When I started my headhunting business, I believed highly that good qualifications are essential in any career. Good qualifications from famous institutes (such as MIT, Harvard, INSEAD..…) are even more sought after. But when I run into increasingly more resumes, I have transformed my mind. From time to time, I receive resumes from non-bankers as much candidates have no idea of our business concentrate. Handful of the qualification-less resumes caught my attention. Both are from very senior folks from reputable MNCs. The first one was from a CEO who’s curriculum vitae started ‘Left school at the age of 16 without certification…’ He began as an apprentice and gained his first managerial role in a decade time.
I acquired no job for him, or I must call him up and discover his tale. The next was from a Regional Director whom had no education section on his application even. My boss happens to know this candidate and told me it was because he had ‘none’ personally, i.e., no formal education. He began as a salesman and earned his first managerial role in six years time. If for any reason your skills much better than others aren’t, don’t be concerned. Opportunities are open to capable people, though it might take just a little longer to show yourself. However as investment banking is concerned, I’d still insist a bachelor degree in any discipline would be a basic requirement. Up to now I haven’t seen any qualification-less CEOs in investment banks.
Distributing and selling of audiovisual products. It also eliminated or loosened the necessity for joint ventures for certain e-commerce systems, for the procedure and construction of branch and intercity railway lines and related infrastructure projects, as well as for the operation of entertainment performance sites. Service sector restrictions were similarly reduced. For example, WFOE ownership of e-commerce platforms is currently allowed, in keeping with the allowance of e-commerce platforms in the SFTZ. Finally, the limitations were removed on the manufacturing of certain medical and pharmaceutical products. Alternatively, the 2015 FDI Catalogue re-imposed restrictions on FIE ownership of medical institutions, which can no longer be wholly owned and must be owned as equity joint ventures or contractual joint ventures.
WFOE possession of medical establishments is still allowed in the free trade zones, however. In addition, secondary educational establishments must be possessed by EJVs or CJVs in which the Chinese traders own at least 50% of the collateral. In December of 2016, NDRC and MOC published for comment a revised draft of the FDI Catalogue, probably in expectation of finalizing the pending negotiations on the U.S.-China Bilateral Investment Treaty with the Obama Administration. This draft is still pending.
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On January 19, 2015, MOC released The Draft Foreign Investment Law (the “Draft Law”), which aimed to overhaul the prevailing FIE investment framework and incorporates lots of the innovations applied in the Free Trade Zones. “National treatment” for most FIEs, providing for the same registration process as for domestic enterprises. The statutory law would encompass most international passions, including domestic businesses controlled by foreign interests and greenfield investments. The Draft Rules includes the Negative List concept also. Companies desperate to spend money on industries on the Negative List would still be necessary to apply through MOC under the prevailing procedures and would not be granted national treatment.
FIEs within the range of the Negative List would be required to obtain an entrance permit for restricted investments through a newly founded MOC process. However, the admittance permit process would integrate certain innovations applicable to non-Negative List FIEs. Once a suggested FIE established conformity with restrictions for that particular industry, MOC would no more approve the formation documents, but would simply record the registration, consistent with the business Law Amendments. The Draft Laws includes existing acquisition and merger and antitrust and national security review procedures.
The national security review process, which would gain increased attention, has lots of the same features as the CFIUS process in the U.S. The Draft Law introduces a considerable reporting and inspection process, with requirements for confirming within four weeks after the international investment is manufactured, annually and at the time of any change in application terms.
The reports would require extensive disclosure of the business operations and funds, although proprietary information would not be disclosed. These reviews would be open for open public inspection. The Draft Laws heightens the supervisory role of the appropriate government authorities also, including mechanisms for lodging problems, disputes and resolutions, whistleblower features, “integrity” and wrongdoing open public listings and fines for violations and incorrect behavior.
It was expected that the Draft Law would be applied fairly immediately after its January 2015 announcement. On October 8, 2016, the NDRC and MOC issued Circular No jointly. 22, which states that the national Negative List will be determined by mention of the FDI Catalogue. In other words, no new pronouncement by means of a poor List would be released, but rather the FDI Catalogue and the Negative List would be synonymous.
Circular No. 22 further mentioned that FIEs that are in the encouraged list and are not subject to shareholder or management requirements, and FIEs within the permitted scope no longer need to apply for approval, constant with the business Amendments. The examination and approval procedures will be replaced with a recordal system, whereby a mere filing with MOC would be needed. This technique would apply to commercial changes, such as capital raises, change in business scope, share transfers, and change of legal address. On Oct 8 These changes were also shown in MOC’s pronouncement, 2016 of the Provisional Methods on Management of the Changes and Establishment of Foreign Invested Companies.