China revises performing-arts rules for HK, Macau investors
30/7/2008 17:34
The State Council (cabinet) introduced revised rules on performing arts in
Beijing yesterday, allowing investors from the Special Administrative Regions
(SAR) of Hong Kong and Macau to establish solely-funded broking companies and
manage theaters in the mainland.
The conditions are contained in the
"Regulations on the Management of Commercial Theatrical Performances."
Under
previous rules, issued on July 20, 2005, funds from the two SARs were only
permitted to set up cooperative enterprises or joint ventures in this
sector.
The move is intended to accompany the fourth supplementary agreement
to the Closer Economic Partnership Arrangement among the mainland and the two
SARs, approved on July 1, 2007. It allows Hong Kong and Macau investors to set
up exclusively funded agencies on brokerage in the mainland.
Xinhua
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