China Corporate Alert - New Foreign-Invested PE Rules Issued in Shanghai - A True Breakthrough or (Another) False Dawn

The recent Circular Concerning the Publication and Circulation of the Implementing Measures for Carrying Out the Pilot Scheme for Foreign Invested Equity Investment Enterprises in Shanghai ("Shanghai PE Fund Rules"), issued by the Shanghai municipal government's Financial Services Office, Commerce Commission and Administration for Industry and Commerce, was issued on 24 December 2010 and will take effect a month thereafter.

The Shanghai PE Fund Rules implement a prior circular issued in 2010 (Shanghai Government Office Circular No. 17), itself formulated in accordance with another circular issued in 2009 that was intended to implement the State Council's Opinions on Promoting the Development of Modern Services Industry and Advanced Manufacturing Industry with a View Toward Establishing Shanghai as an International Financial Centre and Transport Hub, thereby indicating that Shanghai appears to have the backing of the State Council to take the lead in this area.

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