A review of China's economic challenges assumed that the country's meltdown may be a good sign for international business lawyers. It was revealed that conflicting trade relations and the debt crisis in China would generate a demand for legal counsel on matters concerning Chinese issues by 2020.
According to the China Law Blog, China has been experiencing challenges regarding its trade relations with foreign companies that operate within the country. It was then manifested that China has shown concern over the concomitant citizen unhappiness that the issues bring that may generate the need for legal aid.
The report then indicated that these foreign companies have been seeking legal assistance to comply with the regulations imposed in China amid the China-US trade deal and the opening of the country's financial market to the world. It showed that China's employment documents and systems have grown stricter that these foreign businesses have been compelled to conduct successive audits.
It was then shown that a law firm conducted an all-firm retreat over the weekend where legal counsels discussed how they could serve their clients without violating China laws. The concerns of legal counsels were then discussed including the purchase of laptops and other company equipment from outside of China and whether the foreign firm would be allowed to use them in the country.
The report also highlighted that big Chinese companies and the Chinese government have been urging these foreign companies to be more transparent in their business dealings and that their international business lawyers are concerned as to whether what type of information may be concealed without breaking Chinese laws. The issue of the refusal of selling a certain product to a state-owned entity in China over intellectual property rights concerns was also discussed.
Consequently, the report also touched on how the lawyers discussed the monetary fines and possible shutdowns that the foreign companies would experience in China if their services would fail to comply with the country's regulations. The reviewer then concluded that the situation in China would open more doors for international business lawyers who would help the foreign companies secure their business operations in China.
In other news, CNN reported that the completion of the China-US trade war has shown favorable results to foreign businesses operating in China. It was indicated that as the country reopened its doors to foreign firms, the latter would need to comply with the terms and agreements of the trade talks.
The review on China's issues including the trade war with the US then highlighted that the information would need to be complied with by the foreign firms. Thus, the assistance of international business lawyers was referred to as an essential factor for these foreign companies to continue dealing with one of the largest economies in the world.
