JC Master Legal News Issue 939

Key Takeaways for This Issue

The China Securities Regulatory Commission, the People’s Bank of China, and the State Administration of Foreign Exchange have issued the Measures for the Administration of Domestic Securities and Futures Investments by Qualified Foreign Institutional Investors and Renminbi‑Qualified Foreign Institutional Investors.

To effectively enhance the level of opening-up of the capital market, on September 25, 2020, with the approval of the State Council, the China Securities Regulatory Commission, the People’s Bank of China, and the State Administration of Foreign Exchange jointly issued the Measures for the Administration of Domestic Securities and Futures Investments by Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors (hereinafter referred to as the “QFII and RQFII Measures”). Concurrently, the CSRC promulgated the accompanying Rules on Matters Concerning the Implementation of the Measures for the Administration of Domestic Securities and Futures Investments by Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors.

The first week of National Consumption Promotion Month got off to a strong start.

To thoroughly implement the important decisions and arrangements of the CPC Central Committee and the State Council, the Ministry of Commerce and China Media Group jointly organized the 2020 National Consumption Promotion Month from September 9 to October 8. During the first week of the campaign (September 9–15), China’s consumer market accelerated its recovery, with business indicators across various sectors steadily rebounding, consumers’ willingness to spend markedly strengthening, and previously suppressed demand continuing to be unleashed. The adverse impact of the pandemic on market development further diminished, and the “Ten Thousand Enterprises in a Hundred Cities Promoting Consumption” initiative got off to a strong start.

Interpretation of the “Announcement of the State Taxation Administration on Matters Relating to Taxpayer Credit Management”

To thoroughly implement the State Council’s spirit of the “delegation, regulation, and service” reform, optimize the tax-related business environment, and improve the taxpayer credit system, in accordance with the relevant provisions of the Implementing Rules of the Tax Collection and Administration Law of the People’s Republic of China and the State Council’s Notice on Issuing the Outline for Building a Social Credit System (2014–2020) (Document No. 21 [2014] of the State Council, hereinafter referred to as the “Outline”), the State Taxation Administration has issued the Announcement on Matters Relating to Taxpayer Credit Management (hereinafter referred to as the “Announcement”).

Opinions of the Supreme People’s Court on Improving the Mechanism for Standardizing the Uniform Application of Law

In order to standardize the application of law, ensure impartial administration of justice, enhance public confidence in the judiciary, and accelerate the modernization of the trial system and judicial capacity, these Opinions are hereby formulated in light of the actual work of the people’s courts.