JC Master Legal News Issue 916

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued the “Guidance on Investment by Publicly Offered Mutual Funds in Shares Listed on the National Equities Exchange and Quotations System for Small and Medium-sized Enterprises.”

Recently, the China Securities Regulatory Commission officially issued the “Guidance on Investment in Shares Listed on the National Equities Exchange and Quotation System by Publicly Offered Mutual Funds” (hereinafter referred to as the “Guidance”), which shall take effect from the date of its publication.

The People’s Bank of China’s Digital Currency Research Institute: The development of the digital renminbi is progressing steadily.

On the 17th, the Digital Currency Research Institute of the People’s Bank of China stated that the information currently circulating online regarding DC/EP pertains to testing conducted during the technology‑development phase and does not signify the official launch or issuance of the digital renminbi. The ongoing closed‑loop testing of the digital renminbi will not disrupt the commercial operations of participating institutions, nor will it have any impact on the RMB issuance and circulation system, the financial market, or the broader socio‑economic landscape outside the test environment.

Ministry of Finance: Temporarily waives the collection of interest on deferred taxes for domestic sales by processing trade enterprises.

The Ministry of Finance recently issued a notice stating that, in order to stabilize the development of the processing trade and alleviate the burden on enterprises, from April 15, 2020, to December 31, 2020, interest on deferred taxes for domestically sold goods by processing‑trade enterprises will be temporarily waived.

The Supreme People’s Court has issued the Guiding Opinions on Several Issues Concerning the Lawful and Proper Adjudication of Civil Cases Involving the COVID‑19 Epidemic.

On April 20, the Supreme People’s Court issued the “Guiding Opinions on Several Issues Concerning the Lawful and Proper Adjudication of Civil Cases Involving the COVID‑19 Epidemic (I)” (hereinafter referred to as the “Opinions”), which sets forth ten specific measures to ensure that people’s courts lawfully and appropriately handle civil cases related to the COVID‑19 epidemic, safeguard the legitimate rights and interests of the public, uphold social and economic order, and promote social fairness and justice.

National Bureau of Statistics: New‑type consumption will demonstrate even stronger performance.

On April 17, the National Bureau of Statistics released data on China’s economic performance for the first quarter of 2020. The figures show that total retail sales of consumer goods amounted to RMB 7.858 trillion in the first quarter, down 19.0% year on year.