JC Master Legal News Issue 954

Key Takeaways for This Issue

Four departments jointly issued the “Notice on the Issuance of the Work Procedures for Creditors’ Committees of Financial Institutions.”

To enhance the quality and effectiveness of financial services in supporting the real economy, to improve the market‑based exit mechanism for market entities, and to safeguard the legitimate rights and interests of creditors of financial institutions, the China Banking and Insurance Regulatory Commission, in collaboration with the National Development and Reform Commission, the People’s Bank of China, and the China Securities Regulatory Commission, has formulated the “Notice on Issuing the Working Procedures of Creditors’ Committees of Financial Institutions” (hereinafter referred to as the “Working Procedures”).

The State Administration for Market Regulation has, in accordance with the law, initiated an investigation into Vipshop’s alleged conduct of unfair competition.

Recently, in response to public complaints, the State Administration for Market Regulation has initiated an investigation, in accordance with the law, into Vipshop (China) Co., Ltd. and Guangzhou Vipshop E‑Commerce Co., Ltd. on suspicion of engaging in unfair competition.

From 3 to 11! Tax legislation has hit the “fast track,” with the process now more than halfway complete.

A total of eight—this is the number of tax laws that have been deliberated and adopted by the Standing Committee of the National People’s Congress over the past five years, including the Environmental Protection Tax Law, the Vehicle Acquisition Tax Law, and the Deed Tax Law, among others. According to data recently released by the Ministry of Finance and the State Taxation Administration, among the 18 existing tax categories, 11 have now been enacted into law. By contrast, prior to the 13th Five-Year Plan period, only three tax types had been legislated. In just five years, the number has grown from three to eleven, marking that more than half of the tax‑legislation process has been completed.

Interpretation of the Supreme People’s Court on Issues Concerning the Application of Law in Adjudicating Disputes over Finance Lease Contracts

The Interpretation of the Supreme People’s Court on Issues Concerning the Application of Law in the Adjudication of Disputes over Finance Lease Contracts was adopted at the 1823rd Meeting of the Judicial Committee of the Supreme People’s Court on December 23, 2020. It is hereby promulgated and shall enter into force as of January 1, 2021.