寰东投资，开启中国成功之旅

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.

每个国家创新体系的一个重要组成部分是吸引投资使研究商业化、激励企业家和快速发展公司以使其能够有效竞争的能力。

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.

经过近五年的发展，针对国内外投资者的批评，中国出台了新的投资和证券法。这些法律旨在简化中国的投资体系，使首次公开发行（IPO）更容易启动，保护知识产权，邀请外国合作伙伴，鼓励外国投资。

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.

中国新修订的《证券法》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记为基础的IPO制度，对违规行为实施更严厉的处罚，以及加强对散户投资者的保护。

Facilitating initial public offerings

促进首次公开发行

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，中国的股票市场是建立在一个“审批制度”的基础上的，在这个制度中，一个政府部门评估了IPO的价格、数量和细节。这通常是一个不透明的过程，可能需要数年才能获得批准。根据新的法律，中国已经从批准制度转变为登记制度。一旦一家公司提交了所有必需的信息，包括详细的招股说明书，那么批准应该在几个月内，而不是几年内。然后，监管机构将把它交给寻求启动IPO的公司来进行“路演”，以吸引投资者和市场份额。因此，市场将独立于监管机构的重拳出击来决定定价。

Promoting foreign investment

促进外商投资

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.

 中国今年出台的新《外商投资法》为寻求在华经营的外国公司提供了更大的本地市场准入。根据该制度，中国将为外国投资者提供设立前国民待遇。这与大多数在其他国家运行的制度形成对比，这些制度通常只在设立后阶段向外国投资者提供国民待遇。

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.

根据以前的法律，在中国设立、变更或停止外国投资需要政府批准。根据新法律及其登记制度，在投资前阶段不需要政府批准。投资者只需向有关部门登记投资即可。这代表了在中国做生意的一个更简单、更有效的过程。

Enhanced protection for investors

加强对投资者的保护

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.

新的证券法也为外国投资者提供了更大的保障。这包括加强对知识产权的保护，禁止以前在知识产权方面进行合作的管制行动。特别注重保护中小投资者的合法利益。新法律还为少数投资者提供了更多的保护。这包括改进披露要求和投资者保护规则。关于欺诈发行证券、违反信息披露规则、中介机构失职的规定，通过更清晰、更透明的执法标准以及中国证监会与其他政府部门的协调，内幕交易和其他市场扰乱问题得到了改善。

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.

我们生活在一个高频交易（HFT）的时代，许多股票订单都是由计算机程序生成的。新法第四十五条规定，通过计算机编程自动生成和交付交易指令进行的程序交易，应当遵守国务院证券监督管理机构规定的规则。应当向证券交易所报告，不得影响交易系统的安全和证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.

《证券法》第190条增加了对通过程序交易系统滥用市场和扰乱市场行为的罚款。责令改正，并处五十万元以上五百万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处十万元以上一百万元以下的罚款。

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.

中国新的外商投资法备受期待。希望这些改革将被视为中国市场更具吸引力和对外开放程度的重大改进。这是中国40年来进一步对外开放迈出的重要一步。虽然建立立法框架是至关重要的一步，但它也必须提供培训，并创造一种更加透明、公开和明确标准的文化。如果做到了这一点，那么投资体系的运作方式可能会反映出这些系统性变化背后的内容和精神。