In a move to boost domestic entrepreneurship, China’s government has passed a new regulation stipulating that business licenses, tax registration certificates and enterprise organization code certificates will now all be issued by the State Administration of Industry and Commerce (SAIC). The country’s new business registration system, informally known in Chinese as 三证合一 which translates into “three licenses combined into one”, takes effect on Oct 1 2015.
China has stabilized the Renminbi (also known as Yuan) almost three months after the central bank shocked global markets with a devaluation of its currency. In a surprise decision on August 11th, the China’s authorities aggressively implemented measurers to devalue the Yuan, causing it to drop 4.4 percent against the US Dollar within a few days. Since then, the focus of the China’s central bank has been maintaining stability and assuring the market that intentional manipulation will be kept at a minimum. Thus, the promise of letting market forces play a greater role in setting the exchange rate remains an unlikely possibility in the near future.
When new amendments (the third amendment) to China’s Trademark Law go into effect on May 1, foreign companies will have a new weapon against trademark squatters who register trademarks in China that don’t belong to them. For the first time ever, the principle of “good faith” has been explicitly codified into China’s Trademark Law, sending clear a message that first filing alone is not enough to secure trademark rights if the filing is made in bad faith.