Sino-foreign joint ventures are permitted to engage in wholesaling, retailing and leasing of audio and video products in China starting from April 10, according to a new set of regulations issued by the Ministry of Culture.
The dealers, both domestic and Sino-foreign joint ventures, must still obtain permits before they start business. To run chain stores, they must do so in line with the requirements of the Company Law.
The regulations set higher space and capital requirements on the dealers in order to consolidate such businesses, which will facilitate the management and supervision work.
The new regulations also streamline the procedures for permit application and the supervision system.
(People's Daily April 5, 2002)
