ANNOUNCEMENT 02 Mar 2019
March 2nd 2019 - The Chinese State Council amended a law to allow foreign investment in the shipping industry.
NUMBER OF INTERVENTIONS
PRC State Council, March 2nd, 2019. (中华人民共和国国务院令第709号)
On March 2nd, 2019, the Chinese State Council released Order No. 709, which amended various laws and regulations. Included in the Order was a change to the Regulations on International Maritime Transportation, amending Article 28 of that regulation.
The change introduced a clause which allowed foreign investors to invest in 'international ship transportation, international shipping agency, international ship management, international shipping cargo handling' for the first time.
In line with China's foreign investment laws, although not specified in this document, this will likely mean that a foreign investor may invest up to a maximum of 49% stake in the target company.