The second largest economy in the world offers unlimited potential. But restrictions on business work are among the many obstacles to sharing China's success. Chinese companies are developing their investments abroad, UK-based international law firms are turning more and more to the country of the Dragon. A campaign against corruption led by the authorities of the People's Republic of China (PRC) creates new business opportunities for lawyers, foreigners and locals. But in this economy and rapid growth, the pressure on fees and bureaucracy means it's a challenge to make a profit.
Business in China
For Western lawyers and other businesses, the size of the world's second-largest economy, worth $ 8.2 billion, and its rate of expansion are sufficient. Growth may slow, but this year, still more than four times faster than the United States, against a slight contraction of the economy of the euro area, according to the estimates of the Organization for Economic Cooperation and Development.
Top lawyer Company who spearheaded the company's expansion into the PRC, said,
"You can not turn your back on China, you need to determine how you can expand the opportunities this market can offer. Until recently, law firms' work was focused on direct investment (DDI) in China, but this is changing. Matthew Townsend, founding member of the China Law Institute, says: "foreign legal services. foreign investments.
+27% for the law Market in China
While FDI in China fell in 2012 for the first time since 2009, Chinese direct investment abroad rose 28.6 percent to $ 77.2 billion, according to the Chinese Ministry of Commerce. This is mainly the result of Chinese investors regarding global mergers and acquisitions opportunities using Chinese government funds.
David Dali Liu, director of Jun He, one of China's leading law firms with Zhong Lun and Fangda, predicts that this Chinese capital export for mergers and acquisitions in Europe, South America, Australia and countries like Russia and Uzbekistan. others will support strong domestic consumption in the short and medium term in a country of 1.3 billion people. "We are moving from" made in China "to" made for China, "he says.
While the emphasis is on no longer serving international clients investing in the country than advising Chinese banks and companies, few companies can stay at a distance from the Chinese market. Townsend says, "Chinese companies operate in different ways, and having people on the ground allows law firms to be close to their clients and meet face to face. While large companies, including Clyde & Co, Eversheds and Berwin Leighton Paisner (BLP), offices in Beijing or Shanghai, or both, independent law firms are building reference networks with law firms. Chinese lawyers.
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