JC Master Legal News Issue 967

Key Takeaways for This Issue
Notice of the People’s Bank of China, the National Development and Reform Commission, and the China Securities Regulatory Commission on the Issuance of the “Catalogue of Projects Supported by Green Bonds (2021 Edition)”
The People’s Bank of China, the National Development and Reform Commission, and the China Securities Regulatory Commission have jointly formulated the “Catalogue of Projects Supported by Green Bonds (2021 Edition),” which will take effect on July 1, 2021. The document defines green bonds and requires all relevant entities to, on this basis and in light of their respective sectors’ green development goals and the status of their green finance systems, develop and implement supporting policies, strengthen public awareness‑raising and guidance, and promote sustainable economic and social development as well as a green, low‑carbon transition. Issuers are encouraged to conduct information disclosure and other related activities in accordance with this catalogue, and the document will be adjusted and revised as appropriate in future work, taking into account specific circumstances and the evolving needs of the domestic green bond market.
The research findings on the Top 100 Property Service Enterprises in China for 2021 have been released.
On April 22, the “2021 China Top 100 Property Service Enterprises Research Results Release Conference,” co-hosted by the China Index Academy and the China Real Estate TOP 10 Research Group, was held in Beijing. The top 100 companies demonstrated outstanding performance across key dimensions, including management scale, operational efficiency, service quality, growth potential, and social responsibility. Looking ahead, they aim to achieve industry transformation and high-quality development by continuously refining standards, expanding service offerings, upgrading management practices, advancing technological innovation, fostering brand differentiation, empowering systematic management, and enhancing the professional competence of their workforce.
Notice of the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration on Import Tax Policies Supporting Scientific and Technological Innovation during the 14th Five-Year Plan Period
To further implement the strategies of invigorating the country through science and education and driving development through innovation, and to support scientific and technological innovation, the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration have issued a notice on export tax policies supporting scientific and technological innovation during the 14th Five-Year Plan period. The notice stipulates that import duties, value-added tax at the import stage, and consumption tax shall be exempted on scientific research, technological development, and teaching supplies imported by research institutions, technology development organizations, schools, Party schools (administrative institutes), and libraries, provided that such items are not produced domestically or their performance fails to meet domestic requirements.
Administrative Measures for Online Live-Streaming Marketing (Trial)
In order to strengthen the management of online live-streaming marketing, safeguard national security and public interests, protect the legitimate rights and interests of citizens, legal persons, and other organizations, and promote the healthy and orderly development of online live-streaming marketing, these Measures for the Administration of Online Live-Streaming Marketing have been formulated in accordance with the Cybersecurity Law of the People’s Republic of China, the E-Commerce Law of the People’s Republic of China, the Advertising Law of the People’s Republic of China, the Anti-Unfair Competition Law of the People’s Republic of China, the Regulations on the Governance of the Ecological Environment of Online Information Content, and other relevant laws, administrative regulations, and state provisions. These Measures shall come into force as of May 25, 2021.

Finance & Capital Markets

Notice of the People’s Bank of China, the National Development and Reform Commission, and the China Securities Regulatory Commission on the Issuance of the “Catalogue of Projects Supported by Green Bonds (2021 Edition)”
Yinfa [2021] No. 96
The Shanghai Head Office of the People’s Bank of China, all branches, business management departments, central sub-branches in provincial (capital) cities, and central sub-branches in vice-provincial-level cities; the Development and Reform Commissions of all provinces, autonomous regions, municipalities directly under the central government, separately planned cities, and the Xinjiang Production and Construction Corps; all securities regulatory bureaus; the National Association of Financial Market Institutional Investors, Central Government Bond Registration and Settlement Co., Ltd., China Securities Depository & Clearing Corporation Limited, the Securities Association of China, the Asset Management Association of China, the China Securities Finance Institute, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange:
In order to comprehensively implement the spirit of the 19th National Congress of the Communist Party of China and the Second, Third, Fourth, and Fifth Plenary Sessions of the 19th CPC Central Committee, to carry out the requirements set forth in the Overall Plan for Reform of the Ecological Civilization System and the establishment of a green finance system, to further standardize the domestic green bond market, and to fully leverage the positive role of green finance in structural adjustment, transformation of development models, advancing ecological civilization, and promoting sustainable economic development—thereby contributing to the achievement of the carbon peak and carbon neutrality goals—the People’s Bank of China, the National Development and Reform Commission, and the China Securities Regulatory Commission, drawing on the “Guiding Opinions on Building a Modern Environmental Governance System” issued by the General Offices of the CPC Central Committee and the State Council, the “Guiding Opinions of the State Council on Accelerating the Establishment and Improvement of a Green, Low-Carbon, and Circular Development Economic System” (Document No. 4 [2021] of the State Council), and the “Guiding Opinions of the People’s Bank of China, the Ministry of Finance, the National Development and Reform Commission, the Ministry of Environmental Protection, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission on Building a Green Finance System” (Document No. 228 [2016] of the People’s Bank of China), have, based on the “Catalogue of Guiding Industries for Green Development (2019 Edition),” jointly researched and formulated the “Catalogue of Projects Supported by Green Bonds (2021 Edition)” (see attachment). This document is hereby circulated to you, and the following matters are hereby notified:
I. Green bonds refer to securities issued in accordance with statutory procedures and repaying principal and interest as agreed, with proceeds earmarked exclusively for supporting green industries, green projects, or green economic activities that meet prescribed criteria. These include, but are not limited to, green financial bonds, green corporate bonds, green company bonds, green debt financing instruments, and green asset-backed securities.
II. All relevant entities shall, based on the “Catalogue of Projects Supported by Green Bonds (2021 Edition),” in conjunction with their respective sectoral green development goals and objectives and the status of their green finance system construction, formulate and implement corresponding supporting policies, strengthen public awareness‑raising and guidance, and fully leverage the role of green bonds in promoting environmental improvement, addressing climate change, and achieving efficient and sustainable resource utilization, thereby advancing sustainable economic and social development and a green, low‑carbon transition.
III. Ensure seamless alignment between the “Catalogue of Projects Supported by Green Bonds (2021 Edition)” and the “Catalogue of Projects Supported by Green Bonds (2015 Edition)” (announced in PBOC Announcement [2015] No. 39) as well as the “Guidelines for the Issuance of Green Bonds” (issued under Document NDRC Finance [2015] No. 3504). For bonds that were already outstanding or had been approved and completed the registration process prior to the release of the “Catalogue of Projects Supported by Green Bonds (2021 Edition),” the determination of green bond eligibility and the allocation of proceeds shall continue to be governed by the applicable scopes set forth in the “Catalogue of Projects Supported by Green Bonds (2015 Edition)” and the “Guidelines for the Issuance of Green Bonds.” For bonds whose application materials had been submitted but had not yet received approval or completed the registration process at the time of the “Catalogue of Projects Supported by Green Bonds (2021 Edition)”’s publication, the issuers may, in determining whether a project qualifies as green, choose to apply either the “Catalogue of Projects Supported by Green Bonds (2015 Edition)” and the “Guidelines for the Issuance of Green Bonds,” or the “Catalogue of Projects Supported by Green Bonds (2021 Edition).” In all such cases, issuers are encouraged to disclose information and carry out related procedures in accordance with the “Catalogue of Projects Supported by Green Bonds (2021 Edition).”
IV. The People’s Bank of China, the National Development and Reform Commission, and the China Securities Regulatory Commission, in coordination with relevant authorities, will, based on such factors as major national tasks for ecological civilization construction, priority areas in ecological and environmental protection and pollution prevention and control, updates to technical standards, progress in international cooperation on green finance, and the evolving needs of the domestic green bond market, make timely adjustments and revisions to the “Catalogue of Projects Supported by Green Bonds (2021 Edition).”
V. The “Catalogue of Projects Supported by Green Bonds (2021 Edition)” shall come into force as of July 1, 2021.
In the event of new circumstances or issues, please report them promptly to the relevant competent authorities.
People's Bank of China
National Development and Reform Commission
Securities Regulatory Commission
April 2, 2021

Commercial & Corporate
The research findings on the Top 100 Property Service Enterprises in China for 2021 have been released.
On April 22, the “2021 China Top 100 Property Service Enterprises Research Results Release Conference,” co-hosted by the China Index Academy and the China Real Estate TOP 10 Research Group, was held in Beijing. Since 2008, the China Index Academy has conducted the “China Top 100 Property Service Enterprises” study for fourteen consecutive years. This year, in light of industry development trends and under the theme of “High Speed, High Quality, High Density, High Efficiency,” the report identified a group of property service enterprises that are large in scale, strong in capability, and distinguished by high service standards, aiming to set an example and lead the industry toward healthy, rapid growth.
Research by the China Index Academy has found that the development of the top 100 enterprises exhibits the following characteristics:
In terms of management scale, in 2020, the top 100 companies averaged 244 managed projects, up 15.09% year over year; their average managed area reached 48.79 million square meters, with a year-over-year growth rate of 14.02%; and their combined market share rose to 49.71%, an increase of 6.10 percentage points from the previous year. Among the top 10 offices, the average managed area stood at 264 million square meters, up 27.57% year over year, underscoring a pronounced trend of “the strong getting stronger.”
Top‑100 companies employ a variety of strategies to scale up: 1. Leveraging sister‑company projects to expand from pilot initiatives to broader coverage, thereby achieving rapid and efficient growth in managed area. First, these companies actively take on projects independently developed or co‑developed by their sister offices, ensuring steady expansion of their managed footprint. Second, after entering sister‑company‑led developments, they capitalize on high‑quality services, professional management, and efficient operations to build a strong brand reputation. By using flagship projects as “point‑to‑area” catalysts, they lay a solid foundation for tapping into existing local markets. In addition, top‑100 offices leverage the close ties between their sister companies and government entities or state‑owned enterprises to establish joint ventures or project‑level subsidiaries, helping them secure government‑related, public‑construction, and urban‑service contracts while mitigating the high acquisition costs often associated with mergers and integrations. 2. Market‑driven expansion has become a key driver of growth. In 2020, more than half of the new managed area added by top‑100 companies came from market‑based expansion, with acquisitions and project‑based bidding each accounting for roughly equal shares—underscoring the significant effectiveness of external growth efforts.
In addition, the top 100 companies have focused on deepening their presence in core high‑growth regions. In 2020, 58.93% of their managed floor space was concentrated in the five major city clusters, up 2.77 percentage points from 2019. The average number of projects per city stood at 7.18, a year-on-year increase of 4.94%, while the average managed floor space per city reached 1.4349 million square meters, up 3.96% from the previous year.
From a performance perspective, in 2020 the average operating revenue of the top 100 companies reached RMB 1.173 billion, up 12.81% year over year—marking the first time that revenue growth lagged behind the growth rate of managed floor space by 1.21 percentage points. During 2020, these leading offices worked diligently to consolidate their core business: basic property services revenue continued to rise, reaching RMB 914 million, a year-on-year increase of 11.92%, accounting for 77.93% of total earnings; meanwhile, diversified‑business revenue averaged RMB 259 million, growing 16.08% year over year and demonstrating greater growth elasticity. Supported by favorable policies and capital market dynamics, the top 100 companies actively expanded into and strategically positioned themselves across a range of value‑added services, refining high‑margin business models and steadily enhancing their profitability. In 2020, the average gross profit and net profit of these companies stood at RMB 288 million and RMB 105 million, respectively, up 15.15% and 14.73% year over year.
In terms of service quality, the overall satisfaction score for key enterprises stands at 80.70, remaining above 80 for four consecutive years. Looking at owners’ satisfaction with each service category among the top 100 companies, areas such as security and order management, landscaping and maintenance, cleaning and sanitation, in‑unit repairs, property staff competence, and customer service all register high levels of satisfaction, exceeding 80 points. Meanwhile, satisfaction with community cultural activities and renovation management has also seen slight improvements compared to 2020. In 2020, the average property service fee collection rate among the top 100 enterprises was 93.57%, while the average renewal rate was 98.39%. Collection rates for residential and commercial properties averaged 91.71% and 93.12%, respectively—both below the overall average for the top 100. By contrast, office properties, public‑use properties, industrial park properties, school properties, and hospital properties continued to maintain exceptionally high collection rates, standing at 97.39%, 98.43%, 97.03%, 98.26%, and 98.75%, respectively.
From a growth‑potential perspective, in 2020 the top 100 companies reported an average of 105 contracted projects, with total contracted project floor space averaging 18.3051 million square meters—up 10.53% and 8.63%, respectively, year over year. Leveraging their extensive management expertise and specialized services, these leading offices have steadily earned market recognition, driving a steady annual increase in the managed area of non‑residential properties. More than 80% of the top 100 have entered the commercial property sector, over 70% have expanded into office‑building management, and roughly 50% now serve industrial parks, public facilities, schools, and other similar property types. Building on their established core services, these companies are responding to diversified client needs, capitalizing on their high‑quality resources to promptly introduce a broad array of value‑added offerings, integrate upstream and downstream industries, and further diversify their revenue streams. In 2020, the average annual revenue from value‑added services among the top 100 reached RMB 259 million, up 16.08% year over year, accounting for 22.07% of total operating income—yet still leaving considerable room for growth. With inherent advantages in delivering such services, these offices should fully leverage their “people + assets” strengths, align with policy directives, and strategically expand their value‑added service portfolios. Meanwhile, capital support has been robust: listed companies have raised nearly RMB 100 billion in net proceeds, providing ample resources to scale operations and invest in smart‑technology initiatives. Looking at the use of proceeds by newly listed property‑management offices in 2020, the share allocated to mergers and acquisitions and strategic investments has been rising, increasing from the previous range of 50%–60% to 60%–70%, which is likely to further accelerate industry consolidation.
From the perspective of social responsibility, the top 100 enterprises have actively shouldered their social obligations, comprehensively strengthening measures to ensure employment stability. Some leading companies even initiated recruitment early in the year, creating additional job opportunities. In 2020, these top 100 offices provided 1.483 million jobs, a year-on-year increase of 16.24%, and offered 590,200 outsourced positions, up 7.01% from the previous year. The majority of these roles were in basic services such as security, cleaning, and landscaping, playing a vital role in addressing grassroots employment needs and promoting social harmony and stability. Meanwhile, the top 100 enterprises have steadily increased their philanthropic contributions, diversifying their social welfare initiatives and, by engaging in community‑based activities within their capacity, making modest yet meaningful contributions to societal development.
For many years, the property management industry has been committed to creating a better quality of life for community residents, keeping pace with the times and advancing rapidly. In 2020, the sector earned recognition from the capital markets and widespread acclaim from all sectors of society. As 2021 marked the inaugural year of China’s 14th Five-Year Plan, the property management industry received unprecedented attention at the national strategic level, with a flurry of supportive and guiding policy documents being issued, propelling the sector into a golden era of growth.
Looking ahead, property service enterprises must achieve the goals of industry transformation and upgrading and high-quality development by continuously refining standards, expanding service offerings, modernizing management practices, advancing technological innovation, fostering brand differentiation, empowering systematic management, and enhancing the professional competence of their workforce.
Taxation TAXATATION

Notice of the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration on Import Tax Policies Supporting Scientific and Technological Innovation during the 14th Five-Year Plan Period
Finance and Customs Letter [2021] No. 23
To the Finance Departments (Bureaus) of all provinces, autonomous regions, municipalities directly under the central government, and cities separately listed in the national plan; to the Finance Bureau of the Xinjiang Production and Construction Corps; to the Guangdong Sub‑Administration of the General Administration of Customs and all directly affiliated customs offices; to the tax bureaus of all provinces, autonomous regions, municipalities directly under the central government, and cities separately listed in the national plan under the State Taxation Administration; to the local supervisory bureaus of the Ministry of Finance; and to the resident commissioner offices of the State Taxation Administration:
In order to further implement the strategies of invigorating the country through science and education and driving development through innovation, and to support scientific and technological innovation, the relevant import tax policies are hereby notified as follows:
I. Import duties, value-added tax at the import stage, and consumption tax shall be exempted on scientific research, technological development, and teaching supplies imported by scientific research institutions, technology development institutions, schools, Party schools (administrative institutes), and libraries, provided that such items are not produced domestically or their performance fails to meet domestic requirements.
II. Import VAT shall be exempted on books, periodicals, and other materials imported by publishing‑import entities for use in scientific research and teaching by research institutes, schools, Party schools (administrative colleges), and libraries.
III. The scientific research institutions, technological development institutions, schools, Party schools (administrative institutes), and libraries referred to in Articles 1 and 2 of this Notice shall mean:
(1) Central‑level, provincial‑level, and prefecture‑level research institutes engaged in scientific research (including their libraries and graduate schools that possess independent legal person status).
(2) National Laboratories, State Key Laboratories, Enterprise‑Based State Key Laboratories, National Industrial Innovation Centers, National Technology Innovation Centers, National Manufacturing Innovation Centers, National Clinical Medical Research Centers, National Engineering Research Centers, National Engineering Technology Research Centers, National Enterprise Technology Centers, and National Demonstration Platforms for Public Services to Small and Medium‑Sized Enterprises (Technology‑Related).
(3) Institutions that, during the reform of the science and technology system, have been transformed into enterprises or have entered enterprises and primarily engage in scientific research and technological development.
(4) Social research institutions of a private non‑enterprise nature in the science and technology field, as certified by the Ministry of Science and Technology in conjunction with the Ministry of Civil Affairs, or by the provincial science and technology administrative department in coordination with the provincial civil affairs, finance, and tax authorities, together with the directly affiliated customs authority at the location of the social research institution; and social research institutions of an institutional nature, as certified by the provincial science and technology administrative department in coordination with the provincial finance and tax authorities, together with the directly affiliated customs authority at the location of the social research institution.
(5) Foreign-invested R&D centers approved by the provincial commerce authorities in conjunction with the provincial finance and tax authorities, as well as the directly affiliated customs office at the location of the foreign-invested R&D center.
(6) Higher education institutions that confer degrees recognized by the state at the associate degree level and above, as well as their branch campuses and off-site educational institutions that possess independent legal person status.
(7) Party schools (Administrative Institutes) at or above the county level.
(8) Public libraries at or above the prefectural level.
IV. The “publication import entities” referred to in Article 2 of this Notice shall mean those entities approved by the Publicity Department of the CPC Central Committee and authorized to import publications; research institutes shall mean the institutions specified in Paragraph 1 of Article 3.
V. The tax‑exempt imported goods specified in Articles 1 and 2 of this Notice shall be subject to list‑based administration. The List of Tax‑Exempt Imported Goods shall be formulated and promulgated separately by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration after soliciting opinions from relevant departments, and shall be adjusted on an ongoing basis.
VI. With the approval of the Customs authorities, scientific research institutions, technological development institutions, schools, Party schools (administrative institutes), and libraries may use tax‑exempt imported scientific research, technological development, and teaching materials for the scientific research, technological development, and teaching activities of other entities.
For tax‑exempt imported scientific research instruments and equipment that are subject to unified management under the National Online Management Platform and comply with the provisions of this Notice, if they also meet the relevant regulations on the open sharing of such items—formulated jointly by the Ministry of Science and Technology and the General Administration of Customs—they may be used for scientific research, technological development, and teaching activities at other institutions.
With the approval of the customs authorities, scientific research institutions, technological development organizations, and educational institutions may, for the purposes of scientific research or teaching, utilize tax‑exempt imported medical testing and analytical instruments, together with their accessories and ancillary equipment, in the clinical activities of their affiliated or subordinate hospitals, or in the clinical activities of such hospitals that serve as the basis for conducting clinical trials. For large and medium‑sized medical testing and analytical instruments, the limit is one unit per type per hospital every three years.
VII. The Measures for the Administration of Import Tax Policies Supporting Scientific and Technological Innovation during the 14th Five-Year Plan period shall be formulated and promulgated separately by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration in conjunction with the relevant departments.
VIII. This Notice shall be effective from January 1, 2021, to December 31, 2025.
Ministry of Finance, General Administration of Customs, State Taxation Administration
April 15, 2021

Litigation & Arbitration

Administrative Measures for Online Live-Streaming Marketing (Trial)
Chapter I General Provisions
Article 1: In order to strengthen the regulation of online live-streaming marketing, safeguard national security and public interests, protect the legitimate rights and interests of citizens, legal persons, and other organizations, and promote the healthy and orderly development of online live-streaming marketing, these Measures are formulated in accordance with the Cybersecurity Law of the People’s Republic of China, the E-Commerce Law of the People’s Republic of China, the Advertising Law of the People’s Republic of China, the Anti-Unfair Competition Law of the People’s Republic of China, the Regulations on the Governance of the Online Information Content Ecosystem, and other relevant laws, administrative regulations, and state provisions.
Article 2: This Measures shall apply to commercial activities conducted within the territory of the People’s Republic of China that utilize websites, applications, mini-programs, and other platforms to carry out marketing through video live streaming, audio live streaming, text-and-image live streaming, or a combination of such formats.
For the purposes of these Measures, “live‑streaming marketing platform” refers to any platform that provides live‑streaming services in the context of online live‑streaming marketing, including internet live‑streaming service platforms, internet audio‑video service platforms, e‑commerce platforms, and the like.
For the purposes of these Measures, “live-streaming room operator” refers to any individual, legal entity, or other organization that registers an account on a live‑streaming marketing platform or establishes a live‑streaming room through its own website or other online services, and engages in online live‑streaming marketing activities.
For the purposes of these Measures, “live-stream marketing personnel” refers to individuals who directly conduct marketing activities to the general public through online live streaming.
For the purposes of these Measures, a live‑stream marketing service agency refers to a specialized entity that provides services such as planning, operations, brokerage, and training to assist live‑stream marketers in conducting online live‑stream marketing activities.
Market entities engaged in online live-streaming marketing activities that fall within the definitions of “e‑commerce platform operator” or “operator on the platform” as set forth in the E‑Commerce Law of the People’s Republic of China shall, in accordance with the law, fulfill their respective responsibilities and obligations.
Article 3: Those engaged in online live-streaming marketing activities shall comply with laws and regulations, observe public order and good morals, uphold business ethics, adhere to the correct orientation, promote core socialist values, and foster a sound online ecosystem.
Article 4: The national cyberspace administration and the relevant competent authorities under the State Council, including public security, commerce, culture and tourism, taxation, market supervision, and radio and television, shall establish and improve working mechanisms for the referral of leads, information sharing, joint consultations and assessments, and education and training, and, in accordance with their respective duties, carry out effective supervision and management of online live‑streaming marketing.
Relevant competent departments of local people’s governments at or above the county level shall, in accordance with their respective duties, perform the supervisory and administrative work related to online live-streaming marketing within their administrative jurisdictions.
Chapter 2: Live Streaming Marketing Platforms
Article 5: Live-streaming marketing platforms shall, in accordance with laws and regulations, complete the required filing procedures and conduct security assessments as prescribed.
Anyone engaging in online live-streaming marketing activities that, pursuant to law, require the obtaining of relevant administrative permits shall obtain such permits in accordance with the law.
Article 6: Live-streaming marketing platforms shall establish and improve mechanisms and measures covering account and live-streaming marketing function registration and deregistration, information security management, regulation of marketing practices, protection of minors, safeguarding consumer rights, protection of personal information, and network and data security management.
Live-streaming marketing platforms shall employ professional personnel for live-stream content management commensurate with the scale of their services, possess the technical capabilities to ensure the security of internet-based live-stream content, and adopt technical solutions that comply with relevant national standards.
Article 7: Live-streaming marketing platforms shall, in accordance with relevant laws, regulations, and pertinent national provisions, formulate and publicly disclose rules for the administration of online live-streaming marketing and platform covenants.
Live-streaming marketing platforms shall enter into agreements with live-streaming marketing service agencies and live‑stream room operators, requiring them to standardize the recruitment, training, and management of live‑stream marketers and to fulfill their obligations to review the authenticity and legality of live‑stream marketing content, products, and services.
Live-streaming marketing platforms shall establish a negative list of goods and services, specifying categories of products and services that are prohibited from production and sale, online trading, or commercial promotion under applicable laws and regulations, as well as those that are unsuitable for marketing via live streaming.
Article 8: Live‑streaming marketing platforms shall verify the real identities of live‑stream room operators and live‑stream marketers based on identity document information, the Unified Social Credit Code, and other authentic identification details, and shall, in accordance with laws and regulations, submit such identity information and other tax‑related information to the tax authorities. Furthermore, live‑streaming marketing platforms shall adopt necessary measures to ensure the security of the personal information they process.
Live-streaming marketing platforms shall establish a dynamic verification mechanism for the real identities of live-streaming marketers, verifying the identity information of all such personnel prior to broadcasting. They shall not provide live-streaming publishing services to any individual whose identity information does not match the verified details or who is prohibited from engaging in online live-streaming activities under relevant national regulations.
Article 9: Live-streaming marketing platforms shall strengthen the management of information content in live-streaming marketing, conduct review of information releases and real-time monitoring, and, upon discovering illegal or harmful information, shall promptly take appropriate measures, retain relevant records, and report to the competent authorities.
Live-streaming marketing platforms shall strengthen information security management for link‑based and QR‑code‑based redirection services within live‑streaming rooms to mitigate information security risks.
Article 10: Live-streaming marketing platforms shall establish and improve risk‑identification models, and for high‑risk marketing activities suspected of violating laws or regulations, they shall implement measures such as pop-up warnings, violation alerts, traffic restrictions, and suspension of live streams. Furthermore, live-streaming marketing platforms shall conspicuously warn users of the risks associated with off‑platform private transactions and other similar practices.
Article 11: Where a live-streaming marketing platform provides paid traffic‑driving services or otherwise engages in the promotion and advertising of online live‑streaming marketing, thereby constituting commercial advertising, it shall fulfill the responsibilities and obligations of an advertiser or an advertising operator.
Live-streaming marketing platforms shall not provide assistance or facilitate false or misleading commercial advertising by live-stream room operators or live-stream marketers.
Article 12: Live‑streaming marketing platforms shall establish and improve mechanisms for the protection of minors, with due regard to safeguarding their physical and mental well‑being. Where live‑streaming marketing involves content that may adversely affect the physical or mental health of minors, the platform shall provide conspicuous warnings prior to the display of such information.
Article 13: Live‑streaming marketing platforms shall strengthen the management of the launch and use of new technologies, applications, and features. With respect to virtual avatars generated through artificial intelligence, digital visual effects, virtual reality, voice synthesis, or other such technologies that are used in online live‑streaming marketing, they shall undergo a security assessment in accordance with relevant regulations and be clearly labeled.
Article 14: Live-streaming marketing platforms shall, based on the compliance status of live-stream room operators’ accounts, their number of followers and page views, transaction volume and value, and other relevant metrics, establish a tiered management system. The scope of services and functionalities shall be determined according to the respective tier, and for key live-stream room operators, measures such as assigning dedicated personnel to conduct real-time monitoring and extending the retention period for live-stream content shall be implemented.
Live-streaming marketing platforms shall, in accordance with the circumstances, impose measures such as warnings, functional restrictions, suspension of posting, account deactivation, and prohibition of re-registration on livestream room operators whose accounts violate laws, regulations, or the service agreement, while maintaining records and reporting to the relevant competent authorities.
Live-streaming marketing platforms shall establish a blacklist system, placing on the list live-streaming marketers who have committed serious violations of laws and regulations, as well as individuals whose unlawful or unethical conduct has caused adverse social repercussions, and shall report such cases to the relevant competent authorities.
Article 15: Live-streaming marketing platforms shall establish and improve complaint and reporting mechanisms, clearly define handling procedures and response timeframes, and promptly address public complaints and reports concerning illegal or non-compliant content and marketing practices.
When consumers are redirected to other platforms via links or QR codes in livestreaming rooms to purchase goods or access services, and disputes arise, the relevant livestreaming marketing platforms shall actively assist consumers in safeguarding their legitimate rights and interests and provide necessary evidence and other forms of support.
Article 16: Live-streaming marketing platforms shall remind live-stream room operators to register as market entities or file tax returns in accordance with the law, to accurately declare their income, to fulfill their tax obligations in compliance with the law, and to enjoy tax incentives as prescribed by law. Both live-streaming marketing platforms and service agencies for live-streaming marketers shall, in accordance with the law, perform their duties of withholding and remitting taxes on behalf of others.
Chapter 3: Live Streaming Operators and Live Marketing Personnel
Article 17: Live-streaming marketers or live-streaming room operators who are natural persons shall be at least sixteen years of age; minors aged sixteen or above who apply to become live-streaming marketers or live-streaming room operators shall obtain the consent of their legal guardians.
Article 18: Operators of live‑streaming rooms and live‑streaming marketers engaging in online live‑streaming marketing activities shall comply with laws, regulations, and relevant national provisions, observe public order and good morals, and disclose information about goods or services truthfully, accurately, and comprehensively. They shall not engage in any of the following acts:
(1) In violation of the provisions of Articles 6 and 7 of the Regulations on the Governance of the Online Information Content Ecosystem;
(2) Publishing false or misleading information to deceive or mislead users;
(3) Marketing counterfeit or substandard goods, goods that infringe intellectual property rights, or goods that fail to meet requirements for ensuring personal and property safety;
(4) Fabricating or falsifying data traffic metrics such as transactions, follower counts, page views, and likes;
(5) Knowing or reasonably ought to know that others are engaging in illegal, non-compliant, or high-risk activities, yet still promoting or driving traffic to them;
(6) Harassing, defaming, verbally abusing, or intimidating others, thereby infringing upon their legitimate rights and interests;
(7) Pyramid schemes, fraud, gambling, and the sale of prohibited or controlled items;
(8) Other acts that violate national laws, regulations, and relevant provisions.
Article 19: Where the live-streaming content published by live-streaming operators or live-streaming marketers constitutes a commercial advertisement, they shall fulfill the responsibilities and obligations of advertisers, advertising operators, or advertising endorsers.
Article 20: Live-stream marketing personnel shall not engage in online live-stream marketing activities in venues that involve national security, public safety, or that may disrupt the normal production and daily life of others and society.
Livestream operators and livestream marketers shall strengthen the management of their livestream rooms. The settings for the following key stages must comply with applicable laws, regulations, and relevant national provisions; they must not contain illegal or harmful information, nor may they mislead users through implication or other means:
(1) The live-streaming room operator’s account name, profile picture, and bio;
(2) Livestream room title and cover image;
(3) Live-stream studio set design, props, and product displays;
(4) Attire and appearance of live-stream marketing personnel;
(5) Other key stages that are likely to attract users’ attention.
Article 21: Livestream operators and livestream marketers shall, in accordance with the platform’s service agreement, ensure real-time management of interactive content such as voice and video connections, comments, and bullet comments, and shall not deceive or mislead users by means such as deleting or blocking adverse reviews.
Article 22: Livestream operators shall verify the identity, address, contact information, administrative licenses, and credit standing of product and service providers, and maintain relevant records for inspection.
Article 23: Live-streaming room operators and live-stream marketing personnel shall, in accordance with laws and regulations, fulfill their responsibilities and obligations to protect consumers’ rights and interests, and shall not intentionally delay or, without justifiable reasons, refuse legitimate and reasonable requests made by consumers.
Article 24: When livestream room operators and livestream marketers engage in commercial cooperation with livestream marketing service agencies, they shall enter into a written agreement with such agencies, clearly specifying obligations related to information security management, product quality review, consumer rights protection, and other matters, and shall ensure that these obligations are duly fulfilled.
Article 25: Operators of live‑streaming rooms and live‑streaming marketers who use another person’s likeness as a virtual avatar in online live‑streaming marketing activities shall obtain the consent of the holder of the right of portrait, and shall not infringe upon another person’s right of portrait by means such as forgery or other technological methods. The protection of natural persons’ voices shall be governed by the foregoing provisions by analogy.
Chapter IV Supervision, Management, and Legal Liability
Article 26: Relevant departments shall, as necessary, conduct supervisory inspections of the fulfillment of principal responsibilities by live-streaming marketing platforms and carry out special inspections of platforms found to have compliance issues.
Live-streaming marketing platforms shall cooperate with the lawful supervision and inspection conducted by the relevant authorities and may not refuse or obstruct such activities. They shall also provide technical support and assistance to the relevant authorities in their lawful investigations and inquiries.
Article 27: Relevant departments shall strengthen their guidance over industry associations and chambers of commerce, encourage the establishment and improvement of industry standards, conduct publicity on laws and regulations, and promote self-regulation within the industry.
Article 28: Any violation of these Measures that causes damage to others shall give rise to civil liability in accordance with the law; if such violation constitutes a crime, criminal liability shall be pursued in accordance with the law; if it does not yet constitute a crime, the cyberspace administration and other relevant competent authorities shall, within the scope of their respective duties, impose penalties in accordance with applicable laws and regulations.
Article 29: Relevant departments shall share information on the list of market entities engaged in live-streaming marketing that have seriously violated laws and regulations, and impose joint punitive measures in accordance with the law.
Chapter V Supplementary Provisions
Article 30: These Measures shall come into force as of May 25, 2021.

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