JC Master Legal News Issue 927

Key Takeaways for This Issue

The China Banking and Insurance Regulatory Commission has issued the “Regulatory Evaluation Measures for Financial Services to Small and Micro Enterprises by Commercial Banks (Trial).”

To further advance the “Six Stabilities” and implement the “Six Guarantees” tasks, and to more effectively leverage regulatory policies, the China Banking and Insurance Regulatory Commission recently issued the “Regulatory Evaluation Measures for Commercial Banks’ Financial Services to Small and Micro Enterprises (Trial),” with the aim of guiding and urging commercial banks to comprehensively enhance their capacity and standards in providing financial services to small and micro enterprises, thereby alleviating the difficulties and high costs of financing faced by these businesses.

The People’s Bank of China’s Operations Management Department: Establish a working mechanism, refine implementation plans, and ensure that policies providing financial support to stabilize businesses and safeguard employment are effectively put into practice and take root.

The Business Management Department of the People’s Bank of China, in collaboration with relevant departments, recently issued the “Beijing Municipal Action Plan for Financial Support to Stabilize Enterprises and Safeguard Employment.” Internally, it has also formulated the “Work Plan of the Business Management Department of the People’s Bank of China on Financial Support for Stabilizing Enterprises and Safeguarding Employment.” These two plans are coordinated and implemented in tandem to achieve synergistic results.

State Taxation Administration: Resolutely investigate and address violations such as the levying of excessive taxes and fees.

In response to the issues of illegal tax collection reported by the Supervision Office of the General Office of the State Council in Jing County, Hebei Province, the State Taxation Administration recently convened a national video conference for the tax system, calling for in-depth study and implementation of the important speeches and key instructions of General Secretary Xi Jinping, rigorous adherence to the decisions and arrangements of the CPC Central Committee and the State Council, and resolute crackdown on violations such as the levying of excessive taxes and fees. The administration also emphasized the office implementation of tax and fee reduction policies and the principle of collecting revenue in accordance with the law, so as to better support the overarching goals of “six stabilizations” and “six guarantees.”

The Law of the People’s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region

On the 29th, the State Council promulgated the Regulations on the Supervision and Administration of Cosmetics, which will take effect on January 1, 2021. This represents a revision and update to the Regulations on the Hygienic Supervision of Cosmetics, which had been in force for 30 years.