JC Master Legal News Issue 907

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued the relevant rules pertaining to adjustments in certain provisions of the refinancing regime for listed companies.

To deepen supply-side structural reform in the financial sector, refine market-based constraints on refinancing, enhance the capital market’s ability to serve the real economy, and support listed companies in combating the pandemic and resuming production, the China Securities Regulatory Commission has issued the “Decision on Amending the Measures for the Administration of Securities Issuance by Listed Companies,” the “Decision on Amending the Provisional Measures for the Administration of Securities Issuance by ChiNext Listed Companies,” and the “Decision on Amending the Detailed Rules for the Implementation of Non‑Public Offerings of Shares by Listed Companies” (hereinafter referred to as the “Refinancing Rules”), which shall take effect from the date of their promulgation.

Zhong Nanshan’s team has partnered with Alibaba Cloud to advance the research and development of new drugs and vaccines for COVID-19.

To expedite the development of vaccines and specific therapeutics for COVID‑19, on February 13, the Zhong Nanshan Medical Foundation of Guangdong Province, the Guangzhou Institute of Respiratory Health, and Alibaba Cloud entered into a collaboration to accelerate research and development in key clinical treatment technologies, effective drugs, and vaccines.

The State Taxation Administration has issued the “Guidance on Tax Preferential Policies for COVID-19 Prevention and Control.”

Recently, the fiscal and tax authorities jointly issued a series of announcements, specifying that, effective January 1, 2020, a package of targeted, high‑impact tax preferential policies will be implemented. These measures focus on critical areas and key industries in the fight against the epidemic, effectively alleviating the operational challenges faced by businesses during this extraordinary period and helping to secure victory in the battle against the pandemic.

The National Health Commission, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security have jointly issued a notice to severely punish, in accordance with the law, seven categories of medical‑related illegal and criminal acts committed during the epidemic.

On February 7, the National Health Commission, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security jointly issued the “Notice on Ensuring the Safety of Medical Personnel and Maintaining Orderly Medical Services During the Prevention and Control of Novel Coronavirus Pneumonia.”

The journal Qiushi has published an important article by General Secretary Xi Jinping.

The fourth issue of this year’s Qiushi magazine, published on February 16, will feature an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, entitled “Speech Delivered at the Meeting of the Standing Committee of the Political Bureau of the CPC Central Committee on Studying Measures to Tackle the Novel Coronavirus Pneumonia Epidemic.”

Table of Contents

Table of Contents

Finance & Capital Markets

The China Securities Regulatory Commission has issued the relevant rules pertaining to adjustments in certain provisions of the refinancing regime for listed companies.

“Anti‑epidemic bonds” are being issued in rapid succession, addressing the urgent needs of businesses.

Release of Self-Regulatory Oversight on the New Third Board for January 2020

The People’s Bank of China and several other departments: Actively promote pioneering financial reforms in the Lingang New Area.

CSRC: Further Enhance the Functions of the Capital Market to Support the Real Economy

The People’s Bank of China and four other departments: Encourage the launch of financial technology innovation pilot programs in Shanghai.

Corporate & Commercial

Zhong Nanshan’s team has partnered with Alibaba Cloud to advance the research and development of new drugs and vaccines for COVID-19.

Evergrande Launches a New Wave of Online Home Sales, Locking in 58 Billion Yuan in Just Three Days as Platform Users Surpass Ten Million

600 million transactions were completed via Alipay’s “contactless” services, reducing the need to go out by 90 million trips.

Supporting 100,000 SMEs Through Tough Times: Tencent Cloud Launches an Epidemic‑Response Assistance Program

Fifty-six insurance companies have expanded their coverage to include COVID-19.

Taxation

The State Taxation Administration has issued the “Guidance on Tax Preferential Policies for COVID-19 Prevention and Control.”

The State Taxation Administration has introduced 18 measures to help win the battle against the COVID-19 epidemic.

The State Taxation Administration has released a list of “contactless” online tax services, along with a set of Q&A.

Answers to Questions on Tax Collection and Administration Matters Related to Supporting COVID‑19 Prevention and Control, Issued by the State Taxation Administration

In January 2020, the consumer price index rose 5.4% year on year.

Litigation & Arbitration

The National Health Commission, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security have jointly issued a notice to severely punish, in accordance with the law, seven categories of medical‑related illegal and criminal acts committed during the epidemic.

State Administration for Market Regulation: Illegal trade in wild animals and the production and sale of counterfeit protective equipment will be punished to the fullest extent.

The Supreme People’s Procuratorate has released the first batch of ten typical criminal cases involving offenses that obstruct COVID‑19 prevention and control.

A number of typical cases, including illegal wildlife trade and the unlawful manufacture and sale of face masks, have been made public.

Other

The journal Qiushi has published an important article by General Secretary Xi Jinping.

Finance & Capital Markets

The China Securities Regulatory Commission has issued the relevant rules pertaining to adjustments in certain provisions of the refinancing regime for listed companies.

To deepen supply-side structural reform in the financial sector, refine market-based constraints on refinancing, enhance the capital market’s ability to serve the real economy, and support listed companies in combating the pandemic and resuming production, the China Securities Regulatory Commission has issued the “Decision on Amending the Measures for the Administration of Securities Issuance by Listed Companies,” the “Decision on Amending the Provisional Measures for the Administration of Securities Issuance by ChiNext Listed Companies,” and the “Decision on Amending the Detailed Rules for the Implementation of Non‑Public Offerings of Shares by Listed Companies” (hereinafter referred to as the “Refinancing Rules”), which shall take effect from the date of their promulgation.

The key adjustments to certain provisions of the refinancing regime this time primarily include:

First, the issuance requirements have been streamlined to broaden the scope of refinancing services on the ChiNext Board. Specifically, the requirement that the most recent balance sheet ratio of total liabilities to total assets exceed 45% has been removed; the condition that issuers must have reported profits for two consecutive years in non‑public offerings has been eliminated; and the prior‑issue fundraising is now subject to an information‑disclosure requirement rather than a formal issuance criterion, provided that the proceeds from the previous offering have been substantially utilized and that the progress and outcomes of such utilization are broadly consistent with the disclosed information.

Second, non‑public offering arrangements will be streamlined to facilitate the admission of strategic investors by listed companies. Where a listed company’s board resolution pre‑determines all subscribers and identifies them as strategic investors, the pricing benchmark date may be the date of the board resolution announcement, the date of the shareholders’ meeting resolution announcement, or the first day of the offering period. The pricing and lock‑up mechanisms for non‑public offerings will also be adjusted: the issue price will no longer be required to be at least 90% of the average share price over the 20 trading days preceding the pricing benchmark date, but rather 80%; the lock‑up periods will be shortened from 36 months and 12 months to 18 months and 6 months, respectively, and the relevant restrictions under the share‑reduction rules will not apply; furthermore, the maximum number of subscribers for non‑public offerings on the Main Board (including the SME Board) and the ChiNext Board will be unified from no more than 10 and 5, respectively, to no more than 35.

Third, the validity period of approval documents will be appropriately extended to enable listed companies to better time their issuance windows. The validity period of refinancing approvals will be extended from six months to twelve months.

The “Refinancing Rules” have been open for public consultation since November 8, 2019, attracting widespread attention from the market. Various sectors of society have expressed support for the adjustments made to certain provisions of the refinancing regime in this round. During the consultation period, the Commission received a total of 107 valid written comments and suggestions, primarily focusing on issues such as the application of the “new‑old divide” rule and the strengthening of regulatory oversight over practices that disguise debt as equity. The Commission has, based on specific circumstances, carefully analyzed, adopted, and incorporated these inputs, or integrated them into subsequent related reforms.

To further support listed companies in enhancing their competitiveness and strengthening their operations, and in response to market concerns, the Commission has revised the “Issuance Regulatory Q&A—Regulatory Requirements for Guiding and Standardizing Listed Companies’ Financing Activities,” moderately relaxing the limits on the scale of financing through non‑public offerings, and is promulgating the revised provisions effective immediately.

Following this revision, our association will continue to refine the day-to-day regulatory framework for listed companies, rigorously scrutinize the conditions for refinancing and issuance, strengthen information disclosure requirements, intensify on-site inspections of the use of proceeds from refinancing, and enhance oversight of illegal and non-compliant practices such as “equity in name, debt in reality.”

It should be noted that the new Securities Law establishes a registration-based system for securities issuance and empowers the State Council to specify the scope and implementation procedures of this system. It is expected that the implementation of the registration system on the ChiNext Board, and particularly on the Main Board (including the SME Board), will still require a certain period of time. Following the entry into force of the new Securities Law, these boards will continue to operate under an approval‑based regime for a transitional period. The coexistence of the approval‑based and registration‑based systems is consistent with the relevant provisions of the new Securities Law.

Following the implementation of the Refinancing Rules, refinancing applications that have already been completed and issued shall be governed by the relevant rules in effect prior to the amendments; for applications under review or those that have obtained approval but have not yet completed issuance and whose approval remains valid, the new rules adopted after the amendment shall apply. Listed companies shall continue to proceed after fulfilling the requisite decision-making procedures and updating their application documents or completing post‑meeting matters. In particular, applications that have already been approved by the Issuance Review Committee need not be resubmitted for review. Furthermore, if an approved document has been obtained but it is anticipated that issuance cannot be completed within the original validity period of the approval, the company may apply to our Commission for a replacement approval document.

“Anti‑epidemic bonds” are being issued in rapid succession, addressing the urgent needs of businesses.

In the face of the pandemic, companies in affected sectors require financial resources to sustain production or keep operations running, driving a growing demand for pandemic‑related financing. Since the establishment of the “green channel,” the issuance of pandemic‑response bonds—commonly referred to as “anti‑epidemic bonds”—has seen a significant boost in efficiency, helping enterprises address their most urgent funding needs. Meanwhile, robust investor demand has further reduced borrowing costs for issuers. As of February 13, nearly 30 such bonds have already been issued, with more companies expected to join the ranks in the weeks ahead. With regulatory authorities set to release detailed guidelines, the pace of issuing these bonds is likely to accelerate.

On February 13, the Export-Import Bank of China completed a secondary issuance of 4 billion yuan in “anti‑epidemic bonds,” with a winning bid rate of 1.70% and a subscription multiple of 4.71. On the same day, at least eight additional “anti‑epidemic bonds” were issued, signaling an ongoing expansion in both the number and scale of such securities.

In early February, regulators established a “green channel” for bond issuance by pandemic‑related enterprises, significantly boosting issuance efficiency. The first batch of “anti‑epidemic bonds” was issued in as little as under 48 hours. With this green channel in place, the approval process for such bonds has been markedly accelerated. As the epidemic situation evolved, additional financing needs emerged among more companies; currently, the green channel remains fully operational, and anti‑epidemic bonds are being launched at a rapid pace. According to Wind data, from February 6 to 13, 28 anti‑epidemic bonds—identified by names containing “epidemic prevention and control” or titles such as “fighting the epidemic” or “war against the epidemic”—were issued, with a total issuance value exceeding RMB 35 billion. From February 14 to 17, an additional 12 bonds are slated for issuance, with a combined planned issuance size of RMB 8.55 billion.

From the perspectives of industry distribution and the intended use of proceeds, bond issuers fall into three main categories: enterprises facing operational difficulties due to the pandemic; key entities involved in the production and transportation of epidemic‑control supplies; and financial institutions—such as banks and securities offices—that provide loans and financial services to combat the pandemic or to businesses affected by it.

Among the “anti‑epidemic bonds” already issued, financial institutions have raised over RMB 20 billion, accounting for the largest share; however, corporate credit bonds represent the highest number of issues. The Export‑Import Bank of China and the China Development Bank have each issued RMB 7 billion and RMB 13.5 billion, respectively, in pandemic‑response‑themed bonds, primarily to fund emergency anti‑epidemic loans. Additionally, several securities offices plan to allocate at least 10% of the proceeds to financial services and investments in epidemic‑prevention‑related financial products. Among the issuers, leasing companies also feature, with proceeds earmarked to meet the financing‑lease needs of epidemic‑affected regions and pharmaceutical enterprises, among other purposes.

Overall, the share of funds directly allocated to pandemic response is relatively modest; a substantial portion has been used to refinance existing debt and replenish working capital. For instance, heavily impacted sectors such as transportation, catering, accommodation, and tourism have issued “pandemic‑response bonds” to bolster their operating cash flow. Funds earmarked for epidemic prevention and control have primarily flowed into areas like pharmaceutical R&D. According to the fixed-income team led by Yin Ruizhe at China Merchants Securities, the pandemic has prompted regulatory authorities to permit issuers to use new borrowing to repay old debt, while also exerting adverse effects on corporate revenues and cash holdings, thereby posing certain challenges to debt‑service capacity.

It is worth noting that, although epidemic‑prevention bonds may qualify for a “green channel,” their use of proceeds will be subject to review and oversight.

Release of Self-Regulatory Oversight on the New Third Board for January 2020

In January 2020, the National Equities Exchange and Quotations Company imposed self-regulatory measures on a total of 55 violations. Among these, 41 cases were subject to verbal warnings, meetings for discussions, and requests to submit written commitments, while 14 cases were addressed through written self-regulatory measures.

According to reports, the 14 violations subject to written self-regulatory measures fall into three main categories: disclosure violations, corporate governance violations, and equity‑change violations. Among these, disclosure violations primarily encompass three scenarios: first, a listed company fails to promptly disclose material information that is required to be disclosed, such as announcements of resolutions passed at the annual general meeting, details of special investment terms, information on significant litigation, notifications of pledges or freezes involving 5% or more of the shares held by any shareholder, material debt information, or changes to the company’s articles of association, business scope, or senior management; second, the annual report filed by the listed company contains material accounting errors; and third, relevant responsible parties of the listed company enter into share transfer agreements or investment agreements with external parties, resulting in unclear equity ownership and non‑compliant information disclosure.

The principal violations in corporate governance fall into seven categories. First, the de facto controller of a listed company misappropriates the company’s funds, and the company fails to fulfill its information disclosure obligations in a timely manner; second, the listed company provides external guarantees without promptly completing the requisite deliberation procedures or making the required disclosures; third, related-party transactions of the listed company are conducted without timely compliance with the deliberation procedures and information disclosure requirements; fourth, during the issuance of shares, the listed company alters the intended use of the raised funds without promptly carrying out the necessary deliberation procedures or disclosing the change; fifth, the listed company makes external investments or extends financial assistance without promptly completing the required deliberation processes or fulfilling its disclosure obligations; sixth, the chairman, de facto controller, or general manager of the listed company is placed on the list of discredited persons subject to enforcement, yet the company fails to promptly organize a re‑election or appoint a replacement; and seventh, the listed company fails to fully cooperate with the sponsoring securities office’s ongoing supervisory duties, neglecting to provide the office with the necessary documents in a timely manner or to notify it of material matters.

In addition, the violations related to changes in equity interests are consistent with those disclosed in November and December 2019, primarily involving instances where, after an investor or its concert party’s shareholding reached 10% of the listed company’s outstanding shares, they failed to suspend trading whenever their holdings increased or decreased by a multiple of 5%.

The People’s Bank of China and several other departments: Actively promote pioneering financial reforms in the Lingang New Area.

According to the State Administration of Foreign Exchange’s website, on February 14, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal Government jointly issued the “Opinions on Further Accelerating the Development of Shanghai as an International Financial Center and Providing Financial Support for the Integrated Development of the Yangtze River Delta.” The document outlines 30 specific measures, focusing on proactively advancing financial pilot programs in the Lingang New Area, further opening up Shanghai’s financial sector at a higher level, and bolstering financial support for the integrated development of the Yangtze River Delta.

The Opinions set forth three overarching requirements: serving the high-quality development of the real economy, deepening reforms of the financial systems and mechanisms, and preventing systemic financial risks. According to the Opinions, pilot commercial bank wealth management subsidiaries that meet the criteria will, on a commercially voluntary basis, establish specialized subsidiaries in Shanghai to invest in equity stakes in key projects in the Lingang New Area and the Yangtze River Delta, as well as in unlisted enterprises. Insurance institutions are encouraged to invest, in compliance with laws and regulations, in science-and‑technology innovation–focused investment funds or to make direct investments in science-and‑technology innovation enterprises located within the Lingang New Area. Eligible commercial banks are supported, on a commercially voluntary basis, in establishing financial asset investment companies in Shanghai; pilot financial asset investment companies that meet the criteria will be permitted to set up specialized investment subsidiaries in Shanghai to engage in corporate restructuring, equity investments, direct investments, and other activities related to the development of the Lingang New Area and to the economic structural adjustment, industrial optimization and upgrading, and coordinated development of the Yangtze River Delta.

CSRC: Further Enhance the Functions of the Capital Market to Support the Real Economy

On February 15, the State Council’s Joint Prevention and Control Mechanism for the Novel Coronavirus Pneumonia Epidemic held a press conference on the financial system’s full‑scale support for combating the epidemic and resuming production. In response to questions from reporters, Vice Chairman Yan Qingmin of the China Securities Regulatory Commission stated that the CSRC will further leverage the functions of the capital market to support the real economy.

First, we will continue to do our utmost to ensure the stable functioning of the market. We will closely monitor and analyze market conditions, and, in coordination with relevant authorities, implement effective measures to mitigate risks in key areas such as stock pledge financing, margin trading and securities lending, and bond defaults, thereby fostering a stable market environment. We will remain committed to using reform as a driver of development and stability, integrating the comprehensive deepening of reforms with the maintenance of market stability. In line with the requirements of the Central Economic Work Conference, we will strengthen the institutional framework and continuously enhance the market’s resilience.

Second, we will continue to strengthen the effective functioning of the market. We will maintain a normalized IPO process to consistently meet the financing needs of the real economy. We will further deepen market‑based reforms of mergers and acquisitions and restructuring, diversify payment and financing instruments, and better support industrial upgrading. We will actively leverage the bond market’s financing role, innovate credit‑enhancement mechanisms and debt‑financing tools for private enterprises, and lower the threshold for issuing convertible bonds. We will expand the supply of commodity and financial futures and options products, fully harness the functions of the futures market, and help address challenges faced by some real‑economy offices, such as high product inventories, tight raw‑material supplies, and volatile prices. At the same time, we will refine the reverse‑vesting减持制度 for venture capital funds and ensure that private equity funds play their crucial role in fostering the formation of innovative capital. We will encourage more private equity and venture capital funds to invest in companies engaged in the production and R&D of pandemic‑related reagents, pharmaceuticals, medical devices, and other critical supplies.

Third, we will continue to ensure the effective implementation of policies already introduced. We will establish “green channels” for financing approvals and filings, giving priority review and registration to enterprises whose registered offices and principal production and operations are located in Hubei Province, as well as to key enterprises involved in epidemic prevention, control, and supply assurance, and to initial public offerings, secondary financings, bond issuances, and mergers and acquisitions that allocate proceeds primarily to pandemic response. Furthermore, we will strengthen the capital base of securities offices, fund management companies, and other financial institutions, leverage their professional expertise, and provide tailored financial services to enterprises in regions severely affected by the pandemic.

Fourth, we will continue to accelerate the deepening of reform and opening-up. At present, while ensuring effective epidemic prevention and control, the China Securities Regulatory Commission is focusing on advancing supply-side structural reform in the financial sector, implementing comprehensive measures to deepen capital market reforms, and providing stronger support for the development of the real economy. Key priorities include building a multi-tiered capital market system, vigorously developing direct financing, enhancing the quality of listed companies, strengthening the rule of law in the capital market, and actively expanding sources of medium- and long-term funding.

The People’s Bank of China and four other departments: Encourage the launch of financial technology innovation pilot programs in Shanghai.

On February 14, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal Government jointly issued the “Opinions on Further Accelerating the Development of Shanghai as an International Financial Center and Providing Financial Support for the Integrated Development of the Yangtze River Delta” (hereinafter referred to as the “Opinions”).

The Opinions state in their overarching requirements that systemic financial risks must be prevented. On the basis of compliance with laws and regulations, controllable risks, and voluntary participation by market participants, various financial opening-up and innovation measures shall be advanced in a prudent and orderly manner, with some measures to be piloted first in the Lingang New Area. A sound coordination mechanism for financial regulation should be established, the financial risk prevention and control system should be improved, and the application of financial technology in regulatory practices should be strengthened, ensuring that the bottom line of preventing systemic financial risks is officely upheld.

The Opinions clearly state that financial institutions and large technology enterprises are encouraged to establish fintech companies within the region in accordance with the law, to actively yet prudently explore the application of new technologies such as artificial intelligence, big data, cloud computing, and blockchain in the financial sector, and to place great emphasis on cultivating fintech talent.

In addition, support Shanghai in accelerating the development of a sound financial legal framework, expediting the establishment of a financial regulatory system aligned with international standards, strengthening penalties for illegal financial activities, and encouraging pilot programs for financial technology innovation.

Commercial & Corporate

Zhong Nanshan’s team has partnered with Alibaba Cloud to advance the research and development of new drugs and vaccines for COVID-19.

To expedite the development of vaccines and specific therapeutics for COVID‑19, on February 13, the Zhong Nanshan Medical Foundation of Guangdong Province, the Guangzhou Institute of Respiratory Health, and Alibaba Cloud entered into a collaboration to accelerate research and development in key clinical treatment technologies, effective drugs, and vaccines.

One of the key challenges in combating the novel coronavirus lies in rapidly shortening the development cycle for new drugs and vaccines. However, bringing such products from research to market requires extensive data analysis, large-scale literature screening, and the construction of knowledge graphs, alongside substantial high-performance computing resources. Reportedly, Alibaba Cloud will provide ultra‑large‑scale computing power and AI algorithms to support the team led by Zhong Nanshan in accelerating drug discovery, viral genome sequencing, protein screening, and other related efforts, thereby reducing the time required to tackle the pandemic and providing digital‑technology support to expedite scientific research on COVID‑19.

On January 29, Alibaba Cloud announced that, during the pandemic, it would provide free access to all its AI computing resources to public research institutions worldwide, supporting tasks such as viral genome sequencing, new drug development, and protein screening, thereby helping these institutions shorten their R&D timelines. To date, Alibaba Cloud has received applications from dozens of leading medical research institutes both domestically and internationally, and the first batch of allocated computing resources has already been deployed and brought online.

In addition to joining forces in the short term to combat COVID‑19, Alibaba Cloud has also reached a long-term cooperation agreement with the Zhong Nanshan team and the Guangzhou Institute of Respiratory Health. Going forward, the two sides will engage in in-depth collaboration to advance the development of a national-level intelligent big‑data early‑warning system for respiratory diseases and a research‑cloud platform dedicated to respiratory (infectious) diseases, thereby enhancing the efficiency of disease early warning and information dissemination, as well as elevating the level of open collaboration and digitalization in related therapeutic research.

Evergrande Launches a New Wave of Online Home Sales, Locking in 58 Billion Yuan in Just Three Days as Platform Users Surpass Ten Million

Affected by the closure of sales offices in many regions, many developers have seen sluggish offline sales. Meanwhile, forward‑thinking developers have rolled out a series of marketing initiatives—such as VR property viewings, online home‑buying promotions, and commission‑based part‑time sales agents—with Evergrande standing out as a leading example.

Despite the desolate atmosphere at offline sales offices, online platforms are experiencing an unprecedented surge in activity.

At present, many sales offices have closed, and property developers have increasingly launched online sales platforms. Taking Evergrande as an example, its online platform “Hengfangtong” has become a key driver of rapid growth in sales performance, with over 3 million new users added in the past three days.

At today’s press conference on Evergrande Group’s full-scale implementation of online sales, the company’s management stated that since February 13, Evergrande has launched a comprehensive “online home‑buying” initiative. In just three days, sales figures have surged dramatically, with customers placing reservations for 47,540 units totaling approximately RMB 58 billion; the single development receiving the most reservations saw 870 units reserved.

According to Evergrande’s projections, online subscriptions could exceed 100,000 units in the coming days. “If 70% of online subscriptions convert into sales, transactions would reach 70,000 units, generating RMB 60 billion in revenue. Should half of these be purchases made through referrals, commissions totaling RMB 300 million and rewards of RMB 350 million would be distributed to the online subscribers.”

In fact, several property developers have already launched online sales platforms. For example, Sunac has introduced the “Sunac Fangbao” mini‑program, which offers a range of features including project showcases, online consultations, one‑click phone dialing, and referral incentives for friends to purchase homes. Meanwhile, Evergrande’s “Hengfangtong” has served as a key driver of sales growth in recent years, playing an important role in boosting performance and expanding distribution channels.

Data shows that, as of now, the platform has amassed over 10 million users, including 140,000 Evergrande employees and 1.47 million existing Evergrande homeowners, with the remaining 83% comprising part-time sales professionals from various industries and real estate agents. To date, the Hengfangtong platform has disbursed nearly RMB 10 billion in commissions and incentives.

600 million transactions were completed via Alipay’s “contactless” services, reducing the need to go out by 90 million trips.

“Did you go green today?” Over the past few days, everyone in Hangzhou has gradually obtained the “health code”—an essential tool for urban travel—through Alipay. This is just one small glimpse of the nation’s recent shift toward a digital lifestyle.

According to data released by Alipay today, since launching its “Epidemic Service Express” on January 27, the platform has provided 48 services across 10 categories—ranging from epidemic information inquiries and online consultations to grocery delivery, health declarations, itinerary rebooking, charitable donations, and travel‑history tracing—to a cumulative total of 600 million users. Preliminary estimates indicate that these services have reduced in-person outings by at least 90 million trips and cut daily per‑capita walking by 4,000 steps.

In support of the fight against the epidemic, Alipay is leveraging its platform to provide all‑out assistance in containing the virus and ensuring essential services. Data from “Alipay Fitness” show that from the first to the fifteenth day of the Lunar New Year, Chinese users averaged more than 4,000 fewer steps per day—down by half compared with the same period last year—as people across the country stayed home to help curb the spread. Though staying indoors has become the norm, pandemic response and daily‑life support services have remained uninterrupted. On January 27, Alipay swiftly launched a comprehensive service portal called “Epidemic Service Express,” offering the most frequently used services during the crisis and drawing a surge of nationwide demand.

On the fourth day after Alipay launched its AliHealth online consultation service, more than 700,000 users had visited the page, and over 100,000 consultations were conducted—equivalent to the combined daily outpatient volume of 33 physical Grade‑III hospitals.

Appointment-based mask distribution, health code applications, and community-level epidemic prevention systems—local governments have been rolling out one hit pandemic‑related service after another on Alipay. Digitalization of epidemic control has not only made life more convenient for residents but has also significantly reduced the costs of public health measures.

Even more people are joining the fight against the epidemic online via Alipay. Through Alipay’s “Epidemic Express” feature, the number of users accessing “online education” has increased by more than tenfold compared to before the Lunar New Year. Since the Spring Festival, two major educational platforms—Xueersi and Zuoyebang—have seen each user averaging over five learning sessions per day on Alipay. In addition, more than 100 million people have participated in epidemic‑related quizzes on Alipay’s “Dada Planet,” gaining knowledge about the pandemic.

On February 6, in response to the surge in demand for pandemic‑related services, Alipay issued a call to action, inviting more developers on its platform to create additional solutions for epidemic prevention and everyday convenience—such as mask‑reservation apps, epidemic‑reporting tools, community access‑management systems, and errand‑running services. In less than a week, over 1,200 individual developers and organizations from across the country had joined, dedicating their full efforts to development.

Supporting 100,000 SMEs Through Tough Times: Tencent Cloud Launches an Epidemic‑Response Assistance Program

Supporting small and medium-sized enterprises in resuming production, and safeguarding public health during the pandemic. To effectively accelerate the resumption of business operations and further strengthen assistance to SMEs amid the epidemic, Tencent Cloud is stepping up its efforts once again by launching a comprehensive anti‑epidemic support program for SMEs, offering free access to extensive cloud resources and collaborative office solutions to more than 100,000 businesses.

This follows Tencent’s launch of the 200-million-yuan “Anti-Epidemic Developer Public Welfare Alliance” and the 1.5-billion-yuan “Anti-Epidemic Fund,” marking another major initiative by Tencent Cloud aimed at small and medium-sized enterprises. By further strengthening support for these businesses, Tencent Cloud is working hand in hand with them to navigate these challenging times.

Affected by the pandemic, numerous domestic enterprises—particularly small and medium-sized ones—are facing immense pressure, including challenges such as scientifically managing the epidemic, appropriately arranging employees’ return to work, ensuring efficient remote collaboration, and swiftly accessing financing channels. This support program is primarily targeted at SMEs nationwide that are experiencing operational and production difficulties due to the COVID‑19 pandemic, provided they meet the SME criteria set by the Ministry of Industry and Information Technology and were registered with the market regulatory authorities prior to the official national upgrade of the pandemic response level.

For enterprises that meet the eligibility criteria and have completed real-name authentication, Tencent Cloud will provide, free of charge for three months, a wide range of cloud infrastructure resources—including cloud servers, databases, storage, and security products—as well as collaborative office tools such as WeCom, Tencent Meeting, Tencent Docs, Tencent LeXiang, and the TAPD Tencent Agile Collaboration Platform. Each enterprise can enjoy a free credit of up to RMB 500,000. Furthermore, to more effectively combat the epidemic and mobilize resources to ensure robust support for key material‑supply enterprises, those designated under the Notice issued on February 8 by five State Council departments—aimed at strengthening financial support for key enterprises involved in epidemic prevention and control—such as small and medium-sized enterprises producing medical emergency supplies and protective gear, will receive an additional three-month extension beyond the aforementioned free period.

At present, enterprises can officially apply to join via the official website (https://cloud.tencent.com/act/pro/fightwuhan). The application period runs from today through the end of March. (The deadline will be adjusted as needed based on the evolution of the epidemic.)

Fifty-six insurance companies have expanded their coverage to include COVID-19.

In the face of the current severe epidemic situation, the insurance industry continues to step up its efforts to combat COVID‑19. According to data provided by the Beijing Insurance Research Public Welfare Foundation, as of February 14, a total of 56 insurers had issued announcements expanding the coverage of certain insurance products to include COVID‑19. These 56 insurers have collectively extended coverage to 602 insurance products, with the most common product categories including critical illness insurance, accident insurance, medical insurance, and liability insurance.

From the perspective of expanded coverage, accident insurance now includes death and disability benefits arising from pneumonia caused by novel coronavirus infection; critical illness insurance has been broadened to provide benefit payments not only for conditions meeting the contractually specified severity threshold but also upon death resulting from COVID‑19; and medical insurance coverage has been extended by removing waiting periods, deductibles, restrictions on eligible hospitals, and limits on benefit percentages.

On February 3, the China Banking and Insurance Regulatory Commission issued the “Notice on Providing Life Insurance Services to Support Novel Coronavirus Pneumonia Prevention and Control,” requiring all life insurance companies to, from the perspective of consumer service, streamline existing product claim‑processing criteria, appropriately expand coverage, and leverage the protective role of insurance during this critical phase of epidemic prevention and control. At the same time, the notice encourages insurers to donate insurance products to frontline personnel fighting the epidemic, thereby providing them with adequate risk protection.

Insurance companies have taken proactive measures, offering free insurance coverage, expanding policy liabilities, and establishing expedited claims-processing channels. According to data, as of February 9, insurers in Beijing alone had collectively provided risk protection totaling RMB 132.86 billion to 459,000 individuals, including frontline medical personnel and their families, logistics and delivery workers, and power‑generation staff.

Taxation TAXATATION

The State Taxation Administration has issued the “Guidance on Tax Preferential Policies for COVID-19 Prevention and Control.”

Recently, the fiscal and tax authorities jointly issued a series of announcements, specifying that, effective January 1, 2020, a package of targeted, high‑impact tax preferential policies will be implemented. These measures focus on critical areas and key industries in the fight against the epidemic, effectively alleviating the operational challenges faced by businesses during this extraordinary period and helping to secure victory in the battle against the pandemic.

To better leverage the role of taxation in supporting COVID‑19 prevention and control, and to help taxpayers accurately understand and promptly apply the newly introduced tax preferential policies, the State Taxation Administration has issued the “Guidance on Tax Preferential Policies for COVID‑19 Prevention and Control,” providing detailed explanations of 12 policies across four key areas: support for prevention and treatment, support for the supply of materials, encouragement of charitable donations, and support for the resumption of work and production.

— With regard to support for prevention, protection, and treatment, two personal income tax policies are in place: temporary work allowances and bonuses for epidemic prevention and control that meet government‑specified standards are exempt from personal income tax; likewise, medical and protective supplies provided by employers for the prevention of novel coronavirus pneumonia are also exempt from personal income tax.

— With regard to supporting the supply of essential materials, five policies across three tax categories—value-added tax, corporate income tax, and customs duties—are in place: full refunds of the incremental input VAT credit for enterprises producing key materials for epidemic prevention and control; exemption from value-added tax on revenue derived from transporting such key materials; exemption from value-added tax on revenue from public transportation services, daily-life services, and express delivery and collection services for essential daily necessities; one-time pre-tax deduction for corporate income tax expenses incurred by enterprises producing key epidemic‑prevention materials when expanding production capacity to purchase equipment; and exemption from customs duties on goods directly imported by health authorities for the purpose of epidemic prevention and control.

— With regard to encouraging charitable donations, six taxes and two fees are covered by relevant policies: corporate income tax, individual income tax, value-added tax, consumption tax, customs duties, urban maintenance and construction tax, education surcharge, and local education surcharge. Specifically, cash and goods donated through public‑interest social organizations or state organs such as people’s governments at or above the county level and their departments to address the epidemic are eligible for full pre‑tax deduction from corporate income tax or individual income tax; direct donations of epidemic‑response supplies to hospitals tasked with epidemic prevention and control also qualify for full pre‑tax deduction from corporate income tax or individual income tax; and gratuitous donations of goods used to combat the epidemic are exempt from value-added tax, consumption tax, urban maintenance and construction tax, education surcharge, and local education surcharge. In addition, the scope of duty‑free import privileges for donations has been expanded.

— With regard to supporting the resumption of work and production, one policy pertains to corporate income tax: for enterprises in severely affected industries, the maximum carryforward period for losses incurred in 2020 has been extended to eight years.

The State Taxation Administration has introduced 18 measures to help win the battle against the COVID-19 epidemic.

To thoroughly implement the spirit of General Secretary Xi Jinping’s series of important instructions and directives on COVID‑19 prevention and control, and to fully carry out the decisions and arrangements of the CPC Central Committee and the State Council, the State Taxation Administration recently issued the “Notice on Several Measures to Fully Leverage the Functions and Roles of Taxation in Supporting the Victory of the Battle Against the Epidemic” (hereinafter referred to as the “Notice”). The Notice introduces 18 specific measures across four key areas—faithfully implementing tax preferential policies, further expanding “non-contact” tax filing and payment services, vigorously optimizing in‑person tax filing and payment services, and proactively adjusting tax administration measures—thereby contributing the tax authorities’ efforts to securing victory in the fight against the epidemic.

— In terms of implementing tax preferential policies, three measures have been introduced: “fully and faithfully implementing tax incentives to support epidemic prevention and control,” “drafting a guide to tax incentives for epidemic prevention and control,” and “strengthening oversight and evaluation of the implementation of tax policies.” These measures are designed to bolster epidemic response efforts and help enterprises resume production and expand capacity.

The Notice requires tax authorities at all levels to officely shoulder their political responsibility for implementing tax policies that support epidemic prevention and control. With respect to the twelve new policies issued on February 1 and February 6, 2020, covering the “six taxes” and “two fees,” as well as local policies enacted within the scope of statutory authority, they are to promptly optimize and adjust information systems, intensify internal training, streamline processing procedures, and, to the greatest extent possible, deliver policy publicity and guidance to taxpayers and payers through online channels. Furthermore, they are to proactively strengthen communication with departments such as the National Development and Reform Commission and the Ministry of Industry and Information Technology, ensuring that these policies are clear, easy to implement, and user‑friendly, so that taxpayers and payers can promptly and comprehensively understand the relevant measures and master the filing procedures, thereby fully and swiftly realizing the benefits to which they are entitled.

The Notice states that the State Taxation Administration has compiled and issued the “Guidance on Tax Preferential Policies for COVID‑19 Prevention and Control” to help taxpayers and payers better understand and comply with relevant policies and administration regulations. Tax authorities at all levels are required to align their implementation efforts with each item in the guidance, ensuring full and precise execution. Furthermore, they must strengthen oversight and evaluation of policy implementation, employing performance assessments and special inspections to guarantee that policies are enforced without compromise.

— Expanding “non-contact” tax filing and payment services. Five measures have been introduced, including “clarifying online tax filing and payment items,” “broadening the scope of online tax filing and payment,” “optimizing the online tax filing and payment platform,” “strengthening online tax and fee advisory services,” and “diversifying non-contact handling options,” to effectively reduce the risk of COVID‑19 transmission.

The Notice clarifies that the State Taxation Administration has compiled and published a list of tax-related matters that can be handled online. Tax authorities at all levels are required to proactively inform taxpayers and payers that any item on the list may be processed entirely online, without the need to visit a tax service hall or a government service center, and must not unilaterally require them to do so.

The Notice requires tax authorities at all levels to adhere to the principle of “conducting as many services online as possible,” actively expanding and enriching the range of tax filing and payment services available online, and shifting more transactions from in-person service halls to digital platforms. They are also tasked with optimizing online tax‑filing and payment platforms, strengthening the operation, maintenance, and application management of the electronic tax bureau, mobile apps, and other digital tools, thereby providing taxpayers and payers with greater convenience through mobile‑based services. Furthermore, they must enhance online tax and fee advisory services, bolster staffing and capacity at the 12366 taxpayer service hotline, develop Q&A materials on key tax issues related to epidemic prevention and control, and promptly disseminate this information to taxpayers and payers. Finally, they are encouraged to diversify and expand non‑contact service options, continuously broadening the scope of services such as online invoice application and mail‑delivery, paperless filing for export tax refunds (exemptions), and the submission of supporting documents via fax, mail, or electronic means, thus extending the reach of contactless tax and fee administration.

— In terms of optimizing on-site tax filing and payment services, five measures have been introduced: “ensuring secure processing,” “strengthening guidance for processing,” “establishing direct‑access channels,” “expanding appointment‑based processing,” and “implementing deficiency‑acceptance processing,” thereby fostering a safe, efficient, and convenient environment for tax filing and payment.

The Notice requires tax authorities at all levels to rigorously implement measures such as temperature screening, indoor ventilation, sanitation and epidemic prevention, and regular cleaning and disinfection at tax service and payment venues, ensuring taxpayers and payers can conduct their tax and fee-related business with peace of mind. It also calls for strengthening the staffing of tax guidance and advisory services in tax service halls, strictly enforcing the first‑contact responsibility system, and guaranteeing that taxpayers can “enter the hall with confidence and complete their matters swiftly.” Furthermore, it stipulates that taxpayers and payers engaged in the production, sale, or transportation of key materials essential for epidemic prevention and control shall be provided with priority access to tax and fee‑related services, thereby fully supporting the stable production and secure supply of these critical resources.

The Notice emphasizes that for taxpayers and payers who must visit the tax service hall to conduct business, proactive appointment services should be offered, processing times should be scheduled appropriately, and they should be advised to stagger their visits to minimize crowd gatherings. Furthermore, if the supporting documents submitted by taxpayers and payers are incomplete but do not affect the substantive review, such documents may be temporarily deferred, and the relevant procedures shall proceed as normal upon the taxpayer’s or payer’s written commitment to supplement the missing information.

— In terms of adjusting tax administration measures, five initiatives have been introduced: “extending the deadline for filing and paying taxes in accordance with the law,” “processing extensions for tax payment in accordance with the law,” “ensuring an adequate supply of invoices,” “optimizing tax enforcement practices,” and “strengthening rights and interests protection in accordance with the law,” all aimed at helping enterprises affected by the pandemic alleviate their difficulties.

The Notice states that, in addition to extending the February tax filing deadline, taxpayers who continue to face difficulties in filing due to the epidemic may, in accordance with the law, apply for a further extension. For enterprises—particularly small and micro‑enterprises—that are experiencing severe operational and production challenges as a result of the epidemic, tax authorities shall promptly review and approve their applications for deferred tax payments in compliance with the law, thereby helping these businesses alleviate financial pressures.

The Notice requires tax authorities at all levels to ensure an adequate supply of invoices. For taxpayers engaged in the production and sale of key epidemic‑prevention and control supplies—such as medical treatment equipment and testing instruments—as well as those providing transportation services for such goods, applications to increase the number of invoice copies or the maximum invoicing limit may, on a temporary basis, be approved according to actual needs, without requiring prior on‑site verification. Furthermore, tax enforcement procedures should be further streamlined, with strict adherence to the principle that “no inspection without risk, no entry without approval, and no suspension of invoicing without violation.” During the epidemic response period, direct in‑person inspections should be reduced or postponed. Any tax‑related violations—such as fraudulently obtaining tax benefits under the pretext of epidemic control or issuing false invoices to defraud taxes—must be resolutely investigated and prosecuted in accordance with the law.

The State Taxation Administration has released a list of “contactless” online tax services, along with a set of Q&A.

To thoroughly implement the spirit of General Secretary Xi Jinping’s series of important instructions and directives on COVID‑19 prevention and control, and to fully carry out the decisions and arrangements of the CPC Central Committee and the State Council, the State Taxation Administration recently, in accordance with the principle of “handling as much as possible online,” issued the “List of ‘Non‑Contact’ Online Tax and Fee Services,” systematically identifying and clarifying 185 tax‑related services that can be processed online. In addition, addressing key issues of concern to taxpayers, it has compiled the “Q&A on ‘Non‑Contact’ Tax and Fee Services via the Electronic Tax Bureau,” thereby facilitating taxpayers and payers in conducting their affairs online through the Electronic Tax Bureau and other non‑contact channels.

According to a responsible official from the State Taxation Administration, the “non-contact” online tax filing and payment checklist covers routine, high-frequency tax-related services such as invoice acquisition and issuance on behalf of taxpayers, registration for tax relief and exemptions, tax return filing and payment, and reporting of cross-regional tax matters. For all items listed, local authorities will guide taxpayers and payers to handle them through non-contact channels, thereby minimizing in-person gatherings at service locations and reducing the risk of COVID‑19 transmission.

The “Q&A on ‘Non‑Contact’ Tax Filing and Payment via the Electronic Tax Bureau,” released concurrently, provides taxpayers and payers with detailed information—presented in a question-and-answer format—on the electronic tax bureau’s tax‑related functions and operational procedures. It offers step‑by‑step guidance to help taxpayers use the platform to handle matters such as invoice acquisition, tax and fee declarations, tax relief applications, certificate issuance, refund requests, and tax administrative licensing. For example, during the pandemic, if a taxpayer needs to obtain invoices, they can log in to the electronic tax bureau, select “I Want to File Taxes,” access the “Invoice Acquisition” service to submit an invoice request, and, upon approval by the tax authority, proceed to collect the invoices.

“During this special period, we can complete all tax-related procedures without visiting the tax service hall or meeting in person, which is truly convenient and hassle‑free.” In Wuhan, Hubei Province—the city hardest hit by the pandemic—after receiving an application from Hubei Zhuojun Medical Technology Co., Ltd. for the issuance of special VAT invoices, the Caidian District Tax Bureau responded swiftly, completing online the registration for general taxpayer status, determination of invoice types, and application for invoice issuance. The company was able to issue invoices smoothly on the same day, and its finance director, Kang Wenjing, personally experienced the convenience brought by “non‑contact” tax filing and payment services.

The sterilizers manufactured by Shandong Bokai Disinfection Equipment Co., Ltd. are critical supplies for epidemic prevention and control. While the company has resumed full production and operations, it has been grappling with a shortage of working capital. On February 10, the Jinan Municipal Tax Authority, using a “non-contact” tax‑filing approach, processed a value-added tax credit refund for the company online in less than an hour. The refund was promptly credited to the company’s account, effectively easing its financial constraints.

At present, we are in the February tax filing period. During the pandemic, online filing has become the preferred choice for most taxpayers. In Shanghai, all tax‑filing procedures can be completed online, allowing taxpayers to file from home with just a few clicks. In Beijing, staff at the First Tax Office of the Haidian District Tax Service Bureau note that by expanding the scope of “non‑contact” tax processing and payment services, the vast majority of transactions can now be handled online. In Guangdong, taxpayers can also apply for invoices online through three channels—via the Electronic Tax Bureau, the mobile app, or the “Guangdong Tax” WeChat official account—and have them delivered directly to their homes by mail.

Answers to Questions on Tax Collection and Administration Matters Related to Supporting COVID‑19 Prevention and Control, Issued by the State Taxation Administration

To thoroughly implement the spirit of General Secretary Xi Jinping’s series of important instructions on the prevention and control of pneumonia caused by the novel coronavirus, as well as the decisions and arrangements of the CPC Central Committee and the State Council, and to further ensure the effective implementation of tax policies supporting epidemic prevention and control, the State Taxation Administration has issued the “Announcement on Matters Related to Tax Collection and Administration in Support of the Prevention and Control of Pneumonia Caused by the Novel Coronavirus” (State Taxation Administration Announcement No. 4 of 2020), clarifying relevant tax collection and administration matters and streamlining the procedures. To help taxpayers and payers better understand these policies, we now provide answers to related questions.

I. How do enterprises producing key epidemic‑prevention and control materials that are eligible for the incremental value‑added tax credit refund apply for the refund?

Answer: To streamline the application process for refund of outstanding input VAT credits by enterprises producing key materials for epidemic prevention and control, and to reduce the tax compliance burden on taxpayers, the Announcement clarifies that, in accordance with the “Announcement of the Ministry of Finance and the State Taxation Administration on Relevant Tax Policies Supporting the Prevention and Control of Pneumonia Caused by the Novel Coronavirus Infection” (No. 8, 2020, hereinafter referred to as “Announcement No. 8”), such enterprises shall, after completing their current-period VAT return within the VAT filing period, submit an application to the competent tax authority for a refund of the incremental input VAT credit.

II. During the epidemic response, if taxpayers are eligible for the VAT and consumption tax exemption policies pursuant to Announcement No. 8 and the “Announcement of the Ministry of Finance and the State Taxation Administration on Tax Policies Supporting Donations Related to the Prevention and Control of Pneumonia Caused by the Novel Coronavirus Infection” (No. 9 of 2020, hereinafter referred to as “Announcement No. 9”), is it necessary to file a record? And how should they avail themselves of these tax‑exempt benefits?

Answer: In accordance with the requirements of the “delegation, regulation, and service” reform and to effectively reduce the tax burden on taxpayers, the announcement clarifies that, pursuant to the provisions of Announcement No. 8 and Announcement No. 9, taxpayers who qualify for VAT and consumption tax exemptions are not required to complete any separate exemption filing procedures. Instead, they need only file their VAT and consumption tax exemption returns independently and retain the relevant supporting documentation for record‑keeping purposes.

III. When a taxpayer engages in VAT‑exempt activities that fall within the scope of Announcement No. 8 and Announcement No. 9, what matters should be taken into account when issuing invoices?

Answer: Article 21 of the Provisional Regulations of the People’s Republic of China on Value-Added Tax stipulates that where a taxpayer engages in a taxable sale subject to an exemption, they may not issue a special value-added tax invoice. Accordingly, when a taxpayer undertakes an activity that qualifies for VAT exemption under Announcement No. 8 and Announcement No. 9, they shall not issue a special VAT invoice; however, they may, depending on the circumstances, issue other types of ordinary invoices. It should be noted that when issuing ordinary VAT invoices, unified motor vehicle sales invoices, or other ordinary invoices that include fields for tax rates or levy rates, taxpayers must enter the word “Exempt” in the relevant tax rate or levy rate field.

Where a taxpayer has engaged in an activity that qualifies for VAT exemption under Announcement No. 8 and Announcement No. 9, and has already issued special VAT invoices during the epidemic prevention and control period, such taxpayer shall promptly issue corresponding red‑character invoices or cancel the original invoices, and then apply the VAT exemption policy in accordance with the relevant regulations. At the same time, considering that, during the epidemic prevention and control period, some taxpayers may encounter special circumstances—such as difficulties in communicating with the invoice recipient—that prevent them from issuing red‑character special VAT invoices in a timely manner, the Announcement clarifies that taxpayers may first apply the VAT exemption policy and subsequently issue the corresponding red‑character invoices as required, with a deadline of within one month after the expiration of the applicable VAT exemption policy.

IV. How should taxpayers report VAT-exempt transactions that meet the requirements set forth in Announcement No. 8 and Announcement No. 9?

Answer: When filing their VAT return, taxpayers shall enter the sales amount and the exempt amount applicable to the tax exemption policy, along with other relevant data, in the corresponding fields of the VAT return form and the “Detailed Report on VAT Exemptions and Reductions.”

V. How should taxpayers report exempted consumption tax transactions that meet the requirements set forth in Announcement No. 9?

Answer: When a taxpayer engages in an activity that qualifies for exemption from consumption tax under Announcement No. 9, they shall, when filing their consumption tax return, complete the relevant fields on both the Consumption Tax Return Form and the “Details of Current‑Period Tax Reductions (Exemptions)” form.

VI. How should taxpayers who have already filed VAT and consumption tax returns prior to the issuance of this announcement be handled?

Answer: Prior to the issuance of this announcement, if a taxpayer has already filed VAT and consumption tax returns based on taxable sales revenue and quantities instead of the exempt‑eligible amounts, the taxpayer may elect to correct the current‑period return or make the adjustment in the subsequent return. With respect to VAT and consumption tax that have already been collected but are, pursuant to the foregoing provisions, exempt, such taxes may be refunded or offset against the taxpayer’s VAT and consumption tax liabilities for subsequent months.

VII. During the epidemic response, how should taxpayers file for export tax refund (exemption) registration and apply for changes to their registration?

Answer: To reduce the risk of epidemic transmission and alleviate the burden on taxpayers, the Notice clarifies that, during the period of epidemic prevention and control, taxpayers may submit electronic data through the Electronic Tax Bureau or the Standard‑Version International Trade “Single Window” Export Tax Refund Platform to apply for export tax refund (exemption) registration and registration amendments. Upon verifying the accuracy of the electronic data, the tax authorities will process the registration or amendment accordingly.

VIII. During the epidemic response, how should taxpayers apply for the issuance of certificates related to export tax refunds (exemptions)?

Answer: To reduce the risk of epidemic transmission and alleviate the burden on taxpayers, the Notice clarifies that, during the period of epidemic prevention and control, taxpayers may submit electronic data through the Electronic Tax Bureau or the standard‑version International Trade “Single Window” export tax rebate platform, and thereby apply for the issuance of certificates related to export tax rebates (or exemptions). Once the tax authorities have verified the electronic data as accurate, they will issue the relevant certificates to the taxpayer.

9. During the epidemic prevention and control period, how should taxpayers who have not yet implemented paperless filing for export tax refunds (exemptions) submit their export tax refund (exemption) declarations?

Answer: During the epidemic prevention and control period, all taxpayers may submit electronic data—via the Electronic Tax Bureau or the Standard‑Version International Trade “Single Window” Export Tax Refund Platform, among others—for all export goods and services as well as cross‑border taxable transactions (including those involving the four categories of export enterprises and other cross‑border taxable activities). This enables them to file export tax refund (or exemption) returns without having to submit the corresponding paper documents for the time being. Once the tax authorities have reviewed the electronic data and found no issues, and there are no indications of suspected fraud in obtaining export tax refunds, they will process the refund (or exemption) in accordance with applicable regulations.

X. During the period of epidemic prevention and control, if taxpayers apply for export tax refund (exemption) registration and registration amendments, certificate issuance, and tax refund (exemption) filing through “non-contact” means, how should the relevant paper documents that would normally be submitted be handled?

Answer: During the epidemic prevention and control period, taxpayers who file and handle export refund (exemption) matters through “non-contact” channels may temporarily refrain from submitting the relevant paper documents. With respect to the paper documents that, under current regulations, are required to be submitted, taxpayers shall retain them properly and submit them to the tax authorities after the epidemic has ended, at which time the tax authorities will conduct a review.

11. In cases where taxpayers are unable to file export refund (exemption) tax returns, obtain relevant certificates, or process export proceeds collection within the prescribed time limits due to the impact of the epidemic, how should such situations be handled?

Answer: If a taxpayer is unable, due to the impact of the epidemic, to file export tax refund (exemption) returns, obtain relevant certificates, or process foreign‑exchange collection within the prescribed time limits, they may, in accordance with the relevant provisions of the “Announcement of the Ministry of Finance and the State Taxation Administration on Clarifying VAT Policies for the Leasing of State‑Owned Agricultural Land, etc.” (No. 2, 2020), submit the required tax refund (exemption) documents and related electronic information, or proceed with foreign‑exchange collection, and then file and process the relevant matters once all such documentation has been obtained.

XII. According to Article 1 of Announcement No. 8, enterprises that qualify for the policy of deducting, in a one-time manner, the relevant expenses from their taxable income for corporate income tax purposes must take note of the following matters.

Answer: In view of the fact that the one-time deduction policy for newly purchased equipment acquired by key enterprises producing epidemic‑prevention and control materials to expand production capacity is consistent in its preferential treatment with the one-time deduction policy for equipment and instruments with a unit value not exceeding RMB 5 million, and in order to help taxpayers accurately understand and benefit from these policies while reducing the costs associated with claiming such benefits, the Announcement clarifies that the one-time deduction policy for newly purchased equipment used by key enterprises to expand production capacity shall be administered in accordance with the management provisions applicable to the one-time deduction policy for equipment and instruments with a unit value not exceeding RMB 5 million, thereby ensuring consistency in the administrative requirements between the two. Specifically: first, in line with the provisions of the State Taxation Administration’s Announcement No. 23 of 2018 on the Issuance of the Revised Measures for Handling Matters Related to Enterprise Income Tax Preferential Policies, the procedure shall follow the “self‑determination, self‑declaration for enjoyment, and retention of relevant documentation for record‑keeping” approach; second, the primary documents to be retained for inspection include three categories: records pertaining to the acquisition date of the fixed assets, accounting vouchers for the fixed assets, and a ledger documenting the differences between tax‑related and accounting treatments of the relevant assets.

For enterprises that benefit from the policy allowing newly acquired equipment used to expand production capacity to be expensed in full as current‑period costs and expenses for corporate income tax purposes, such information shall be reported in Line 4, “II. One‑Time Deduction for Fixed Assets,” of the “Detailed Schedule of Accelerated Depreciation (Deduction) for Fixed Assets” (A201020) when filing monthly (or quarterly) provisional tax returns; and in Line 10, “(III. One‑Time Deduction for Fixed Assets,” of the “Schedule of Asset Depreciation, Amortization, and Tax Adjustments” (A105080) when filing the annual tax return.

Thirteen, when enterprises apply the policy that extends the maximum carryforward period for losses incurred in 2020 to eight years for industries severely affected by the epidemic, what should they pay attention to?

Answer: In accordance with the provisions of Announcement No. 8, for enterprises in industries severely affected by the epidemic, the maximum carryforward period for losses incurred in 2020 has been extended from 5 years to 8 years.

Enterprises in the four designated industries—transportation, catering, accommodation, and tourism (including travel agencies and related services, as well as scenic‑area management)—shall be subject to the specific eligibility criteria set forth in the current “National Economic Industry Classification.” For such enterprises, the proportion of main‑business revenue in the 2020 fiscal year must account for at least 50% of the total revenue after deducting non‑taxable income and investment income.

Taxpayers shall independently determine whether they qualify as enterprises in a hardship industry and ensure that the proportion of revenue from their principal business meets the required threshold. For taxpayers who incurred losses in 2020 and wish to avail themselves of the policy extending the loss‑carryforward period from five to eight years, they must submit the “Declaration on Applying the Policy Extending the Loss‑Carryforward Period” (hereinafter referred to as the “Declaration”) through the electronic tax bureau during the 2020 annual corporate income tax final return and settlement. In the Declaration, taxpayers are required to provide three items of information—taxpayer name, taxpayer identification number (or unified social credit code), and the specific industry to which they belong—and assume responsibility for the truthfulness, accuracy, and completeness of such information, including compliance with the policy requirements, adherence to the prescribed proportion of principal business revenue, and the selection of the relevant hardship industry.

14. How can enterprises and individuals benefit from the pre-tax deduction policy for donations made to support the prevention and control of pneumonia caused by the novel coronavirus infection?

Answer: 1. Regarding the deduction of corporate donations

When enterprises avail themselves of the full pre‑tax deduction policy pursuant to Announcement No. 9, they shall, for cash and in‑kind donations made through public‑interest social organizations or state organs such as people’s governments at or above the county level and their departments for the purpose of responding to the COVID‑19 pandemic, promptly request the recipient to issue a donation receipt for public‑interest purposes, clearly indicating the relevant pandemic‑response donation on the receipt. Such donation receipts shall be properly kept and retained by the enterprise.

Anyone who makes direct donations of items intended to address the COVID‑19 pandemic to hospitals tasked with epidemic prevention and control shall properly safeguard and retain the donation receipt issued by the recipient.

2. Regarding the deduction of individual donations

When individuals avail themselves of the full pre‑tax deduction policy pursuant to Announcement No. 9, they shall follow the procedures for pre‑tax deduction as stipulated in the “Announcement of the Ministry of Finance and the State Taxation Administration on the Individual Income Tax Policy for Donations to Public Welfare and Charitable Causes” (No. 99 of 2019). In particular, for donations made directly by individuals to hospitals undertaking epidemic prevention and control tasks—donated items used to address the COVID‑19 pandemic—when claiming the pre‑tax deduction, the words “direct donation” must be indicated in the remarks column of the “Detailed Statement of Deductions for Donations to Public Welfare and Charitable Causes under Individual Income Tax.”

In January 2020, the consumer price index rose 5.4% year on year.

In January 2020, the national consumer price index rose 5.4% year on year. Specifically, urban areas recorded a 5.1% increase, while rural areas saw a 6.3% rise; food prices climbed 20.6%, and non-food prices increased by 1.6%; consumer goods prices rose 7.7%, and service prices advanced 1.5%.

In January, the national consumer price index rose 1.4% month-on-month. Specifically, urban areas recorded a 1.4% increase, while rural areas saw a 1.4% rise; food prices increased by 4.4%, and non-food prices rose by 0.6%; consumer goods prices climbed 1.6%, and service prices advanced 1.0%.

LITIGATION & ARBITRATION

The National Health Commission, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security have jointly issued a notice to severely punish, in accordance with the law, seven categories of medical‑related illegal and criminal acts committed during the epidemic.

On February 7, the National Health Commission, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security jointly issued the “Notice on Ensuring the Safety of Medical Personnel and Maintaining Orderly Medical Services During the Prevention and Control of Novel Coronavirus Pneumonia” (hereinafter referred to as the “Notice”).

The Notice points out that, since the outbreak of the novel coronavirus pneumonia epidemic, the vast majority of medical personnel have put the greater good before their own families, sparing no effort to treat patients and contain the spread of the virus, always prioritizing the safety and health of the people. At present, epidemic prevention and control is at a critical juncture; ensuring the safety of medical workers and maintaining normal medical order are essential safeguards for winning this tough battle. All localities and relevant departments must further elevate their political awareness, earnestly align their thinking and actions with the important instructions of General Secretary Xi Jinping and the decisions and arrangements of the CPC Central Committee, closely monitor and rigorously prevent all types of medical‑related illegal and criminal activities during the epidemic response, and impose strict investigations and severe penalties on any acts that infringe upon the personal safety of medical personnel or disrupt normal medical order, thereby creating a favorable environment for both medical staff and patients and ensuring the smooth implementation of epidemic prevention and control efforts.

The Notice clearly sets out the requirements for preventing and handling medical‑related illegal and criminal activities during the epidemic prevention and control period, and identifies seven categories of such offenses that will be severely cracked down upon, including:

(1) Those who assault, intentionally injure, or intentionally kill medical personnel;

(2) Illegally restricting the personal freedom of medical personnel by means of violence, threats, or other methods, or openly insulting, intimidating, or defaming them;

(3) Any act of tearing off protective equipment or spitting at medical personnel may result in the transmission of the novel coronavirus to such personnel.

(4) Refusing to comply with quarantine, isolation, or treatment measures imposed by medical and health institutions through violence, threats, or other means, or obstructing such institutions from handling the remains of patients with infectious diseases in accordance with the law;

(5) Forcibly seizing or demanding property, or intentionally damaging or occupying the property of medical and health institutions; or creating disturbances at such institutions, illegally parking corpses, or setting up unauthorized mourning halls, thereby disrupting public order and impeding the normal conduct of epidemic prevention and control efforts;

(6) Illegally bringing firearms, ammunition, controlled instruments, or explosive, radioactive, toxic, or corrosive substances into medical and health institutions;

(7) Other circumstances that infringe upon the safety of medical personnel or disrupt the order of medical care.

The Notice stipulates that, during the prevention and control of novel coronavirus pneumonia, if any of the aforementioned circumstances occur, the health administrative departments shall promptly guide medical and health institutions in carrying out emergency response measures, adopt decisive actions to ensure, to the greatest extent possible, the safety of medical personnel and other patients, maintain medical order, and report incidents to the police without delay, while assisting in the implementation of appropriate safety and protective measures. Upon receiving such reports, public security organs shall dispatch officers promptly and respond swiftly; where criminal liability is warranted, they shall, in accordance with the law, promptly initiate investigations and comprehensively and properly collect and preserve evidence.

Where the aforementioned circumstances constitute a crime, the People’s Procuratorate shall promptly review and approve arrests and institute public prosecution. The People’s Court shall expedite the trial process, correctly apply the law and accurately determine guilt and impose appropriate penalties on the basis of a thorough ascertainment of all the facts of the case. Defendants whose criminal motives are despicable, whose circumstances are particularly egregious, whose methods are cruel, who exhibit profound subjective malice and pose a significant danger to persons, or whose offenses seriously endanger public safety and have a severely adverse social impact, shall be punished with the utmost severity; where the conditions for imposing a heavy sentence up to the death penalty are met, such sentences shall be imposed resolutely in accordance with the law.

State Administration for Market Regulation: Illegal trade in wild animals and the production and sale of counterfeit protective equipment will be punished to the fullest extent.

In the “Opinions on Severely and Swiftly Cracking Down on Illegal Activities During the Prevention and Control of the Novel Coronavirus in Accordance with the Law,” issued by the State Administration for Market Regulation (hereinafter referred to as the “Opinions”), it is explicitly stipulated that illegal activities such as the unlawful trade of wild animals and their products, as well as the production and sale of counterfeit masks and other protective equipment, shall be punished to the maximum extent permitted under the law, within the range of penalty types and severity levels legally available.

The “Opinions” stipulate that, during the epidemic prevention and control period, concerted efforts must be made to fully and effectively apply legal provisions to severely crack down on illegal activities that undermine epidemic control, including the illicit trade of wild animals and their products, the manufacture and sale of counterfeit masks and other protective supplies, and the artificial inflation of prices for protective equipment, raw materials used in their production, as well as essential daily necessities such as grain, oil, meat, eggs, vegetables, and dairy products.

The “Opinions” clearly stipulate that, in cases of illegal acts related to epidemic prevention and control, given their particularly serious harm, penalties shall be imposed more severely. For unlawful activities such as the illegal trade of wild animals and their products, and the manufacture and sale of counterfeit masks and other protective supplies, penalties shall be imposed at the maximum level within the range and types of sanctions permitted by law. With respect to violations involving the excessive price‑gouging of protective supplies, raw materials used in their production, and essential daily necessities, penalties shall be imposed using the most severe or most numerous types of sanctions, or at the upper end of the statutory range; in particular, the amount of any fine shall fall within the higher 30 percent of the statutory range, from the minimum to the maximum. Where criminal offenses are suspected, such cases must be resolutely referred to the judicial authorities for prosecution and criminal liability in accordance with the law.

At the same time, the Opinions stipulate that, in administrative law enforcement, cases involving violations related to epidemic prevention and control shall be given priority and processed expeditiously. Efforts should be made to accelerate the pace of work, minimize case-handling timelines, and effectively enhance case-processing efficiency.

The Opinions stipulate that within the market regulation authorities, the bodies responsible for case handling, review, and hearings shall each perform their respective duties and assume their respective responsibilities, strengthen collaboration, and pool their efforts to handle cases effectively. Market regulation authorities should proactively enhance communication and cooperation with judicial organs, make full use of criminal measures to severely crack down on illegal acts related to epidemic prevention and control, and ensure that such violations are handled in accordance with the law.

The Opinions stipulate that higher-level market regulation authorities shall strengthen guidance to their subordinate counterparts and promptly address the difficulties and issues encountered in investigating and handling cases related to epidemic prevention and control. Market regulation authorities at all levels shall reinforce organizational leadership over case-handling efforts, actively carry out legal publicity, and promptly release typical cases, thereby sending a strong deterrent message to lawbreakers.

The Supreme People’s Procuratorate has released the first batch of ten typical criminal cases involving offenses that obstruct COVID‑19 prevention and control.

On February 11, the Supreme People’s Procuratorate publicly released the first batch of ten typical criminal cases involving offenses that obstructed COVID‑19 prevention and control. According to reports, these cases cover seven categories of crimes, including resisting epidemic‑prevention measures, assaulting medical personnel, manufacturing and selling counterfeit goods, driving up prices, and damaging wildlife resources.

According to reports, since the onset of the COVID‑19 pandemic, procuratorial organs nationwide have proactively fulfilled their statutory functions, handling, in accordance with the law, all types of criminal cases that obstruct COVID‑19 prevention and control. At every stage—investigative involvement and evidence‑gathering guidance, review of arrest, and review of prosecution—the authorities have rigorously distinguished between administrative violations and criminal offenses, appropriately balancing stringent enforcement with lawful case handling. As a result, a number of illegal and criminal acts undermining COVID‑19 prevention and control have been swiftly and strictly investigated and prosecuted, thereby effectively safeguarding social order and protecting the health and safety of the people.

The first batch of ten typical criminal cases involving obstruction of COVID‑19 prevention and control, released by the Supreme People’s Procuratorate, all involve cases recently handled by procuratorial organs and fall within categories that are common and frequently occurring during the pandemic response. Specifically, there were three cases of resisting epidemic‑prevention measures: the case of Sun, from Nanchong, Sichuan, suspected of obstructing infectious disease prevention and control; the case of Liu, from Zhushan, Hubei, suspected of obstructing official duties; and the case of Wang, from Nanxun, Zhejiang, also suspected of obstructing official duties. There was one case of violent assault on medical personnel: the case of Ke, from Wuhan, Hubei, suspected of provoking trouble. One case involved the production and sale of counterfeit goods: the case of Shao and Mao, from Yiwu, Zhejiang, accused of selling substandard and fake products. One case concerned price gouging: the case of Tan, from Lianjiang, Guangdong, suspected of illegal business operations. Two cases involved fraud: the case of Ying, from Ningbo, Zhejiang, and the case of Cai, from Jieyang, Guangdong, both suspected of fraud. One case pertained to the destruction of wildlife resources: the case of Liu, from Shaoguan, Guangdong, suspected of illegally acquiring precious and endangered wild animals. Finally, there was one other serious violent crime related to the pandemic: the robbery case involving Mao and Hu, from Tongcheng, Hubei.

The release of this batch of typical cases underscores the procuratorial organs’ resolve and stance in cracking down on crimes that obstruct COVID‑19 prevention and control, safeguarding the order of epidemic‑prevention efforts, and upholding social stability, public safety, and national security. At the same time, it serves as an educational and cautionary reminder to the general public. In light of the current extraordinary epidemic situation, procuratorial organs must, in their case handling, remain committed to serving the overall national interest, thoroughly implement the spirit of General Secretary Xi Jinping’s important speeches and the decisions and arrangements of the CPC Central Committee, and, in accordance with the relevant guidelines issued by the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Public Security, and the Ministry of Justice, treat epidemic prevention and control as the paramount task at hand. They should fully leverage all prosecutorial functions to promptly and strictly punish, in accordance with the law, all types of illegal and criminal acts that undermine epidemic‑prevention efforts, thereby providing robust legal safeguards for decisively winning the battle against the epidemic.

A number of typical cases, including illegal wildlife trade and the unlawful manufacture and sale of face masks, have been made public.

On the 14th, the State Administration for Market Regulation published a batch of typical cases from the “Joint Double-Strike Campaign” on its official website.

The State Administration for Market Regulation stated that, since the outbreak of the COVID‑19 pandemic, it has instructed market regulation authorities at all levels nationwide to earnestly…

Treat epidemic prevention and control as a major political task at present, act swiftly, coordinate efforts across all levels, and severely crack down on illegal trade in wild animals and the unlawful production and sale of wildlife products.

We will rigorously, severely, and swiftly investigate and prosecute a number of cases involving illegal activities related to protective products such as masks, effectively safeguarding market order and robustly protecting the safety of people’s lives.

And physical health.

In response, the State Administration for Market Regulation is now publicly disclosing typical cases from across the country involving illegal wildlife trade and the unlawful production and sale of masks and other protective products.

Other

The journal Qiushi published an important article by General Secretary Xi Jinping titled “Speech Delivered at the Meeting of the Standing Committee of the Political Bureau of the CPC Central Committee on Studying Measures to Tackle the Novel Coronavirus Pneumonia Epidemic.”

The fourth issue of this year’s Qiushi magazine, published on February 16, will feature an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, entitled “Speech Delivered at the Meeting of the Standing Committee of the Political Bureau of the CPC Central Committee on Studying Measures to Tackle the Novel Coronavirus Pneumonia Epidemic.”

The article emphasizes that effective epidemic prevention and control is directly linked to the safety of people’s lives and their physical health, to the overall stability of the economy and society, and to China’s opening-up. We must, in accordance with the principles of office confidence, working together in solidarity, scientific prevention and treatment, and targeted measures, earnestly carry out our work, race against time, and fight vigorously against the disease, resolutely curb the spread of the epidemic, and decisively win the battle to contain it.

The article points out that, overall, the Party Central Committee’s assessment of the epidemic situation has been accurate, its work arrangements have been timely, and the measures it has taken have been effective. At present, the most critical task is to ensure that all efforts are implemented thoroughly, meticulously, and effectively. In the current phase of epidemic prevention and control, priority should be given to the following areas. First, strengthen unified leadership over epidemic response. Epidemic control must be conducted as a nationwide coordinated effort. Party committees and governments at all levels must resolutely obey the unified command, coordination, and dispatch of the Party Central Committee, ensuring strict compliance with orders and prohibitions. Epidemic prevention and control is not merely a medical or public health issue; it is a comprehensive undertaking—a total war—in which every aspect of work must support the decisive battle to contain and defeat the epidemic. Second, reinforce epidemic control in key regions. Only by concentrating resources to bring the epidemic under control in these critical areas can we fundamentally and swiftly reverse the nationwide spread. Priority should be given to regional coordination of prevention and treatment capacities, resolutely directing medical and protective resources to the front lines, and giving top priority to meeting the needs of frontline medical personnel and patients. Local Party committees and governments must assume full responsibility, strengthen community-level grid-based management, conduct exhaustive screening, and adopt stricter, more targeted, and more effective measures to prevent further transmission. Third, increase admission and recovery rates while reducing infection and mortality rates. This is the most pressing task in the current phase of prevention and control. Fourth, intensify scientific research and technological breakthroughs. Defeating this epidemic hinges on robust scientific and technological support. It is essential to scientifically determine the virus’s origins, promptly identify sources of infection and modes of transmission, closely monitor viral mutations, and promptly develop and refine prevention and control strategies and measures.

The article points out that ensuring social stability is a crucial safeguard for effectively responding to major epidemics. At present, particular attention should be paid to the following measures: First, make every effort to maintain normal economic and social order; second, uphold order in medical treatment and care; third, strengthen efforts to ensure public safety and stability; and fourth, earnestly safeguard normal traffic flow.

The article emphasizes the need to strengthen publicity, education, and public opinion guidance, coordinating efforts both online and offline, domestically and internationally, and across issues large and small, in order to bolster confidence, reassure the people, and unite public sentiment, thereby better safeguarding overall social stability. First, reinforce transparency in governance to officely instill confidence in overcoming the epidemic. Second, take the lead to amplify positive energy on the internet. Third, seize the initiative to effectively shape international public opinion.

The article emphasizes the need to maintain stable economic performance. We must remain committed to this year’s economic and social development goals and tasks, ensuring that all measures and initiatives outlined in the CPC Central Committee’s decisions and deployments are effectively implemented, and that every target set by the Party is achieved. In areas where the epidemic remains particularly severe, priority must be given to epidemic prevention and control; elsewhere, while continuing to strengthen these efforts, we should coordinate and advance reform, development, and stability, with special attention to key tasks related to securing a decisive victory in building a moderately prosperous society in all respects and winning the battle against poverty—without any room for complacency or delay. To ensure the “six stabilizations,” we must be prepared to address a range of complex and challenging circumstances. First, we will actively promote the resumption of work and production by enterprises. Second, we will accelerate the commencement of major projects. Third, we will focus on stabilizing household consumption. Fourth, we will enhance the capacity and effectiveness of national governance. This epidemic has been a major test of China’s governance system and capabilities; we must draw lessons from it and refine our approaches. In light of the shortcomings and deficiencies exposed during the response to this outbreak, we will improve the national emergency management system and strengthen our ability to handle urgent, difficult, dangerous, and critical tasks.

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