At present, the cross-border acquisition of non-performing assets of China commercial banks is mainly completed through public bidding in China, and the relevant acts basically need to be governed by the laws of China. Relevant legal norms include: contract law, guarantee law, bidding law, auction law, company law, Sino-foreign joint venture law, trust law, securities law, commercial banking law, enterprise bankruptcy law, urban real estate management law and other relevant laws and judicial interpretations. It is worth noting that there is no legal basis for establishing a joint venture company with creditor's rights in China for the time being. At present, it is mainly solved through policies, but China laws are not applicable to the establishment of creditor's rights companies or the establishment of creditor's rights trusts abroad.

(2) departmental rules and regulations

20011016 The former Ministry of Foreign Trade and Economic Cooperation, the Ministry of Finance and the People's Bank of China jointly issued the Interim Provisions on Financial Asset Management Companies' Participation in Asset Restructuring and Disposal, which provided an overall regulatory basis and policy guarantee for foreign investors to purchase non-performing assets.

In addition, relevant central ministries and commissions have also promulgated a series of relevant administrative regulations. For example, on June 7, 2003, State Taxation Administration of The People's Republic of China issued the Notice on Tax Issues Concerning the Handling of Financial Assets by Foreign-invested Enterprises and Foreign Enterprises, which stipulated the value-added tax, business tax and enterprise income tax that foreign investors should pay when purchasing non-performing assets. On June 29th, 2004, 10, the National Development and Reform Commission issued the Notice on Foreign Debt Management of Transfer of Non-performing Credits by Financial Asset Management Companies, which stipulated the foreign debt management of acquisition of non-performing assets by financial asset management companies. On June 5438+February 65438+February 7, 2004, the State Administration of Foreign Exchange issued the Notice on Foreign Exchange Management Issues Concerning the Disposal of Non-performing Assets by Financial Asset Management Companies, which stipulated the foreign exchange management matters for foreign investors to purchase non-performing assets of financial asset management companies. On April 29, 2005, the General Office of the Ministry of Commerce issued the Notice on Strengthening the Management of Examination and Approval of Foreign Investment in the Disposal of Non-performing Assets, which further standardized the participation of foreign capital in the reorganization and disposal of non-performing assets in China.