Letter from the President

     Neither Fast Forward Nor Rewind
     Robert A. Kapp

The EU-China WTO Deal Compared

     A look at the EU-China and US-China market-
     access agreements,and what they mean for
     business.
     Daniel Arthur Laprès

Whither Hong Kong?

     Hong Kong faces yet another round of adjustment,
     this time to the new economy and China's WTO
     entry.
     Michael F. Martin

Free Lunch or Last Supper? China's Debt-Equity Swaps in Context

     This latest step in the state-owned-enterprise reform
     process highlights China's reluctance to let the
     market weed out the losers.
     Edward S. Steinfeld

Plus: China's Economy, First Quarter 2000

Infrastructure Finance
Financing Options for PRC Water Projects

     China is ready to accept foreign investment in water
     projects--and seems prepared to be flexible.
     Mitchell A. Silk and Simon Black

Law and the Internet
E-commerce: The Taming of the Internet in China

     The rules of the game for firms in,
     or looking into, the PRC e-commerce market.
     Gabriela Kennedy

Information Technology
Software Research In--and For--China

     Microsoft Corp. has set up a basic research lab in
     Beijing to tackle crucial problems of computing.
     Catherine Gelb

Trade
The Fight Against Smuggling

     The political will to end smuggling exists,
     but the success of efforts to date has been mixed.
     Benjamin C. Ostrov

Commentary

     Dashed Hopes in the Leasing Industry:
     A Cautionary Tale
     Rainer Thomm

Classified Ads

Short Takes

WWW.China

Council Bulletin

China Business

US and PRC Contacts