If there is a transfer of registered capital to or from an investor of an equity joint venture, then the other investors of the said venture must consent. Share holdings in a joint venture are usually non-negotiable and cannot be transferred without approval from the Chinese government. Investors are restricted from withdrawing registered capital during the existence of the joint venture contract. Regulations concerning the transfer of shares with only the approval of the board of directors and without approval from government authorities will evolve over time as the size and number of international joint ventures expands.