JC Master Legal News Issue 1013

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued four financial industry standards, including “Data Model for the Securities and Futures Industry – Part 4: Logical Model for Fund Management Companies.”
Recently, the China Securities Regulatory Commission issued four financial industry standards—“Data Model for the Securities and Futures Industry, Part 4: Logical Model for Fund Management Companies,” “Carbon Financial Products,” “Design Specifications for Mobile Internet Applications in the Securities and Futures Industry Targeted at Older Adults,” and “Testing Specifications for the Design of Mobile Internet Applications in the Securities and Futures Industry Targeted at Older Adults”—which will take effect from the date of their publication.
Market-based green finance requires the establishment of a unified carbon market.
On April 16, at the roundtable session of the “2022 Tsinghua Wudaokou Global Finance Forum” held in Beijing, panelists discussed the development of green finance under the “dual carbon” goals.
Better leverage fiscal and tax functions to serve the overarching national development agenda.
Fiscal and tax system reform is a key component of the broader effort to deepen reform. Measures such as the replacement of business tax with value-added tax, special additional deductions, tax and fee reductions, stringent government spending, and the direct‑allocation mechanism for fiscal funds have collectively marked the decade-long journey of this reform, which has steadily advanced in depth and breadth.
The Supreme People’s Court addresses pressing judicial issues by releasing nine landmark civil cases, strengthening the protection of personality rights.
In 2021, courts nationwide accepted 192,675 first-instance cases involving disputes over personality rights, a year-on-year increase of 19.2%, reflecting the growing judicial demand among the public to safeguard their personality rights.

Finance & Capital Markets
The China Securities Regulatory Commission has issued four financial industry standards, including “Data Model for the Securities and Futures Industry – Part 4: Logical Model for Fund Management Companies.”
Recently, the China Securities Regulatory Commission issued four financial industry standards—“Data Model for the Securities and Futures Industry, Part 4: Logical Model for Fund Management Companies,” “Carbon Financial Products,” “Design Specifications for Mobile Internet Applications in the Securities and Futures Industry Targeted at Older Adults,” and “Testing Specifications for the Design of Mobile Internet Applications in the Securities and Futures Industry Targeted at Older Adults”—which will take effect from the date of their publication.
With the widespread adoption of big data technologies, data has become a critical corporate asset—and even an industry‑wide asset. Data modeling is one of the core pillars of data governance and serves as a vital foundation for unlocking data value. By establishing standardized data models, organizations can align business users’ and technical teams’ understanding of both business processes and data, foster greater synergy between development and analytics, and enhance both the abstraction of business requirements and the consistency of data usage. In recent years, the Securities Standards Committee has spearheaded the development of industry‑specific data models, orchestrating the creation of the “Securities and Futures Industry Data Model” series of standards. To date, it has published two financial‑industry standards: “Securities and Futures Industry Data Model – Part 1: Abstract Model Design Methodology” and “Securities and Futures Industry Data Model – Part 3: Logical Model for Securities Offices.” The logical model for fund management companies constitutes the fourth part of this series. The standard “Securities and Futures Industry Data Model – Part 4: Logical Model for Fund Management Companies” outlines a methodology for structuring logical models and specifies the associated deliverables. It is applicable to fund management offices during the design and implementation of data‑center, data‑warehouse, and big‑data platform projects, helping to streamline logical model development, improve data‑exchange efficiency, elevate data‑governance practices, and ensure standardized information‑system construction.
With the development of China’s domestic carbon‑trading market, a variety of innovative carbon‑finance products have emerged. Building on the classification of carbon‑finance products, the “Carbon Finance Products” standard sets out specific implementation requirements, providing guidance for financial institutions in developing and deploying such products. This promotes the orderly expansion of diverse carbon‑finance offerings, enhances stakeholders’ understanding of carbon finance, helps institutions identify, apply, and manage these products, and steers financial resources toward green sectors, thereby supporting green and low‑carbon development.
The “Design Specification for Mobile Internet Applications in the Securities and Futures Industry Targeted at Older Adults” (hereinafter referred to as the “Design Specification”) addresses the challenges faced by older adults when using mobile internet applications in the securities and futures sector. Drawing on industry-specific characteristics and real-world conditions, it sets forth design principles and requirements for such applications, clearly defining relevant standards for language and text libraries, screen display, interface design, and business‑scenario design. This helps promote more convenient and secure access to mobile internet application services offered by industry institutions by older adults. The “Testing Specification for Mobile Internet Applications in the Securities and Futures Industry Targeted at Older Adults” is a complementary standard developed in conjunction with the Design Specification, focusing on testing procedures. It outlines testing and evaluation methodologies, providing guidance for conducting testing in a scientific, unified, and standardized manner.
Going forward, the China Securities Regulatory Commission will continue to advance the informatization of the capital market, with a strong focus on developing foundational standards and promoting the formulation of standards in areas such as industry data governance and business services, thereby steadily strengthening the foundation for technology‑driven regulation.

The China Securities Regulatory Commission has issued the “Guidelines for Investor Relations Management of Listed Companies.”
To implement the new Securities Law and the State Council’s Opinions on Further Enhancing the Quality of Listed Companies (Guofa [2020] No. 14), and to further standardize investor relations management by listed companies, the China Securities Regulatory Commission has issued the Guidelines for Investor Relations Management of Listed Companies (hereinafter referred to as the “Guidelines”), which shall take effect as of May 15, 2022.
The Guidelines comprise 32 articles, covering general provisions, the content and methods of investor relations management, organization and implementation, and supplementary provisions, and primarily include:
First, the definition, scope of application, and guiding principles of investor relations management have been further clarified. Investor relations management is defined in terms of its content, methods, and objectives. The Guidelines expressly apply to joint-stock companies established in accordance with the Company Law and whose shares are listed and traded on securities exchanges within China. Foreign‑registered companies that issue and list shares or depositary receipts in China shall implement the Guidelines by analogy. Four fundamental principles—compliance, equality, proactivity, and honesty and good faith—have been established.
Second, further expand and diversify the content and methods of investor relations management, while institutionalizing best practices that have emerged in recent years. In response to the evolving landscape of the internet and new media, in addition to traditional communication channels such as telephone and fax, we are introducing new platforms—including corporate websites, social media channels, and investor education centers. Specific provisions have been established regarding the convening and requirements for investor briefings, with the aim of enhancing their quality and effectiveness, ensuring they serve as a genuine bridge for companies to communicate value and for investors to identify it. The primary responsibilities of listed companies in managing investor relations have been clearly defined. In line with the principles of the new development philosophy, ESG (environmental, social, and governance) information has been incorporated into communication content. Furthermore, listed companies are required to establish and refine mechanisms for the proper preservation and utilization of investor relations records.
Third, further clarify the organization and implementation of investor relations management for listed companies, while strengthening regulatory oversight. At the operational level, specify in greater detail the formulation of relevant policies, the establishment of dedicated departments, the assignment of responsibilities, staffing arrangements, and training programs. Reinforce the principal responsibility of the “key few” within listed companies: in addition to the board secretary and designated personnel, requirements are also imposed on controlling shareholders, actual controllers, directors, supervisors, and senior management, clearly delineating prohibited conduct in the context of investor relations management. Encourage investors to enhance their shareholder awareness, exercise their rights and safeguard their interests in accordance with the law, thereby fostering a rational and mature investment culture. Clarify that the China Securities Regulatory Commission and its local branches shall, in accordance with the law, supervise and manage investor relations activities of listed companies. Furthermore, stipulate that stock exchanges, associations of listed companies, and other self-regulatory organizations shall formulate self-regulatory rules and implement corresponding self‑disciplinary measures.
During the drafting of the Guidelines, the China Securities Regulatory Commission (CSRC) actively sought public input by convening symposiums and soliciting written comments, thereby gathering views from relevant stakeholders. The broader community generally expressed support for the content of the Guidelines. The CSRC carefully reviewed, item by item, the proposed amendments and refinements submitted by all parties and incorporated those suggestions that were deemed reasonable.
Strengthening investor relations management is both a key measure for enhancing the quality of listed companies and an essential component of investor protection. Going forward, the China Securities Regulatory Commission will, in its day-to-day regulatory work, urge listed companies to earnestly implement the measures set forth in the Guidelines, bolster effective communication between listed companies and investors, promote improvements in corporate governance, and ensure the robust protection of investors’ legitimate rights and interests, particularly those of small and medium-sized investors.

SSE: Guided by institutional development, continuously refine the supporting mechanisms for REITs.
　On April 16, Lu Dabiao, Deputy General Manager of the Shanghai Stock Exchange, stated at the 2022 Tsinghua Wudaokou Global Finance Forum that, in the next phase, the SSE will take institutional development as its guiding principle and continue to refine the supporting mechanisms for REITs.
“The pilot program for infrastructure REITs has achieved phased results,” said Lu Dabiao. Since the first batch of infrastructure REITs was launched in June 2021, a total of 11 infrastructure REITs have been listed, with a combined market capitalization of RMB 44.7 billion. Recently, the first state‑owned‑enterprise‑backed REIT—the China Communications Construction Company project—will also be listed on the Shanghai Stock Exchange. Overall, the infrastructure REITs pilot has generally met expectations, and the initiative has yielded significant interim outcomes.
First, under the existing legal and regulatory framework, viable and operational implementation pathways and schemes have been identified. Since the release of the pilot‑program notice, a series of supporting systems and rules have been rolled out, establishing a comprehensive institutional framework. With the joint efforts of the National Development and Reform Commission, the China Securities Regulatory Commission, and other stakeholders, China’s infrastructure public‑REITs have been successfully launched through an innovative product structure combining public mutual funds with asset‑backed securities. Second, high‑quality pilot projects have been selected, and initial agglomeration effects are beginning to emerge. Taking the Shanghai Stock Exchange’s offerings as an example, the Zhongguancun Industrial Park, Zhangjiang Industrial Park, and Suzhou Industrial Park are all well‑known innovation‑driven clusters; the CCCC Expressway is a key artery in the national transportation network; and Shouchuang Water is a premium asset in the wastewater‑treatment sector. Furthermore, the REITs market has operated smoothly and in an orderly manner, enjoying relatively strong investor acceptance. To date, since their listing, REITs have posted an average price appreciation of approximately 30%, with an average secondary‑market turnover rate of 2%—higher than that of credit‑based debt instruments—and a reasonably balanced investment mix, dominated by allocation‑oriented institutional investors. In addition, infrastructure assets have demonstrated robust operations, delivering performance that has exceeded expectations. According to the annual reports of the first batch of REITs, these infrastructure assets have delivered outstanding results, generating stable, distributable cash flows and dividend yields. The total amount available for distribution amounts to roughly RMB 1.8 billion, all surpassing projected levels.
When discussing the SSE’s key priorities and considerations for the next phase of REITs development, Lu Dabiao stated: First, align with national strategies by ensuring the successful implementation of priority and demonstration projects. Leveraging the SSE’s role as a capital market hub, we will continue to foster a steady supply of high-quality project assets, accelerate the pilot program for affordable rental housing REITs, and vigorously advance REITs in areas such as clean energy. Additionally, innovation-driven sectors like science and technology industrial parks, as well as livelihood‑related fields such as cultural tourism, will remain focal points. Second, guided by institutional reforms, we will continuously refine the supporting mechanisms for REITs. Under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange is expediting the formulation of rules on additional offerings; on April 15, it publicly solicited comments from all stakeholders. We are also working to upgrade relevant business and trading systems and to build up a robust pipeline of potential additional‑offering projects. At the same time, we will further improve governance frameworks, optimize information disclosure, and enhance the operational efficiency of REITs, while, when appropriate, advancing specialized legislation on REITs. Third, we will consistently raise the quality and efficiency of the review process, adhering to an open and transparent approach—bringing services directly to market participants, actively listening to market feedback, and drawing on diverse expertise. We will promptly refine review procedures and standards to bolster market confidence and satisfaction. Fourth, we will strengthen market supervision and investor education by continuously optimizing routine regulatory frameworks, urging compliant operations, enhancing the relevance and effectiveness of information disclosure and risk disclosures, safeguarding the legitimate rights and interests of small and medium investors, refining the market‑making system, and conducting targeted investor outreach to help investors better understand the financial characteristics and risk profile of REITs.

The central bank has cut the reserve requirement ratio by 0.25 percentage points, releasing approximately RMB 530 billion in long-term liquidity.
　To support the development of the real economy and help keep overall financing costs stable while gradually declining, the People’s Bank of China has decided to lower the reserve requirement ratio for financial institutions by 0.25 percentage points effective April 25, 2022—excluding those institutions already subject to a 5% reserve requirement. To further bolster support for small and micro enterprises as well as agriculture, rural areas, and farmers, city commercial banks that do not operate across provincial boundaries and rural commercial banks with reserve requirement ratios above 5% will receive an additional reduction of 0.25 percentage points on top of the initial 0.25-point cut. Following this adjustment, the weighted average reserve requirement ratio for financial institutions stands at 8.1%.
The People’s Bank of China will prioritize stability while seeking progress, continue to implement a prudent monetary policy, refrain from excessive liquidity injections, and strike a balance between domestic and external factors. It will better leverage the dual functions—both in terms of overall quantity and structural adjustments—of monetary policy tools, ensure reasonably ample liquidity, and keep the growth rates of money supply and total social financing broadly aligned with nominal economic growth. This approach will help invigorate market vitality, support financing for key sectors and weak links, and foster a conducive monetary and financial environment for high-quality development and supply-side structural reform.

Commercial & Corporate
Market-based green finance requires the establishment of a unified carbon market.
On April 16, at the roundtable session of the “2022 Tsinghua Wudaokou Global Finance Forum” held in Beijing, panelists discussed the development of green finance under the “dual carbon” goals.
Green finance delivers high returns.
Zhang Xiaoyan, Vice Dean of the Guanghua School of Management at Tsinghua University and Chair Professor of Finance, pointed out that green credit is the largest product in China’s green finance market. By the end of 2021, the outstanding balance of green credit had reached RMB 15 trillion, accounting for 7.8% of total loans, with rapid growth and the largest scale globally. However, its share remains relatively small, leaving considerable room for further expansion. Next comes green bonds: as of the end of 2021, their outstanding balance stood at RMB 1.7 trillion, representing 1.3% of the overall market’s outstanding volume.
Zhang Xiaoyan stated that China’s green finance market is still in an early, rapidly accelerating phase, with fixed-income products dominating and equity‑based offerings remaining relatively scarce. Moreover, the policy framework for green investment and financing, as well as the supporting infrastructure of the green market, have yet to be fully established and refined.
“In the future, on the investment side, investors should be encouraged to engage in green, zero‑carbon investments, while on the financing side, financial institutions should help companies improve their environmental performance, enabling them to recognize that green financing delivers higher returns,” Zhang Yan stated.
Conduct climate risk stress tests
Wang Xin, Director of the Research Bureau of the People’s Bank of China, believes that climate‑related and biodiversity‑related financial risks should be assessed in a coordinated manner. An increasing number of central banks are conducting assessments and stress tests of climate‑related financial risks, covering both the financial institution level and the macroeconomic‑financial level.
“The People’s Bank of China is coordinating financial institutions to conduct climate‑risk stress tests,” said Wang Xin. He added that it is necessary to develop macro‑level climate‑risk stress testing, with a framework encompassing multiple components, including climate‑risk identification, macroeconomic scenario design, and sector‑specific scenario analysis.
Wang Xin stated that it is necessary to comprehensively consider the interactions between the climate system and the ecological system, and to incorporate the impacts of biodiversity loss into climate risk stress tests.
Green financial products have not yet been fully marketized.
He Ping, Vice Dean of the School of Economics and Management at Tsinghua University, argues that, by the strict definition of marketization, green financial products—including green loans and green bonds—are quasi‑financial instruments, since their pricing is not market‑based and they differ in essence from fiscal measures or carbon taxes. This, he contends, is the area most in need of improvement in the future green finance market.
“The only true price for green products in the future will be the differential they create in corporate profitability or default rates, which will be reflected in their pricing. To achieve a market‑based green finance system, we need to establish a unified carbon market, with consistent pricing for all carbon‑related assets and liabilities,” said He Ping. He added that companies adopting green emission‑reduction technologies should see the benefits of their emissions cuts directly translated into lower financing costs, enhanced financial services, and improved product offerings.
How can a price linkage be established between carbon emission allowances and carbon sinks? He Ping argues that building a comprehensive carbon‑trading accounting system requires scientifically allocating carbon emission allowances among producers of carbon‑intensive goods, as well as among forestry producers and planters, or determining the conversion ratio between carbon sinks and emission allowances, thereby balancing society’s overall trends in carbon sequestration and emissions with appropriate production incentives.

The “25 Measures” for real estate regulation have been unveiled, with many localities rolling out a package of coordinated policies.
On April 16, Kunming unveiled a 25-point real estate regulation package, explicitly stating that it will strengthen support from the housing provident fund for legitimate home‑buying needs, such as first‑time purchases and housing upgrades; moderately increase the loan limits under the housing provident fund scheme; and lower the down payment ratio for second‑home purchases.
A review by the China Securities Journal reveals that since 2022, more than 70 cities have introduced real estate market‑regulation measures, primarily focusing on housing subsidies, adjustments to housing provident fund policies, easing household registration restrictions, lowering down payment ratios, relaxing resale and purchase restrictions, and reducing loan‑to‑value ratios. Many localities have deployed a “combination punch” of such policies.
Involves 25 regulatory policies.
On April 16, the General Office of the Kunming Municipal People’s Government issued the “Opinions on Promoting Stability in Land Prices, Housing Prices, and Market Expectations,” which outlines 25 regulatory measures covering eight key areas: accelerating the absorption of commercial and office space; ensuring the rational use of commercial and office land; alleviating the difficulties faced by real estate developers during the pandemic; encouraging diverse approaches to resettlement and relocation; improving business‑friendly services; optimizing housing‑finance services; continuously rectifying and standardizing the real estate market order; and effectively managing public opinion and sentiment in the real estate sector.
With regard to optimizing housing finance services, the Opinions propose strengthening support from the housing provident fund for legitimate home‑buying needs, such as first‑time home purchases and housing upgrades; moderately increasing the loan limits under the housing provident fund scheme; and lowering the down‑payment ratio for second‑home purchases. In addition, differentiated mortgage policies will be effectively implemented, and housing finance services will continue to be refined to better meet homebuyers’ reasonable credit needs.
With regard to alleviating the difficulties faced by real estate development enterprises during the pandemic, the “Opinions” stipulate that for land premium payments due between June 1, 2021, and December 31, 2022, enterprises may apply for a 60-day extension. For installment payments, the deadline for each installment may also be extended by 60 days beyond the original schedule set forth in the contract. During the extension period (within 60 days), no late‑payment penalties or interest shall be imposed.
With regard to encouraging diverse approaches to relocation and resettlement, the Opinions stipulate that local governments (management committees) may, as appropriate, adjust policies on cash‑based resettlement in urban renewal and redevelopment projects, intensify the use of cash‑based arrangements, and, on the basis of fairness and voluntariness, encourage residents subject to demolition to opt for cash‑based resettlement.
With regard to accelerating the absorption of commercial and business‑use properties and ensuring the rational utilization of such land, the Opinions stipulate that, in urban areas outside the Second Ring Road, for commercially and business‑oriented land parcels that have not yet been allocated and are relatively concentrated, provided they comply with territorial spatial planning, industrial layout, and ecological and environmental protection requirements, the local government (or management committee), after due deliberation, may, in accordance with established procedures, submit a request to the Municipal People’s Government to reclassify the land use as new‑type industrial land (M0), thereby supporting the development of technology‑intensive industries—such as internet software development and electronic assembly—that are pollution‑free, zero‑emission, and low‑noise.
Delivering a “combination punch” of real estate market regulations.
A review by the China Securities Journal reveals that, since 2022, more than 70 cities have introduced real estate market‑stabilization measures, primarily focusing on housing subsidies, adjustments to housing provident fund policies, easing household registration restrictions, lowering down payment ratios, relaxing resale and purchase restrictions, and reducing loan‑to‑value ratios—delivering a comprehensive package of policy tools to regulate the property market.
For example, recently, Yichang City in Hubei Province issued the “Notice on Further Promoting the Virtuous Cycle and Healthy Development of the Real Estate Market,” stipulating that newly built commercial residential properties will no longer be subject to transaction‑restriction requirements for two years after online registration and filing, thereby fostering a healthy cyclical flow between the primary and secondary housing markets. The notice also calls on financial institutions to increase the issuance of individual mortgage loans, with down payment ratios set at no less than 20% for first‑time home purchases and no less than 30% for second homes.
From the perspective of urban regulation, hot real estate markets—represented by first- and second-tier cities—have seen relatively limited regulatory measures and a comparatively mild enforcement stance.
Among first-tier cities, some banks in Guangzhou have lowered the minimum mortgage rate for first-time homebuyers to match the Loan Prime Rate (LPR), while housing markets in the other first-tier cities have seen little change in regulatory policy.
Zhang Bo, director of the Research Institute at 58 Anjuke, stated that the effects of regulatory policies have already become evident in some cities, with the recovery in popular second-tier cities outpacing expectations. However, relaxation measures in cities such as Fuzhou, Harbin, and Dalian were mostly introduced in March, and their impact is expected to materialize only in April and May.
Zhang Bo noted that housing market performance in the second quarter is expected to improve markedly compared with the first quarter, particularly in certain hot second-tier cities and in third- and fourth-tier cities where regulatory easing has been more pronounced, as these markets build stronger momentum for a rebound. However, in some cities facing severe supply-demand imbalances, comprehensive policy measures will still be needed—especially adjustments to the pace of land supply and effective demand-side stimulus—to ensure the stable development of the housing market.

Micro-vacations are injecting new vitality into the tourism market.
During the recently concluded Qingming holiday, domestic tourist trips in China totaled 75.419 million, with 94.9% of travelers staying within their home provinces. The average travel radius was 95.0 kilometers, down 44.9% from the same period last year, while the average recreational radius at destinations stood at 4.9 kilometers, a decrease of 60.4% compared with the previous year.
Data show that even amid the pandemic, people’s desire to travel remains—though many have shifted from “embracing the distant horizons” to “discovering the beauty right on their doorstep.” Adapting proactively to changing consumer preferences, tourism operators have rolled out short‑duration, high‑frequency, experience‑focused micro‑vacation packages, while new types of activities and emerging destinations are gaining popularity among travelers. With the upcoming May Day holiday just around the corner, can micro‑vacations inject fresh vitality into the tourism market?
Why did it arise?
Amid the pandemic, an increasing number of people are reshaping their travel strategies, shifting from long-duration, long-distance trips to short‑distance, high‑frequency outings. According to the “Tourism Green Book: Analysis and Forecast of China’s Tourism Development 2021–2022,” jointly released by the Institute of Financial Strategy at the Chinese Academy of Social Sciences, the Tourism Research Center of the Chinese Academy of Social Sciences, and the Social Sciences Academic Press, this emerging tourism model—centered on cities and their surrounding areas, with travel times of two to three hours and stays lasting two to three days—characterized by frequent visits and a strong sense of satisfaction, has been termed “micro‑vacations.”
The Green Book notes that, amid the pandemic, travelers have become more cautious about embarking on long-distance trips. Instead, they are opting to take short getaways during weekends, the May Day holiday, and other fragmented time slots—seeking nearby destinations to unwind and recharge, thereby fulfilling their vacation aspirations. As a result, micro‑vacation travel is increasingly becoming tourists’ preferred mode of leisure travel.
The pandemic has acted as a catalyst for the rise of micro‑vacations, but at its core, this reflects an enduring, rigid demand for travel and signals a new trend in the upgrading of tourism consumption. According to Dai Bin, President of the China Tourism Academy, “short-distance travel, shallow needs, and low spending”—embodied by local and nearby trips—has become the foundational market on which the tourism industry depends. As the economy and society continue to develop and consumer attitudes evolve, travelers’ preferences have shifted from sightseeing to leisure, driving higher expectations for the diversity, quality, depth, and professionalism of tourism offerings.
“Travelers are increasingly favoring short‑duration, short‑distance tour packages, and in the wake of the pandemic, suppliers are inevitably shifting their production strategies to place greater emphasis on such offerings,” said Li Fan, General Manager of Ctrip’s group‑tour agency business. Ctrip’s vacation platform offers a wide range of micro‑vacation products both online and offline, and compared with 2019, bookings for these types of packages in 2021 have rebounded by more than 50% relative to traditional long‑haul travel products.
The growing popularity of micro‑vacations stems not only from the mutual alignment of market demand and supply but also from the sustained support of local governments. Many regions have introduced policies offering reduced or waived admission fees for domestic tourists, issued various cultural‑tourism vouchers, and actively promoted micro‑vacation and short‑trip itineraries that highlight the unique charms of local life. For instance, Beijing has adapted to shifting consumer trends by launching the “Greater Beijing, New Scenarios, Micro‑Trips—Just to Find You” campaign to solicit and select innovative micro‑travel routes. Meanwhile, during the Qingming holiday, Taiyuan’s Bureau of Culture and Tourism unveiled six premium tourism itineraries to boost local tourism spending.
Proactively plan and deploy
“More than two years of the pandemic have reminded the tourism industry of the power of the market, prompting it to reassess resource development, project planning, and industrial innovation from the consumer’s perspective. An increasing number of tourism enterprises are now focusing on short-distance travel and local leisure tourism,” said Dai Bin.
Consumer demand is steering the market, prompting tourism operators to accelerate their expansion into the micro‑vacation segment and treat it as a key avenue for innovation and growth.
Mafengwo has launched its “Weekend, Hop On!” urban trend‑travel IP. Sun Yunlei, director of Mafengwo’s Domestic Destinations Research Institute, explained that micro‑vacations typically revolve around personal interests or specific experiences. To cater to younger travelers, Mafengwo has rolled out a series of weekend community activities—such as glamping, underground cave expeditions, and ultimate frisbee—“creating entirely new travel scenarios in familiar surroundings, so visitors can enjoy fresh, engaging experiences.”
Tongcheng Travel has also developed the “Hi‑Play 48 Hours” brand, integrating high‑quality tourism resources such as nearby destinations, accommodations, and transportation across various cities. The initiative aims to offer users diverse, personalized short‑trip experiences while enhancing service quality and industry efficiency in the micro‑vacation market.
Unlike long-distance travel, micro‑vacations target the local market. How can micro‑vacation offerings resonate with domestic tourists? According to Mafengwo’s “2021 Micro‑Vacation Trend Report,” the post‑80s and post‑90s generations account for over 80% of micro‑vacation travelers. Driven by unique ways to experience their surroundings, an increasing number of users are willing to pay for high‑quality services and immersive experiences. Sun Yunlei noted, “The multiple layers of added value in tourism services are crucial; integrating cultural, artistic, and sporting elements into micro‑vacations has become a key strategy for enhancing both the quality and efficiency of the tourism sector.”
Micro‑vacations reflect a shift in consumer demand, moving from out-of‑town sightseeing to local leisure. Rather than seeking all‑encompassing experiences across food, lodging, transportation, sightseeing, shopping, and entertainment, local travelers increasingly expect micro‑vacation offerings to deliver fresher, higher‑quality services in one or two key areas. The growing popularity of camping as a micro‑vacation trend underscores this point: at its core, camping is an outdoor leisure activity that brings fresh, engaging experiences to the accommodation and recreation segments, winning over many young consumers. According to data released by Tongcheng Travel, searches for camping during the Qingming holiday weekend surged 98% compared with the previous period.
Long-term bullish outlook
Fundamentally, micro‑vacations align with the emerging trend of upgrading tourism consumption and the new imperatives for high‑quality development in the industry, and stakeholders are optimistic about their growth prospects.
Netizen “Qin Tian Sunning,” a contracted travel expert with Ctrip, recently sampled micro‑vacation packages in several cities. His key takeaway is that these offerings feature flexible itineraries, making them ideal for travelers seeking relaxation, and their convenient accessibility encourages repeat bookings—underscoring their potential as a promising niche market.
Jia Jianqiang, CEO of 6RenYou Travel Network, stated that micro‑vacation products are characterized by high frequency and rapid decision‑making, serving as a bridge between everyday consumption and travel spending. Tourism companies can use such offerings to complement their long‑haul travel portfolios while also building a deeper pool of target customers.
“Micro‑vacations have reshaped tourism consumption patterns in both time and space, and they are set to become a long‑term trend. This is creating new competitive pressures for tourist destinations, as travelers’ choices are no longer confined to a single attraction but extend to the broader local lifestyle and all‑inclusive service‑based consumption ecosystem,” said Zhao Lisong, Senior Strategic Advisor at Meituan Tickets.
Li Fan believes that travel agencies still have distinct advantages when it comes to developing micro‑vacation offerings. “The pandemic has introduced uncertainty into travel plans, making the value of agency‑provided services even more apparent. At the same time, agencies’ in‑depth knowledge of destinations can provide valuable insights for designing such products,” he said. He added that, in the micro‑vacation market, Ctrip will not only continue to offer standard packages but will also place greater emphasis on providing differentiated options for mid‑to‑high‑end travelers. “Based on 2021 sales data, private group tours for nearby destinations have grown at twice the rate of 2019 levels, far outpacing the recovery of conventional travel products.”
Dai Bin stated that mass tourism has entered a new stage of comprehensive development, and micro‑tours and micro‑getaways—grounded in the integration of culture and tourism and designed for shared experiences between hosts and visitors—can, under the banner of culture, art, and technology, deliver fresh, engaging experiences to both residents and tourists. He recommended “intensifying the development of urban modern‑life‑oriented tourism resources, guiding and supporting the tourism‑oriented use of neighborhoods, commercial districts, cultural venues, and city parks, thereby creating diverse, inclusive spaces where locals and visitors can enjoy a richer, more fulfilling quality of life. In response to the practical needs of short‑distance travel and local leisure, we should launch a series of tourism routes and recreational programs centered on urban and suburban parks.”

Taxation TAXATATION
Extension of the first month of implementation of the tax and fee deferral policy for small, medium, and micro manufacturing enterprises.
In March, tax authorities nationwide processed deferred tax and fee payments totaling RMB 256.7 billion.
According to data recently released by the State Taxation Administration, in March, tax authorities nationwide processed tax and fee deferrals totaling RMB 256.7 billion for small, medium, and micro manufacturing enterprises, benefiting 2.57 million businesses and essentially covering all such enterprises that file tax returns. On average, medium-sized enterprises received about RMB 440,000 in deferred payments, while small and micro enterprises averaged approximately RMB 50,000.
On February 28, the State Taxation Administration, in conjunction with the Ministry of Finance, issued the “Announcement on Extending the Implementation of Measures to Defer Payment of Certain Taxes and Fees for Small and Micro Manufacturing Enterprises,” clarifying that the portion of taxes and fees already deferred by small and micro manufacturing enterprises in the fourth quarter of 2021 will be further deferred for an additional six months, and that payment of certain taxes and fees for the first and second quarters of 2022 will also be deferred.
To ensure the swift and direct implementation of the tax and fee deferral policy, the State Taxation Administration promptly upgraded the tax administration information system, automatically extending the deferral period for taxes and fees paid by taxpayers in the fourth quarter of 2021. Eligible taxpayers can obtain refunds through streamlined procedures—such as form‑free processing and batch handling—for any related taxes and fees they have already paid, enabling them to access much-needed liquidity quickly and conveniently.
Tax authorities across the country are providing comprehensive, multi‑faceted, and integrated outreach and guidance to eligible small and medium‑sized manufacturing enterprises through SMS and WeChat official account notifications, e‑tax bureau alerts, and face‑to‑face consultations. At the same time, they are further refining their working mechanisms, conducting daily monitoring of implementation progress, and promptly addressing any new circumstances or issues that arise among taxpayers and payers during the policy rollout, thereby ensuring that the measures to defer tax and fee payments are fully and effectively implemented.

China’s large-scale policy of refunding outstanding input VAT credits has been implemented, and businesses are now receiving their tax rebate windfalls.
China has officially launched a large-scale refund of outstanding value-added tax credits. According to data released by the State Taxation Administration, from the 1st to the 11th, tax authorities nationwide processed credit refunds totaling RMB 155.7 billion for 203,000 taxpayers.
Following the release of the carryforward VAT refund policy and related administrative guidelines, Chinese tax authorities have launched a new round of outreach and guidance—through on-site briefings, video training sessions, and telephone follow-ups—to help taxpayers fully understand the policy; streamline their refund accounting; expedite review processes; and ensure that enterprises promptly benefit from the refund incentives.
Among these measures, Shanghai’s tax authorities are employing shift‑based handovers and mutual backup arrangements to ensure that the processing of input‑VAT credit refunds remains uninterrupted and continuous. They are also providing dynamic guidance to taxpayers, enabling them to apply for such refunds in an orderly manner through “non‑contact” channels, thereby ensuring that the policy benefits are delivered with precision. In addition, several tax‑related intermediary agencies have been invited to educate businesses on how to navigate the refund procedures.
In April, the carryforward VAT refund program has primarily benefited micro‑enterprises. Li Xuhong, Director of the Institute for Fiscal and Taxation Policy and Application at the National Accounting Institute in Beijing, noted that in just 11 days, the total amount refunded reached RMB 155.7 billion, covering 203,000 enterprises. This underscores the large number and small size of micro‑enterprises, which entail a substantial administrative workload. Fortunately, the fiscal and tax authorities have made meticulous arrangements, and the early implementation of the policy in April has already yielded positive results. Such measures are of significant practical importance for mitigating the impact of the pandemic and economic pressures, boosting the vitality of market entities, and ensuring employment stability and people’s livelihoods.
The annual tax refund of approximately RMB 1.5 trillion for outstanding input VAT credits has three key features: it focuses on small and micro enterprises as well as priority‑supported industries; it refunds both incremental and existing credit balances; and it combines systemic, one‑off, and temporary measures. According to Liu Yunmao, Deputy Director of the Department of Goods and Services Tax at the State Taxation Administration, this large‑scale policy will inject roughly RMB 1.5 trillion in additional cash flow into market entities, returning tax funds to businesses in tangible, real‑money form. For enterprises in urgent need of financial support, this measure will provide timely assistance, help them overcome difficulties, and offer sustained relief, enabling them to operate with greater agility and efficiency.
The value-added tax credit refund amounts to approximately RMB 1.5 trillion, a scale that has exceeded both market and societal expectations. According to Shi Wenpo, an associate researcher at the Center for Public Revenue Studies of the Chinese Academy of Fiscal Sciences, outstanding VAT credits tie up companies’ capital, strain their cash flow, and increase financial burdens. Typically, as offices expand their sales volumes, these credits are gradually offset. However, during economic downturns, such credits may remain unremedied for extended periods, further exacerbating liquidity pressures. The issue is particularly acute when it stems from institutional discrepancies, as these credits do not dissipate naturally over time. Without the implementation of a systematic tax‑refund mechanism, they will continue to accumulate, resulting in prolonged capital lock‑up for businesses.
Shi Wenpo stated that refunding the carryforward value-added tax credit is intended both to alleviate the financial strain on enterprises caused by excessively large credits and to serve as a safeguard for improving the VAT system and ensuring the effective implementation of the low‑rate regime, thereby reducing the burden on businesses.
Li Xuhong stated that, as the next phase gradually implements the carryforward VAT refund policies for small, medium, and large enterprises—covering both existing and newly incurred tax credits—the centerpiece of this year’s tax and fee reduction measures—large-scale carryforward VAT refunds—will deliver even more favorable policy outcomes.

Better leverage fiscal and tax functions to serve the overarching national development agenda.
Fiscal and tax system reform is a key component of the broader effort to deepen reform. Measures such as the replacement of business tax with value-added tax, special additional deductions, tax and fee reductions, stringent government spending, and the direct‑allocation mechanism for fiscal funds have collectively marked the decade-long journey of this reform, which has steadily advanced in depth and breadth.
This is a reform that keeps pace with the times. In 2014, the amendment to the Budget Law was adopted by the Standing Committee of the National People’s Congress, marking a new chapter in the development of the budgetary system; in 2016, the business tax was phased out, and tax‑system reform, spearheaded by the transition from business tax to value‑added tax, advanced in tandem with reforms to tax administration; in 2018, the Environmental Protection Tax Law came into effect, becoming China’s first standalone tax law specifically designed to embody a “green tax system” and promote ecological progress… Fiscal and tax system reform has continuously adapted to the new realities of economic and social development, playing a vital role in advancing high‑quality growth.
This is a concrete measure to help businesses overcome difficulties. Since 2013, tax and fee reduction policies have seen new progress every year, bringing good news each time and earning widespread approval from market entities. During the 13th Five-Year Plan period, nationwide cumulative tax and fee cuts exceeded 7.6 trillion yuan. From “tax and fee reductions” to “tax and fee reductions plus deferred tax and fee payments,” and then to the implementation of a new package of tax and fee support measures, this year is expected to deliver approximately 2.5 trillion yuan in tax refunds and reductions. The practicality of fiscal and tax reform lies in its consistent commitment to alleviating burdens and solving problems for market entities—by devising innovative solutions and introducing fresh approaches—to bolster their confidence in development and unleash their creative vitality.
This is a measure that warms the hearts of the people. Since the 18th National Congress of the Communist Party of China, the fiscal and tax authorities have officely upheld the development philosophy of putting the people at the center, continuously increased investment in areas that improve people’s livelihoods, and strengthened basic social safety nets. In 2018, China launched a personal income tax reform that combines comprehensive and categorized approaches; in 2019, six special additional deductions were introduced; and in 2020, the first annual individual income tax settlement for comprehensive income was successfully implemented, marking the successful establishment of a personal income tax system that integrates both comprehensive and categorized elements. The “warmth” of fiscal and tax reform lies in its fundamental aim to enhance the well-being of the people—by increasing investment, addressing shortcomings, and promoting inclusive development.
The Outline of the 14th Five-Year Plan clearly sets out the objectives, key tasks, and implementation pathways for establishing a modern fiscal and taxation system. With greater resolve and more robust measures, we will continue to deepen reform of the fiscal and taxation system, ensuring that a sound fiscal and taxation framework serves as an institutional safeguard for optimizing resource allocation, upholding market unity, promoting social equity, and securing long-term national stability and prosperity, thereby enhancing the people’s sense of gain, happiness, and security in a more substantial, secure, and sustainable manner.

Litigation & Arbitration
The Supreme People’s Court has issued the “Opinions on Strengthening Litigation-related Letters and Visits Work of the People’s Courts in the New Era.”
Recently, in order to implement the Regulations on Letters and Visits, the Supreme People’s Court issued the “Opinions on Strengthening Litigation‑Related Letters and Visits Work of the People’s Courts in the New Era” (hereinafter referred to as the “Opinions”), which sets out arrangements for upholding Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, earnestly applying General Secretary Xi Jinping’s important ideas on strengthening and improving people’s letters and visits work, accurately grasping the patterns and characteristics of internal contradictions among the people under the new circumstances, creating a litigation‑related letters and visits model that meets the public’s evolving needs and reflects the distinctive features of our times, and promptly addressing the legitimate and reasonable demands of the people while safeguarding their lawful rights and interests in accordance with the law.
The “Opinions” comprise seven sections and 34 provisions, setting forth specific requirements for strengthening litigation-related petition work in the new era. These include improving a systematic mechanism for preventing disputes at their source, a multi‑dimensional mechanism for accepting and processing such petitions, a substantive mechanism for resolving them, a precise mechanism for handling them in accordance with the law, and an intelligent management mechanism. The document also clarifies the fundamental principles that should guide the people’s courts’ litigation‑related petition work in the new era: upholding the Party’s absolute leadership over this work; putting the people at the center; resolving petition issues within the framework of the rule of law; combining source‑based governance with differentiated, category‑specific approaches; advancing institutional innovation in tandem with institutional development; coordinating social forces to collaboratively resolve petition‑related conflicts; and leveraging modern technology to achieve innovative progress.
The Opinions state that efforts should be strengthened to prevent complaints and petitions at their source, resolve them on the spot, and defuse them at the earliest stage. The mechanism of bringing the people’s courts’ mediation platform into villages, communities, and grid‑based governance units should be effectively utilized to promptly address emerging issues in complaint and petition cases, providing “one‑stop” mediation and resolution of disputes and conflicts, and ensuring that problems are resolved at the grassroots level and nipped in the bud. Furthermore, the achievements of building a one‑stop, diversified dispute‑resolution and litigation‑service system should be consolidated and enhanced, with a focus on comprehensively employing legal, policy, economic, and administrative measures under the leadership of Party committees, and resolving disputes through non‑litigation means such as pre‑litigation mediation.
The “Opinions” emphasize establishing online channels as the primary means for filing complaints, fully implementing the People’s Courts’ online complaint and petition platform, and breaking down information silos and enabling data interoperability among online complaint submission, on-site reception, mail processing, video interviews, and the 12368 “one-stop service” system. This will provide services such as filing complaints, tracking progress, offering legal advice, facilitating third-party mediation, receiving feedback on outcomes, and collecting satisfaction ratings and suggestions, thereby achieving “one-stop online handling” of complaints and petitions and comprehensively enhancing the overall effectiveness of online petitioning. A mechanism for processing all incoming letters—“every letter must be replied to”—will be established: for valid letters falling within the court’s jurisdiction and subject to its own handling, the relevant department shall promptly register them upon receipt, keep the petitioner informed of progress, and ensure a response is provided for each case. The cross‑hierarchical, coordinated video interview mechanism will be refined, leveraging video interview systems and the People’s Courts’ mediation platform to conduct joint video hearings for litigation‑related petitions spanning different levels or regions; where cases involve particularly complex or difficult issues, lawyers and other independent third parties may be invited to participate. A sound system for mandatory recording of all petitions will also be put in place: all materials submitted by the public through letters or in person will be scanned and uploaded, with each item of information entered into the litigation‑related petition information management system at every stage, ensuring that “every visit is recorded, every letter is recorded, and every record is complete.”
The “Opinions” call for standardizing the handling of litigation-related complaints and petitions, strengthening the principle of first‑response accountability, and further clarifying the scope of matters to be addressed through “immediate action, meticulous handling, joint efforts, and supervisory oversight.” They also seek to unify processing standards, ensuring that “every legitimate request is assigned a responsible party, cases are resolved promptly, outcomes are subject to oversight, and closure is followed by appropriate feedback.” The framework for categorized reception of public grievances will be refined: direct submissions from parties involved in litigation will be registered and then routed according to the nature of the诉求. Efforts to deepen reforms in the lawyer‑representation system for appeals will be advanced, with a view to achieving full coverage of criminal appeal cases by legal counsel. The responsibility system for litigation‑related complaints and petitions—under which both Party and government bodies share accountability and each position carries dual responsibilities—will be implemented, while mechanisms for leadership‑led reception, on‑site visits, and case‑specific resolution will be improved. Institutional channels for engaging civil society in addressing litigation‑related complaints and petitions will be broadened, and mechanisms for public participation will be established. Representatives of the People’s Congress, members of the Chinese People’s Political Consultative Conference, lawyers, academic experts, psychological counselors, grassroots legal professionals, and other third‑party stakeholders will be invited to take part in resolving such matters, thereby enhancing the effectiveness of diversified, non‑governmental approaches to settling litigation‑related disputes.
The Opinions stipulate that informationization and intelligent technologies shall serve as key pillars for litigation-related petition work in the new era, and that the four-tier court platform for such work shall be optimized. Guided by the principles of “network connectivity,” “data interoperability,” and “business integration,” the aim is to enable online processing of all stages and all types of litigation-related petitions, thereby fostering innovation in the modality of this work and promoting its high-quality development, while enhancing the capacity to prevent and resolve risks and to support evidence-based decision-making.
The Opinions also stipulate measures to strengthen organizational leadership and team building in handling litigation-related complaints and petitions in the new era, promptly disseminate best practices and typical cases from courts across the country on innovating methods of serving the public and substantively resolving petition-related disputes, and foster a positive atmosphere conducive to the lawful and rational expression of grievances.

The Supreme People’s Court addresses pressing judicial issues by releasing nine landmark civil cases, strengthening the protection of personality rights.
In 2021, courts nationwide accepted 192,675 first-instance cases involving disputes over personality rights, a year-on-year increase of 19.2%, reflecting the growing judicial demand among the public to safeguard their personality rights.
Can the installation of facial recognition devices be used to monitor whether neighbors’ privacy rights are being infringed upon in residential areas? After a divorce, if one parent unilaterally changes the child’s name, how should this be handled? To what extent does “speaking ill” in a WeChat group constitute an infringement of reputation?… In response to these frequently encountered real‑world issues involving violations of personality rights, the Supreme People’s Court has released typical civil cases on the judicial protection of personality rights following the promulgation of the Civil Code, thereby clarifying the law and fully leveraging the educational, evaluative, guiding, and exemplary functions of judicial rulings.
The nine typical cases released this time include: a case involving the protection of rights to change a minor’s name; a case concerning the right to have one’s name inscribed on a foster daughter’s tombstone; a case of infringement of the right to use one’s name through online bidding rankings; a case of infringement of personality rights by an “AI companion” app; a dispute over the right of publicity and the right to one’s name involving a well-known celebrity, Mr. A; a case in which a debtor sued a financial institution for defamation; a case in which a property management company sued a homeowner for defamation; a case involving the infringement of a neighbor’s privacy by a facial recognition device; and a civil public-interest lawsuit concerning the illegal trading of personal information.
In a case in which a property management company sued a homeowner for defamation, the plaintiff, a certain property management company, provided property management services to a particular residential community. The defendants, Mr. Wu and a third party, Ms. Xu, are both owners in that community. On December 11, 2020, Ms. Xu posted a 15-second short video in the community’s WeChat group and commented, “They’re repairing the community gate and using the building maintenance fund—did you all sign off on it? Did you give your consent?” Subsequently, defendant Mr. Wu made remarks such as, “The property management doesn’t have money to repair it? That’s really unscrupulous.”
After trial, the Intermediate People’s Court of Ji’an City, Jiangxi Province, held that, as a homeowner in the residential community, the defendant made negative remarks about the plaintiff, a property management company, within the community’s WeChat group regarding irregularities in the application for and use of special repair funds. Although the language employed was somewhat imprecise, it did not exceed the bounds of what is necessary and was insufficient to cause any harm resulting in a decline in the property management company’s social reputation. Furthermore, the court emphasized that when exercising their right of oversight, homeowners should express their concerns and state their views in a rational and measured manner. This case clarifies that where a homeowner’s negative comments concerning matters under supervision are within the scope of what is reasonably necessary to safeguard their own rights and interests, such comments do not constitute an infringement of the property management company’s reputation, thereby appropriately delineating, in accordance with the law, the boundaries between the personality rights of legal persons and non‑legal person organizations and the freedom of conduct enjoyed by citizens.
In the case concerning infringement of a neighbor’s right to privacy by a facial recognition device, the plaintiff and defendant were neighbors living in adjacent buildings within the same residential complex, with the closest distance between them less than 20 meters. Despite the presence of existing security surveillance systems in the complex, the defendant, seeking to monitor the area around their residence at all times, installed a video doorbell equipped with facial recognition technology that automatically records and stores video footage. The device was positioned directly facing the bedrooms and balconies of several residents in the plaintiff’s building.
After trial, the People’s Court of Qingpu District, Shanghai, held that although the defendant installed a video doorbell within his own premises, the device’s field of view extended beyond his private property and captured images of the plaintiff’s residence. The court granted the plaintiff’s claim for the defendant to remove the video doorbell, but dismissed the plaintiff’s requests for an apology and compensation for losses.

The Ministry of Justice and other authorities have issued the “Notice on Effectively Implementing the Program for Cultivating Talents in Foreign-related Arbitration.”
To thoroughly implement the important instructions of General Secretary Xi Jinping on strengthening the cultivation of foreign-related legal professionals, and to earnestly carry out the tasks and requirements set forth in the CPC Central Committee’s “Plan for Building a Law-Based China (2020–2025)” and at the Central Talent Work Conference regarding the training of foreign‑related arbitration professionals, the Ministry of Justice, the Ministry of Education, the Ministry of Science and Technology, the State-owned Assets Supervision and Administration Commission of the State Council, the All-China Federation of Industry and Commerce, and the China Council for the Promotion of International Trade have recently issued the “Notice on Implementing the Project for Cultivating Foreign‑Related Arbitration Professionals” (hereinafter referred to as the “Notice”).
The Notice clarifies that, in order to strengthen the cultivation of talent in international arbitration, it is essential to adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly study and implement Xi Jinping’s thought on the rule of law, and comprehensively carry out the spirit of the 19th National Congress of the Communist Party of China and all subsequent plenary sessions of the 19th Central Committee. It calls for innovating mechanisms for training international arbitration professionals, optimizing pathways for their development, and focusing on nurturing a cohort of Chinese arbitration experts who possess an international perspective, a deep understanding of international rules, and the ability to deliver high‑quality legal services in the cross‑border market. Furthermore, it seeks to establish a systematic framework for the cultivation and training of specialized personnel that aligns with the development of China’s international arbitration brand and its status as an international commercial arbitration center, thereby providing robust human‑resource support and intellectual backing for building a country under the rule of law.
The Notice stipulates that existing resources shall be coordinated to cultivate talent in international arbitration. Through key measures—including establishing an expert committee for the training of international arbitration professionals, setting up training bases for such talent, creating a pool of high‑caliber international arbitration experts, offering certificate‑based programs in international arbitration, implementing a postgraduate program leading to a Master of Laws degree with a specialization in International Arbitration, and organizing specialized educational initiatives—the work of fostering international arbitration talent will be advanced in an orderly manner.
The Notice stipulates that by 2025, a talent-development system for international arbitration—aligned with internationally accepted arbitration frameworks—will be established. This will involve selecting 1,000 high‑caliber leading professionals, training 1,000 mid‑career advanced practitioners, and cultivating 1,000 young reserve talents, thereby building a highly qualified and professional team of international arbitrators committed to steadfastly advancing along the path of socialist rule of law with Chinese characteristics.

The Supreme People’s Procuratorate has issued the “Opinions on Strengthening Procuratorial Education and Training at the National Prosecutors College in the New Era.”
　The Supreme People’s Procuratorate recently issued the “Opinions on Strengthening Procuratorial Education and Training at the National Prosecutors College in the New Era” (hereinafter referred to as the “Opinions”). Guided by the principle of implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Opinions earnestly implement the CPC Central Committee’s directives on cadre education and training, calling for the deepening of comprehensive training on Xi Jinping’s Thought on the Rule of Law, the reinforcement of integrated political and professional training, and the further enhancement of the quality and standard of procuratorial education and training at the National Prosecutors College.
The Opinions state that the National Prosecutors College is a specialized institution for the education and training of procuratorial personnel directly under the Supreme People’s Procuratorate, serving as the principal base for cultivating high-caliber prosecutorial talent and playing a vital role in advancing the high-quality development of the Party’s procuratorial undertakings. It is essential to strengthen the development of the National Prosecutors College and its branch campuses, fully leverage their functions in procuratorial education and training, and thereby promote the high-quality development of procuratorial work while providing robust support for the high-quality development of the economy and society.
The “Opinions” emphasize the need to continuously deepen the integration of political and professional training. They call for consistently embedding the application of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era throughout all stages of training, ensuring that this thought is incorporated into teaching materials, classrooms, and the minds of trainees. Efforts should be made to deepen, strengthen, and put into practice judicial and procuratorial principles, with specialized training on these principles and policies integrated into all aspects of professional instruction. The aim is to cultivate and enhance prosecutors’ capacity to fulfill their duties in support of high-quality economic and social development, while systematically reinforcing education on the holistic national security outlook and providing targeted training on ideological security, cybersecurity, financial security, and the maintenance of social order. Furthermore, the training should help advance and improve the socialist judicial and procuratorial system with Chinese characteristics, bolstering trainees’ confidence and resolve in the path of socialist rule of law and the procuratorial system. Finally, it seeks to elevate the ability to perform duties proactively and in accordance with the law, promptly and accurately incorporating the CPC Central Committee’s decisions and arrangements on political and legal work and procuratorial work, as well as the measures adopted by the procuratorial organs to implement them, into the training curriculum.
The Opinions emphasize the need to continuously enhance the precision and effectiveness of procuratorial education and training. They call for the establishment of a training and teaching mechanism that seamlessly integrates political and professional development, as well as a demand-driven training system. The classification‑based, tiered teaching framework should be further refined, and mechanisms for selecting trainees and assigning instructors should be improved. Efforts to promote joint in‑class training should be deepened, online training vigorously expanded, and teaching reform further advanced. Moreover, the international dimension of procuratorial education and training should be broadened, with a focus on cultivating and building a pool of high‑caliber professionals skilled in cross‑border procuratorial work.
The Opinions call for fully leveraging the think tank’s advisory role at the National Prosecutors College. They urge in-depth research on Xi Jinping’s Thought on the Rule of Law, actively promote the establishment of specialized research institutions, and strengthen the research workforce. Furthermore, they seek to advance both theoretical and practical research in the field of procuratorial work, mobilizing the enthusiasm of both faculty members and trainees, and fostering coordinated synergy to enhance the think tank’s capacity for policy advice.
The Opinions state that efforts must be vigorously stepped up to strengthen the foundational infrastructure for procuratorial education and training. In line with the principle of seamlessly integrating political principles with professional expertise, a national pool of instructors, a repository of curricula, a database of teaching materials, and a collection of case studies should be established. High‑quality development of teaching materials and case‑study resources is to be advanced, while conditions supporting procuratorial education and training are to be continuously improved.
The Opinions call for strengthening leadership over the work of the National Prosecutors College, continuously advancing the integrated development of the National Prosecutors College and its branch campuses, and formulating and refining standardized frameworks governing training curricula, teaching evaluation, training assessments, and trainee management at both the National Prosecutors College and its branches.

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