JC Master Legal News Issue 943

Key Takeaways for This Issue

The CSRC has centrally revised and repealed certain securities and futures regulatory documents.

To implement the new Securities Law and the State Council’s “delegation, regulation, and service” reform requirements, and to enhance the standardization of the capital market’s regulatory framework, the China Securities Regulatory Commission (CSRC) issued on October 30 the “Decision on Amending and Repealing Certain Securities and Futures Regulations” and the “Decision on Amending and Repealing Certain Securities and Futures Institutional Documents,” undertaking a comprehensive, package‑style revision or repeal of five regulations, 27 normative documents, and 38 other institutional documents.

The Shenzhen Stock Exchange has revised and issued the Implementation Rules for QFII and RQFII, further advancing the high-standard opening-up of the capital market.

On October 30, with the approval of the China Securities Regulatory Commission, the Shenzhen Stock Exchange issued the newly revised “Detailed Rules for the Implementation of Securities Trading by Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors,” which will take effect on November 1.

In the first three quarters, the total operating revenue of state-owned enterprises declined by 0.7% year on year.

On the 29th, the Ministry of Finance released data showing that the steady and improving trend in the economic performance of state-owned enterprises nationwide has further strengthened. In the first three quarters, total operating revenue reached RMB 44.08464 trillion, down 0.7% year on year, essentially returning to the level of the same period last year.

This year, China’s tax and fee reductions have exceeded 2.5 trillion yuan.

In recent years, “tax and fee reductions” has become a buzzword in the fiscal and tax arena, significantly easing the burden on businesses and individuals. From 2016 to 2020, China’s cumulative new tax and fee cuts totaled 7.6 trillion yuan. Notably, in 2019 alone, these measures amounted to 2.36 trillion yuan, accounting for more than 2% of that year’s GDP and boosting annual GDP growth by approximately 0.8 percentage points.