China Business Law Journal – September 2024

A quest for certainty

Standing on the verge of the home strait of 2024, we cannot help but note how much of a mixed bag the year has been.

While sectors such as high-tech manufacturing have been leading the charge of industrial growth, and businesses seem more eager than ever to expand into overseas markets, the global environment, at least where China is concerned, remains volatile, beset by mounting trade restrictions at every turn. Even back home, regulatory shifts and market inconstancies have kept the tension high, as across the nation investors anxiously ask their legal counsel: “Is the repurchase clause valid or not?”

Economic challenges have a knack for fostering disagreement, as evidenced by a recent surge of equity-related disputes in China. In our cover story, Resolving the blame game, dispute-proficient partners share their take on the current capital and finance policy and legislative tendencies, as well as advice on how to strive for the best results in case of lawsuit or arbitration.

The situation is no less stressful for in-house counsel, who, although engaged in different industries, have recently experienced a sense of shared struggle in countering external macroeconomic risks. In Sharing the load, general counsel across multiple key sectors offer their insights into the opportunities hidden among the challenges, as well as their higher expectations for external legal services.

In the area of risk management, insurance firms hold the line where all else may fail. The last thing they wish to be associated with is unpredictability, but at a time when everyone is embracing AI, a decidedly unpredictable technology, they too must evolve with the times.

In Insuring a policy for AI, Norman Luo, head of compliance at AXA Tianping Property & Casualty Insurance, shares his advice for sound AI management and a vision for smarter insurance operation. In particular, he points out that the existing data compliance framework may provide a good starting foundation.

More broadly, subtle shifts are taking place in the competitive landscape of China’s legal services sector as local law firms beyond first-tier cities carve out niches in emerging fields, leveraging their deep understanding of local markets to capture share from national brands.

Reflecting this trend and more is our China Business Law Awards (Regional Awards) 2024, which celebrates the stellar achievement and market recognition of law firms across 18 regions in China, including both homegrown firms and local branches of national firms. As usual, the award results stem from months of market survey and thorough evaluation of firms’ landmark deals and cases within the past 12 months.

We offer a hearty congratulations to the winning firms and a huge thank you to all who participated in the survey.