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The China Municipal Government has approved the establishment of a joint venture between Japanese Prince Paper Company and Jiangsu Nantong Economic and Technological Development Zone Company, and Prince Paper will own 90% of the equity of the joint venture company.

Comprehensive foreign news reported on July 28th that the China government has approved the Japanese Prince Paper Co., Ltd. and Jiangsu Nantong Economic and Technological Development Zone Company to set up a joint venture company worth 2 billion US dollars. Prince Paper will own 90% equity of the joint venture company, and Nantong Economic and Technological Development Zone Company will own the remaining 65,438+00% equity.

The joint venture company has a total investment of US$ 2 billion, a registered capital of RMB 7.38 billion and a business license valid for 30 years.

A spokesman for Prince Paper Company said that the company had not been officially approved by the China government, and he declined to comment further.

Prince Paper originally planned to establish a wholly-owned factory in China, but the Ministry of Commerce of China promulgated the Foreign Investment Law, which requires that paper mills with an annual production capacity of more than 300,000 tons should be merged in the form of joint ventures or cooperative enterprises when foreign companies intervene. Therefore, Prince Paper had to establish a joint venture with a China company.