JC Master Legal News Issue 920

Key Takeaways for This Issue

The People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have issued the “Opinions on Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area.”

Recently, in order to thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, and with the approval of the State Council, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange have jointly issued the “Opinions on Financial Support for the Development of the Guangdong–Hong Kong–Macao Greater Bay Area” (hereinafter referred to as the “Opinions”).

The State Council Executive Meeting: Make the “Six Guarantees” the focal point of the “Six Stabilities” work.

On May 13, Premier Li Keqiang of the State Council presided over an executive meeting of the State Council, which outlined arrangements for all departments to solicit opinions and suggestions from deputies to the National People’s Congress and members of the Chinese People’s Political Consultative Conference during this year’s Two Sessions. The meeting also called for making the “Six Guarantees” the focal point of the “Six Stabilities” efforts, so as to stabilize the economy’s fundamental underpinnings.

The Ministry of Finance and the State Taxation Administration have issued an announcement on tax and fee support policies for the film industry and other sectors.

On May 13, the Ministry of Finance and the State Taxation Administration issued the “Announcement on Tax and Fee Support Policies for the Film Industry and Other Sectors,” stating that, from January 1, 2020, to December 31, 2020, value-added tax will be exempted on revenues derived from taxpayers’ provision of film screening services.

Draft of the Property Law Section of the Civil Code: Better Protecting Our Property Rights

In the draft Civil Code, which is set to be submitted for deliberation at the Third Session of the 13th National People’s Congress, the section on property rights constitutes an important component of the civil legal system. Legal experts generally agree that the draft, derived from amendments to the current Property Law, will help strengthen the protection of citizens’ property rights and enable those who own stable assets to pursue their endeavors with greater confidence and stability.

The National Development and Reform Commission and other departments have launched the Digital Transformation Partnership Initiative, introducing more than 500 measures to support the digital transformation of small, medium, and micro enterprises.

To thoroughly implement the important instructions of General Secretary Xi Jinping on coordinating epidemic prevention and control with economic and social development, accelerate digital transformation across all industries and sectors, and help small, medium, and micro enterprises overcome difficulties and achieve transformative growth, on May 13, the National Development and Reform Commission, in collaboration with 145 organizations, jointly launched the “Digital Transformation Partner Initiative (2020)” (hereinafter referred to as the “Partner Initiative”) via an online platform. The initiative aims to help SMEs reduce the costs of digital transformation, shorten the transition timeline, and increase the likelihood of successful transformation.