Authors: John Xu, Frank Cui, Wendy Zhang

Mainland China launches long-awaited civil code

The Civil Code (“Code”) has been passed at the Two Sessions of the National People’s Congress in 2020 after an extensive effort undertaken over a period of several years to re-compile the PRC laws it will replace. This alert summarises some of the key changes, starting with a focus on the additional rights of termination and third party rights, which will affect to some degree all contracts governed by PRC law and then covers other issues which are more specific to financing contracts.