> A large majority of new foreign investments in China are WFOEs [wholly foreign owned enterprises], rather than JVs. As Chinese legal entities, WFOEs experience greater independence than ROs, are allowed exclusive control over carrying out business activities while abiding by Chinese law and are granted intellectual and technological rights.
> WFOE refers to a limited liability company that is 100% invested, owned by foreign investors, and independently operated. Almost 60% of foreign-owned companies are WFOEs, making it the most adopted business type. Famous multinational companies such as Apple, Amazon, Oracle, and General Electric are all examples of WFOEs.
Not true taken literally, obviously; not true if taken as saying "only JVs are allowed" either. According to the Department of Commerce (https://www.export.gov/apex/article2?id=China-Establishing-a...):
> A large majority of new foreign investments in China are WFOEs [wholly foreign owned enterprises], rather than JVs. As Chinese legal entities, WFOEs experience greater independence than ROs, are allowed exclusive control over carrying out business activities while abiding by Chinese law and are granted intellectual and technological rights.
Also (https://arc-group.com/china-company-setup/):
> WFOE refers to a limited liability company that is 100% invested, owned by foreign investors, and independently operated. Almost 60% of foreign-owned companies are WFOEs, making it the most adopted business type. Famous multinational companies such as Apple, Amazon, Oracle, and General Electric are all examples of WFOEs.