JC Master Legal News Issue 929

Key Takeaways for This Issue

The China Banking and Insurance Regulatory Commission has issued the Interim Measures for the Administration of Internet Loans by Commercial Banks.

To standardize the business practices of commercial banks in the internet lending sector and promote the steady and sound development of such lending, the China Banking and Insurance Regulatory Commission has formulated the Interim Measures for the Administration of Internet Lending by Commercial Banks (hereinafter referred to as the “Measures”), which shall take effect from the date of their promulgation.

Thirteen departments have jointly issued the Opinions on Supporting the Healthy Development of New Business Forms and Models, Stimulating the Consumer Market, and Promoting Employment Expansion.

The CPC Central Committee and the State Council, in order to implement the tasks outlined in the Government Work Report, have put forward measures to support the sound development of new business forms and models, stimulate the consumer market to expand employment, and build new competitive advantages in the digital economy.

The Resource Tax Law will take effect on September 1, and the State Taxation Administration has publicly sought opinions on its administration and collection.

Recently, the State Taxation Administration issued the “Announcement on Several Issues Concerning the Administration of Resource Tax (Draft for Public Comment)” and opened it to public consultation. The Announcement clarifies the methods for deducting amounts when calculating the sales revenue or sales volume of taxable products, as well as the procedures for taxpayers to avail themselves of resource tax preferential policies. To enjoy such preferential treatment, taxpayers shall follow a process of “self‑determination, declaration for benefit, and retention of relevant documentation for record‑keeping.” Taxpayers bear legal responsibility for the authenticity and legality of the materials they retain in connection with resource tax preferences.

The Supreme People’s Court has issued the “Minutes of the National Symposium on the Adjudication of Bond Dispute Cases.”

On July 15, 2020, the Supreme People’s Court officially issued the “Minutes of the National Symposium on the Adjudication of Bond Dispute Cases” (hereinafter referred to as the “Minutes”). The Minutes represent a significant judicial achievement resulting from the national symposium on bond dispute adjudication held on December 24, 2019. Their promulgation will help streamline the procedures for hearing bond dispute cases, ensure uniform application of the law, further facilitate access to rule-of-law‑based remedies, enhance the efficiency of judicial relief, and foster a governance and accountability framework characterized by clear responsibilities, proportionate penalties, and balanced rights and obligations. This is of paramount importance for better protecting the legitimate rights and interests of bondholders, ensuring the sustained and sound development of the bond market, and effectively and orderly mitigating risks while safeguarding national economic and financial security.