Auslandsinvestitionen chinesischer Unternehmen – Rechtssicherheit vs. politische Steuerung?

Abstract

Foreign Investment by Chinese Companies – Legal Certainty vs. Political Steering

The article analyses the legal and transactional certainty currently associated with Chinese foreign investments. Against the backdrop of the unexpectedly large increase in Chinese investment in German companies, as seen over recent years, the author (i) examines mechanisms newly introduced in the People’s Republic of China which have the aim of regulating the flow of currency outside the country and (ii) reviews the German Federal Ministry of Economics’ evolving policy evaluation of foreign investments within the context of the German Foreign Trade Ordinance (Außenwirtschaftsverordnung). Toward these ends, the author details China’s current legal regime on Chinese foreign investment and explains new – and thus far not widely known – restrictive measures that have been adopted by Chinese authorities, all the while taking into account the interests of German companies in securing Chinese investors. The article concludes with an outlook on the future of Chinese investments in Germany. The author explains that it is in the interest of both sides to quickly establish a more transparent and more reliable legal framework and to reduce politically motivated interventions.