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The Sino-foreign joint venture is the enterprise that foreign companies, enterprise and other economic organizations or individuals (hereinafter referred to as "foreign joint ventures") to establish equity joint venture together with Chinese companies, enterprise and other economic organizations (hereinafter referred to as "Chinese joint ventures") within the territory of the People's Republic of China, on the principle of equality and subject to approval by the Chinese Government. Both parties to the venture shall share the profits, risks and losses in proportion to their contributions to the registered capital.
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