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Mr. Chairman, colleagues, and friends: It is a great honor for me to be able to address this group of experts and legislators, and many colleagues and friends, on a topic I care deeply about-the regulation of so-called public companies, both outside of China and, since the early 1990s, inside of China. First, and with many of the others invited to participate in this conference today and tomorrow, I thank the Office of Legislative Affairs ("OLA") of the State Council of the People's Republic of China ("PRC") as well as the China Securities Regulatory Commission ("CSRC") for convening this very important conference, and express my appreciation for the expert work and arrangements provided by our friends at the Shanghai Stock Exchange ("SSE"). I also salute The China Law Center, Yale Law School for its critical role in procuring U.S. perspectives for the conference, its longstanding interest in the issues involved with amending the PRC Company Law specifically, as well as its overall program of cooperating with Chinese legal experts on legal reform issues. Finally, I thank the Cornell Law School, where I am currently a Visiting Professor, for allowing me to travel to Shanghai for this meeting and offer these remarks. \ A prior leadership group in China counseled that we "seize the moment" in certain important tasks. This is indeed the time to seize the moment with respect to reform of China's company and securities laws. Thus, the State Council OLA and the CSRC-with the critical help of the SSE-have done very well to convene a conference at this time with Chinese and international experts on amendment of the Company Law.