An important component of every country's innovation system is the ability to attract the investment to commercialize research, incentivize entrepreneurs and grow a company quickly so that it can compete effectively.

每個(gè)國家創(chuàng)新體系的一個(gè)重要組成部分是吸引投資使研究商業(yè)化、激勵(lì)企業(yè)家和快速發(fā)展公司以使其能夠有效競爭的能力。

After almost five years of development, and in response to criticism both from local and overseas investors, China has introduced new investment and securities laws. These laws are designed to simplify China's investment system, making it easier to launch an initial public offering (IPO), protect intellectual property, invite foreign partnerships and encourage foreign investment.

經(jīng)過近五年的發(fā)展，針對國內(nèi)外投資者的批評，中國出臺了新的投資和證券法。這些法律旨在簡化中國的投資體系，使首次公開發(fā)行（IPO）更容易啟動，保護(hù)知識產(chǎn)權(quán)，邀請外國合作伙伴，鼓勵(lì)外國投資。

China's newly amended Securities Law was officially publicized on Dec. 28, 2019. It became effective on March 1, 2020. The main changes in the new law involve the reform of the registration-based IPO system, the imposition of more severe punishments for violations, and the enhancement of protection for retail investors.

中國新修訂的《證券法》于2019年12月28日正式公布。它于2020年3月1日生效。新法的主要修改包括改革以登記為基礎(chǔ)的IPO制度，對違規(guī)行為實(shí)施更嚴(yán)厲的處罰，以及加強(qiáng)對散戶投資者的保護(hù)。

Facilitating initial public offerings

促進(jìn)首次公開發(fā)行

Prior to the new reforms, China's equity markets were based upon an "approval system" in which a government department evaluated the prices, volume and specifics of the IPO. This was often an opaque process which could take years before an approval was granted. Under the new law, China has moved from an approval system to a registration system. Once a company files all of the required information, including a detailed prospectus, then approval should come within months as opposed to years. The regulator will then leave it to the company seeking to launch an IPO to conduct a "road show" to attract investors and market shares. Thus, the market will determine pricing independently from the heavy hand of the regulator.

在新的改革之前，中國的股票市場是建立在一個(gè)“審批制度”的基礎(chǔ)上的，在這個(gè)制度中，一個(gè)政府部門評估了IPO的價(jià)格、數(shù)量和細(xì)節(jié)。這通常是一個(gè)不透明的過程，可能需要數(shù)年才能獲得批準(zhǔn)。根據(jù)新的法律，中國已經(jīng)從批準(zhǔn)制度轉(zhuǎn)變?yōu)榈怯浿贫取Ｒ坏┮患夜咎峤涣怂斜匦璧男畔?，包括詳?xì)的招股說明書，那么批準(zhǔn)應(yīng)該在幾個(gè)月內(nèi)，而不是幾年內(nèi)。然后，監(jiān)管機(jī)構(gòu)將把它交給尋求啟動IPO的公司來進(jìn)行“路演”，以吸引投資者和市場份額。因此，市場將獨(dú)立于監(jiān)管機(jī)構(gòu)的重拳出擊來決定定價(jià)。

Promoting foreign investment

促進(jìn)外商投資

China's new foreign investment law introduced this year gives much greater local market access to foreign firms seeking to operate in China. Under the system, China will offer foreign investors pre-establishment national treatment. This is in contrast to most systems operating in other countries which normally offer national treatment to foreign investors only at the post-establishment stage.

 中國今年出臺的新《外商投資法》為尋求在華經(jīng)營的外國公司提供了更大的本地市場準(zhǔn)入。根據(jù)該制度，中國將為外國投資者提供設(shè)立前國民待遇。這與大多數(shù)在其他國家運(yùn)行的制度形成對比，這些制度通常只在設(shè)立后階段向外國投資者提供國民待遇。

Under the previous law, government approval was required in order to establish, change or discontinue a foreign investment in China. Under the new law and its registration system, no government approval is required at the pre-investment stage. Investors need only register their investments with the relevant authorities. This represents a much simpler, more efficient process for doing business in China.

根據(jù)以前的法律，在中國設(shè)立、變更或停止外國投資需要政府批準(zhǔn)。根據(jù)新法律及其登記制度，在投資前階段不需要政府批準(zhǔn)。投資者只需向有關(guān)部門登記投資即可。這代表了在中國做生意的一個(gè)更簡單、更有效的過程。

Enhanced protection for investors

加強(qiáng)對投資者的保護(hù)

The new Securities Law also provides greater safeguards to foreign investors. This includes greater protection of IP and prohibitions on regulatory action which previously would impose the cooperation in relation to intellectual property. Special focus is being placed on protecting the legitimate interests of small and medium sized investors. Enhanced protection under the new law is also provided for minority investors. This includes improved disclosure requirements and investor protection rules. The stipulations on fraudulent issuance of securities, breach of information disclosure rules, dereliction of duty by intermediaries, insider trading and other market disruption issues have been improved by clearer and more transparent law enforcement standards and coordination between the China Securities Regulatory Commission (CSRC) and other government departments.

新的證券法也為外國投資者提供了更大的保障。這包括加強(qiáng)對知識產(chǎn)權(quán)的保護(hù)，禁止以前在知識產(chǎn)權(quán)方面進(jìn)行合作的管制行動。特別注重保護(hù)中小投資者的合法利益。新法律還為少數(shù)投資者提供了更多的保護(hù)。這包括改進(jìn)披露要求和投資者保護(hù)規(guī)則。關(guān)于欺詐發(fā)行證券、違反信息披露規(guī)則、中介機(jī)構(gòu)失職的規(guī)定，通過更清晰、更透明的執(zhí)法標(biāo)準(zhǔn)以及中國證監(jiān)會與其他政府部門的協(xié)調(diào)，內(nèi)幕交易和其他市場擾亂問題得到了改善。

Program trading

程序交易

We live in an age of high frequency trading (HFT) with many share orders being generated by computer program. Article 45 of the new law provides that program trading conducted through automatic generation and delivery of trading orders by the computer programming shall comply with the rules prescribed by the securities regulatory authority of the State Council. They shall be reported to the stock exchanges and shall not impact the security of the trading systems or the normal trading order of the stock exchanges.

我們生活在一個(gè)高頻交易（HFT）的時(shí)代，許多股票訂單都是由計(jì)算機(jī)程序生成的。新法第四十五條規(guī)定，通過計(jì)算機(jī)編程自動生成和交付交易指令進(jìn)行的程序交易，應(yīng)當(dāng)遵守國務(wù)院證券監(jiān)督管理機(jī)構(gòu)規(guī)定的規(guī)則。應(yīng)當(dāng)向證券交易所報(bào)告，不得影響交易系統(tǒng)的安全和證券交易所的正常交易秩序。

Article 190 of the Securities Law increases the fines for market abuses and disruptions perpetrated through program trading systems. Violators shall be ordered to correct and shall, in addition, be issued a fine of no less than 500,000 yuan but no more than 5 million yuan. The person directly in charge and the other persons directly responsible shall be given a warning and shall, in addition, each be issued a fine of no less than 100,000 yuan but no more than 1 million yuan.

《證券法》第190條增加了對通過程序交易系統(tǒng)濫用市場和擾亂市場行為的罰款。責(zé)令改正，并處五十萬元以上五百萬元以下的罰款。對直接負(fù)責(zé)的主管人員和其他直接責(zé)任人員給予警告，并處十萬元以上一百萬元以下的罰款。

China's new foreign investment law has been much anticipated. Hopefully, the reforms will be viewed as a significant improvement in making the Chinese market more attractive and open to foreign investment. It represents a significant step in China's further opening up which has been progressing over the last 40 years. While establishing the legislative framework is a vital step, it must also provide training and create a culture of greater transparency, openness and clear standards. If that is done, then the investment system may operate in a way that reflects both the content and spirit underlying these systemic changes.

中國新的外商投資法備受期待。希望這些改革將被視為中國市場更具吸引力和對外開放程度的重大改進(jìn)。這是中國40年來進(jìn)一步對外開放邁出的重要一步。雖然建立立法框架是至關(guān)重要的一步，但它也必須提供培訓(xùn)，并創(chuàng)造一種更加透明、公開和明確標(biāo)準(zhǔn)的文化。如果做到了這一點(diǎn)，那么投資體系的運(yùn)作方式可能會反映出這些系統(tǒng)性變化背后的內(nèi)容和精神。