Shaun Wu Discusses the New Compliance Era for China’s SOEs in China Business Law Journal
September 16, 2019
Publication: China Business Law Journal
Shanghai-based lawyer Shaun Wu, alongside fellow regulatory lawyers and directors, discusses the recent push to enhance compliance awareness amongst China’s State-Owned Enterprises (SOEs) in China Business Law Journal.
China’s SOEs were once criticized for being inefficient, but a widespread adoption of compliance practices across the Chinese market has transformed these agencies into fast-paced and efficiency-focused institutions. More expansive supervision and compliance guidelines have played a large part in redefining compliance in China. Mr. Wu notes that trade tensions between the U.S. and China have also played a factor in the increased importance of national security and market compliance for many companies: “2019 has marked a year where companies need to be abnormally sensitive to risks associated with national security,” Mr. Wu pointed out, “whether it is tied to trade sanctions violations, or evolving cyber security regulations from overseas jurisdictions.”