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  • Beijing Review

    Still With Trump Cards

    May 28, 2020 4 minutes
    By Zhang Shasha
    Copyedited by Sudeshna Sarkar

    The first business dispute verdict since the new Foreign Investment Law came into effect on January 1 made Chinese American businessman Cheng An a very happy man this month. The roots of the case went back to 2009 when Cheng wanted to set up a trading firm in Shanghai to provide import and export services for his U.S. business.

    He teamed up with a Chinese acquaintance, Zhang Yan, to start a joint venture (JV) but ran into a legal hurdle. According to the Chinese-Foreign Equity Joint Ventures Law prevailing at that time, a U.S. citizen could not start a JV with a Chinese. So Cheng brought in his brother, who had kept his Chinese citizenship, and

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