Adoption of the Chinese Civil Law Code: Key Takeaways for the Commodities Industry
The new Chinese Civil Code (the “Code”) has been passed by the 13th National People’s Congress on 28 May 2020 and is due to come into force on 1 January 2021. The Code has maintained the structure and main concepts of existing PRC laws, but seeks to enhance existing PRC laws by providing further clarification by way of the detailed articles drafted. The Code consists of 1,260 articles and seeks to regulate the various aspects of civil society, including contracts, torts, private property, etc.
The purpose of this article is to provide a (non-exhaustive) general overview to the key aspects regulated by the Code with a focus on the laws relating to (1) contracts (2) guarantees on debts, and (3) storage contracts for foreign companies carrying on businesses in China. We aim to highlight some key provisions foreign businesses operating in China should pay attention to when conducting their businesses in China under the enhanced civil law regime.
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