北京华伦律师事务所 - Service Enterprises May Raise Funds on Domestic and Offshore Capital Markets

Service Enterprises May Raise Funds on Domestic and Offshore Capital Markets

China will actively support qualified service enterprises in raising funds via stock offerings, corporate bond issuance, etc., in domestic and offshore capital markets. It will prioritize the approval of service enterprise groups that seek to set up non-banking financial institutions such as finance companies.

The Proposals on Financial Support for the Accelerated Development of the Service Industry(the Proposals) were jointly released on March 19,2008 by the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission. According to the Proposals, China will encourage various venture capital institutions and credit guarantee institutions to provide services to small and medium-sized service enterprises that have sound development prospects, provide plenty of career opportunities and employ advanced technologies. Such enterprises must also focus on supporting the development of service outsourcing.