In order to fully develop market economy, establish a modern system of company law and tally with WTO rules, the 18th meeting of the Standing Committee of the Tenth National People’s Congress amended and adopted the new Company Law of the People’s Republic of China on October 27, 2005. The Law, as amended, is hereby promulgated and comes into force on January 1, 2006. By comparing the differences between the company law of 1993 and the new version, the authors list the following four significant amendments of the new company law, ie requirements of formation a company are relaxed; the autonomy of company management is highlighted, the protection of shareholders is increased; the interest of company and its creditors is balanced. The following section illustrates in detail and analyzes objectively contents about one-person company and piercing the corporate veil. In the last section the authors point out some deficiencies that still exist in the new version of company law.
European Business Law Review