JC Master Legal News Issue 800

Key Takeaways for This Issue

The China Insurance Regulatory Commission is soliciting industry feedback on the “Regulatory Measures for Insurance Asset–Liability Management (Draft for Comments).”
Recently, the China Insurance Regulatory Commission has sought industry feedback on the “Regulatory Measures for Insurance Asset–Liability Management (Draft for Comments)” (hereinafter referred to as the “Regulatory Measures”). Building on the five specific regulatory rules issued earlier, the Measures further clarify the fundamental requirements for asset–liability management, the regulatory framework, the rating methodology, and the corresponding differentiated supervisory measures. Serving as the overarching document governing asset–liability management, it comprises five chapters and 38 articles.
The China Banking Regulatory Commission has issued the “Implementation Plan for the Special Rectification of Risks in Online Microloan Business of Small Loan Companies.”
Recently, the Office of the Leading Group for the Special Rectification of P2P Online Lending Risks under the China Banking Regulatory Commission issued the “Implementation Plan for the Special Rectification of Risks in the Online Microloan Business of Small Loan Companies” (hereinafter referred to as the “Rectification Plan”), which aims, through this targeted campaign, to rigorously review and approve qualifications for online microloans, standardize the operations of online microloan institutions, and severely crack down on and shut down entities engaged in the illegal provision of online microloan services.
The State Taxation Administration has issued the “Procedures for Handling Administrative Litigation in Tax Matters.”
On December 14, 2017, the State Taxation Administration issued the “Procedures for Handling Administrative Litigation in Tax Matters,” with the aim of standardizing the administrative litigation practices of tax authorities, enhancing the quality of such proceedings, promoting law-based administration, and safeguarding national tax interests.
The Supreme People’s Court has issued the “Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of Law in Adjudicating Disputes over Liability for Medical Damage.”
On December 13, 2017, the Supreme People’s Court issued the “Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of Law in the Trial of Medical Damage Liability Disputes.” The Interpretation comprises twenty-six articles, divided into six sections: scope of application, determination of the legal capacity of the parties, burden of proof, expert appraisal procedures, liability allocation, and supplementary provisions.
China Science & Technology Venture Capital will be forcibly delisted.
According to an announcement by the National Equities Exchange and Quotations Company, the company will forcibly delist two listed offices—Zhongke Zhaoshang (832168) and Darenn Asset Management (831639). In accordance with applicable regulations, the NEEQ has decided to suspend trading of the shares of these two companies for one day on December 18, 2017, and to terminate their listing effective December 26.

Table of Contents
Table of Contents

Finance & Capital Markets

The China Insurance Regulatory Commission is soliciting industry feedback on the “Regulatory Measures for Insurance Asset–Liability Management (Draft for Comments).”
The China Insurance Regulatory Commission is soliciting public comments on the “Guidelines on Combating Insurance Fraud (Draft for Comments).”
The China Banking Regulatory Commission has finalized three major policy directions for opening up the banking sector to foreign participation.
The Shanghai Stock Exchange and the Shenzhen Stock Exchange have each issued guidelines on the conofficeation of listing eligibility for corporate accounts‑receivable asset‑backed securities.
China’s first-ever rail transit-specific bond was issued on the Shenzhen Stock Exchange.

Corporate & Commercial

The China Banking Regulatory Commission has issued the “Implementation Plan for the Special Rectification of Risks in Online Microloan Business of Small Loan Companies.”
The China Banking Regulatory Commission has issued the “Notice on Properly Carrying Out the Acceptance of Rectification Measures in the Special Campaign to Address Risks in P2P Online Lending.”
The Ministry of Finance has issued the “Accounting System for Social Insurance Funds” and the “Provisions on Handling Transitional Issues Between the Old and New Accounting Systems for Social Insurance Funds.”
The Ministry of Industry and Information Technology has issued the “Three-Year Action Plan for Promoting the Development of the Next-Generation Artificial Intelligence Industry (2018–2020).”
China UnionPay, together with commercial banks, payment institutions, and other industry stakeholders, has jointly launched the banking industry’s unified app, “UnionPay QuickPass.”

Taxation

The State Taxation Administration has issued the “Procedures for Handling Administrative Litigation in Tax Matters.”
The State Taxation Administration and China Construction Bank have signed a cooperation agreement on “Online Banking-Tax Interaction.”

Litigation & Arbitration

The Supreme People’s Court has issued the “Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of Law in Adjudicating Disputes over Liability for Medical Damage.”
The Supreme People’s Procuratorate has issued the “Regulations on Off-site Review of Criminal Appeal Cases by People’s Procuratorates.”

Other

China Science & Technology Venture Capital will be forcibly delisted.
Opinions of the General Office of the State Council on Promoting Government Information Disclosure in the Field of Approval and Implementation of Major Construction Projects

Finance & Capital Markets

The China Insurance Regulatory Commission is soliciting industry feedback on the “Regulatory Measures for Insurance Asset–Liability Management (Draft for Comments).”
Recently, the China Insurance Regulatory Commission (CIRC) has sought industry feedback on the “Regulatory Measures for Insurance Asset–Liability Management (Draft for Public Comment)” (hereinafter referred to as the “Regulatory Measures”). The Regulatory Measures represent a key initiative by the CIRC to implement the spirit of the National Financial Work Conference and the CIRC’s “1+4” series of policy documents. They are of great significance in guiding the insurance sector back to its core functions, enhancing its support for the real economy, mitigating asset–liability mismatch risks, and strengthening the regulatory framework for robust asset–liability management.
Building on the five specific regulatory rules established in the earlier phase, the “Regulatory Measures” further clarifies the fundamental requirements for asset–liability management, the regulatory framework, the rating methodology, and the corresponding differentiated supervisory measures. It serves as the overarching document governing asset–liability management and comprises 5 chapters and 38 articles. Chapter 1, General Provisions, sets out the purpose of the regulations, their scope of application, the definition of asset–liability management, the organizational structure for supervision, and the respective responsibilities. Chapter 2, Asset–Liability Management for Insurance Companies, specifies the core elements and requirements of asset–liability management as applied to insurance companies. Chapter 3, Regulatory Assessment, outlines the assessment methods, scoring criteria, and the standards for categorizing overall ratings. Chapter 4, Supervisory Measures, details the implementation of tailored regulatory responses based on the results of the comprehensive rating; for instance, companies receiving a D‑level rating will face targeted restrictions, such as limitations on the types or proportions of investment assets, or constraints on product sales and business scope. Additionally, companies with low capability assessment scores will be denied registration of their equity‑investment, real‑estate‑investment, and derivatives‑management capabilities, and will be prohibited from engaging in significant equity investments. Chapter 5, Supplementary Provisions, addresses special circumstances and provides guidance on the application of existing regulations.

The China Insurance Regulatory Commission is soliciting public comments on the “Guidelines on Combating Insurance Fraud (Draft for Comments).”
On December 14, in order to enhance the insurance industry’s comprehensive risk management capabilities and to prevent and mitigate insurance fraud risks, the China Insurance Regulatory Commission publicly sought comments on the “Guidelines on Combating Insurance Fraud” and the “Application Guidelines on Combating Insurance Fraud No. 1: Guidelines on Combating Auto Insurance Fraud.” The “Guidelines on Combating Insurance Fraud (Draft for Public Comment)” comprises four chapters and 47 articles. The “Application Guidelines on Combating Insurance Fraud No. 1: Guidelines on Combating Auto Insurance Fraud (Draft for Public Comment)” consists of six sections and 30 articles, clearly outlining investigative methods for identifying 16 types of auto insurance fraud, including false claims, inconsistencies in accident traces, backdated policies, vehicle plate swapping, falsified documents, intentional fabrication of traffic accidents, repeated claims by the same insured, hit-and-run incidents, driver substitution, driving under the influence of alcohol or drugs (without driver substitution), concealment of the true facts of an accident, unauthorized driving qualifications, undisclosed vehicle modifications, installation of additional parts, illegal cargo loading, fictitious personal injury cases, and fraudulent claim extraction.

The China Banking Regulatory Commission has finalized three major policy directions for opening up the banking sector to foreign participation.
On December 13, 2017, with the approval of the State Council, the China Banking Regulatory Commission (CBRC) relaxed restrictions on foreign ownership limits for Chinese-funded banks and financial asset management companies—excluding private banks—and implemented a unified equity‑investment ratio regime applicable to both domestic and foreign investors. Going forward, the CBRC will continue to advance the opening-up of the banking sector, focusing on the following policy directions: First, broaden the range of commercial presence options available to foreign banks to foster greater diversification within the domestic financial system. Second, expand the scope of business activities for foreign‑invested banks by abolishing the waiting period for RMB‑denominated operations, permitting branches of foreign banks to engage in government‑bond‑related business, relaxing requirements for RMB retail deposits at such branches, and encouraging foreign banks to participate in financial market activities, thereby enhancing the vitality of the financial system. Third, refine regulatory frameworks by revising capital‑management requirements and supervisory assessment methods for branches of foreign banks, guiding them to leverage their operational strengths and bolster their competitiveness.

The Shanghai Stock Exchange and the Shenzhen Stock Exchange have each issued guidelines on the conofficeation of listing eligibility for corporate accounts‑receivable asset‑backed securities.
On December 15, 2017, the Shanghai Stock Exchange issued the Guidelines for Conofficeing Listing Conditions for Corporate Accounts Receivable Asset-Backed Securities. On the same day, the Shenzhen Stock Exchange released the “Shenzhen Stock Exchange Guidelines for Conofficeing Listing Conditions for Corporate Accounts Receivable Asset-Backed Securities” and the “Shenzhen Stock Exchange Guidelines on Information Disclosure for Corporate Accounts Receivable Asset-Backed Securities.” The issuance of these guidelines aims to standardize the securitization of corporate accounts receivable, facilitate business operations and risk management by participating institutions such as managers and original right holders, safeguard investors’ legitimate rights and interests, and promote the sound development of the asset-securitization market.

China’s first-ever rail transit-specific bond was issued on the Shenzhen Stock Exchange.
On December 11, 2017, the 2017 Shenzhen Municipal-Level Rail Transit Special Bonds (Phase I) were successfully issued through the Ministry of Finance–Shenzhen Stock Exchange Government Bond Issuance System. This marked the first rail transit special bond issued nationwide since the launch of the special bond pilot program, following land reserve and government‑charged‑toll road special bonds. The bonds have a five-year tenor, with an issuance size of RMB 2 billion and a coupon rate of 3.82%. Proceeds will be allocated to the Shenzhen Metro Line 14 project, with principal and interest repaid from metro operating revenues and revenue generated by above‑ground property development.

Commercial & Corporate

The China Banking Regulatory Commission has issued the “Implementation Plan for the Special Rectification of Risks in Online Microloan Business of Small Loan Companies.”
Recently, the Office of the Leading Group for the Special Rectification of P2P Online Lending Risks under the China Banking Regulatory Commission issued the “Implementation Plan for the Special Rectification of Risks in the Online Microloan Business of Small Loan Companies” (hereinafter referred to as the “Rectification Plan”), which aims, through this targeted campaign, to rigorously review and approve qualifications for online microloans, standardize the operations of online microloan institutions, and severely crack down on and shut down entities engaged in the illegal provision of online microloan services.
This targeted rectification campaign primarily aims to assess the legality and compliance of small‑loan companies conducting small‑loan business via the internet, while cracking down on entities that operate online small‑loan businesses without the requisite internet‑based small‑loan operating licenses—or even without a lending license at all. The campaign places particular emphasis on scrutinizing and addressing the following 11 areas: 1) strict management of approval authorities; 2) re‑examination of internet‑based small‑loan operating qualifications; 3) equity management; 4) on‑balance‑sheet financing; 5) asset securitization and other forms of financing; 6) overall effective interest rates; 7) loan management and debt‑collection practices; 8) scope of lending activities; 9) business partnerships; 10) information security; and 11) illegal operations. In accordance with the requirements of the “Rectification Plan,” the special campaign for internet‑based small‑loans will proceed in three phases: 1) an initial survey and assessment phase; 2) a classification‑and‑handling phase; and 3) a summary phase.

The China Banking Regulatory Commission has issued the “Notice on Properly Carrying Out the Acceptance of Rectification Measures in the Special Campaign to Address Risks in P2P Online Lending.”
Recently, the Office for Rectifying Online Lending formally issued the “Notice on Carrying Out the Acceptance of Rectification Measures in the Special Campaign to Address Risks in P2P Online Lending” (hereinafter referred to as the “Notice”). The Notice not only sets out a clear timetable for registration but also specifies the criteria under which platforms will be denied registration. For the online lending industry, which has been preparing for the critical rectification‑and‑acceptance review, the Notice effectively serves as the official syllabus for the “college entrance exam,” signaling that platform registration is now entering its final countdown. From an industry perspective, the Notice conveys six key positive developments: 1) There is no cap on the number of registrations; any platform that passes rectification will be registered; 2) A “whitelist of custodian banks” replaces the previous requirement for localized oversight; 3) It clarifies that non‑compliant business activities must undergo “single‑step reduction,” superseding the “dual‑step reduction” mandate in certain regions; 4) It explicitly permits compliant debt‑to‑equity conversions among lenders; 5) The classification of “cash‑loan” products will primarily hinge on interest rates; and 6) An online lending platform’s cooperation with only one asset‑side partner will not be deemed a violation.

The Ministry of Finance has issued the “Accounting System for Social Insurance Funds” and the “Provisions on Handling Transitional Issues Between the Old and New Accounting Systems for Social Insurance Funds.”
Recently, the Ministry of Finance issued the “Accounting System for Social Insurance Funds” and the “Provisions on Handling Transitional Issues Between the Old and New Accounting Systems for Social Insurance Funds.” The “Accounting System for Social Insurance Funds” provides comprehensive standardization of accounting treatment for social insurance funds, comprising five parts. The first part is the General Description, which sets forth the basis for formulation, scope of application, accounting entities, bookkeeping requirements, accounting basis, accounting elements, recording methods, accounting principles, effective date, and the repeal of existing relevant accounting systems. The second part lists the names and codes of accounting subjects, presenting a total of 34 accounts under the asset, liability, net asset, revenue, and expense categories. The third part provides instructions on the use of these accounting subjects, detailing the accounting content, detailed accounting requirements, and related journal entries for each of the 34 accounts. The fourth part specifies the formats of financial statements, standardizing the layouts of the balance sheet and the income–expenditure statement. The fifth part outlines the preparation guidelines for financial statements, regulating the methods for preparing such statements and the requirements for notes to the financial statements.
Compared with the existing accounting systems for social insurance funds, the “Accounting System for Social Insurance Funds” introduces the following major changes and innovations: (1) comprehensive coverage of all types of social insurance; (2) a unified accounting framework for social insurance funds; and (3) supplementary and improved accounting provisions for new business activities.

The Ministry of Industry and Information Technology has issued the “Three-Year Action Plan for Promoting the Development of the Next-Generation Artificial Intelligence Industry (2018–2020).”
On December 13, 2017, the Ministry of Industry and Information Technology issued the “Three-Year Action Plan for Promoting the Development of the Next-Generation Artificial Intelligence Industry (2018–2020)” (hereinafter referred to as the “Action Plan”). Centered on the deep integration of information technology and manufacturing technology, and prioritizing the industrialization and integrated application of next-generation AI technologies, the plan seeks to advance the seamless convergence of artificial intelligence and manufacturing, thereby accelerating the building of a manufacturing powerhouse and a cyber power.
The Action Plan, guided by the principles of “systematic planning, targeted breakthroughs, collaborative innovation, and open yet orderly development,” sets forth four key tasks: First, prioritize the cultivation and development of intelligent products such as intelligent connected vehicles, smart service robots, unmanned aerial vehicles, medical imaging–assisted diagnostic systems, video‑image identity recognition systems, intelligent voice interaction systems, intelligent translation systems, and smart home devices, thereby promoting the integrated application of these technologies across economic and social sectors. Second, focus on advancing critical components—including intelligent sensors, neural network chips, and open-source platforms—to strengthen the software and hardware foundations underpinning the AI industry. Third, deepen the advancement of intelligent manufacturing by encouraging the exploration and application of next‑generation AI technologies throughout all stages of industrial processes, enhancing innovation in core technologies and equipment for smart manufacturing, and fostering and scaling new models of intelligent production. Fourth, establish a public support system for the industry—comprising sector‑specific training resource repositories, standardized testing and intellectual property service platforms, intelligent network infrastructure, and cybersecurity safeguards—to create a robust ecosystem for AI development.

China UnionPay, together with commercial banks, payment institutions, and other industry stakeholders, has jointly launched the banking industry’s unified app, “UnionPay QuickPass.”
On December 11, China UnionPay, together with commercial banks, payment institutions, and other industry players, jointly launched the banking‑industry‑wide unified mobile app, “UnionPay QuickPass.” As a brand‑new, centralized mobile entry point co‑created by all stakeholders, UnionPay QuickPass brings together the mobile payment capabilities and exclusive benefits of various financial institutions, aiming to become a convenient, cost‑saving mobile payment assistant for consumers. Developed under the guidance of the People’s Bank of China and jointly built, maintained, and operated by commercial banks and UnionPay, UnionPay QuickPass is a unified mobile payment platform that harnesses the collective strength of the entire industry. Through this app, users can link and manage multiple bank accounts, access each bank’s mobile payment services, and enjoy a range of promotional perks—whether it’s making payments via UnionPay QR codes, applying to activate various mobile‑wallet solutions, obtaining end‑to‑end credit card services, opening Type II or Type III accounts, or conducting real‑time personal transfers and making payments across diverse scenarios. Any payment function that can be performed on a smartphone will gradually be integrated into the UnionPay QuickPass app.

Taxation TAXATATION

The State Taxation Administration has issued the “Procedures for Handling Administrative Litigation in Tax Matters.”
On December 14, 2017, the State Taxation Administration issued the “Procedures for Handling Administrative Litigation in Tax Matters.” The Procedures stipulate that, within 15 days of receiving the notice of litigation and a copy of the complaint, tax authorities shall submit to the people’s court all evidence upon which the challenged administrative act was based, together with the relevant normative documents, along with the statement of defense, an evidence list, legal grounds, a power of attorney, proof of the legal representative’s identity, and other litigation materials. The Procedures further require tax authorities to conscientiously comply with final judgments, rulings, and mediation agreements rendered by the people’s courts in accordance with the law, and to refrain from refusing or delaying such compliance. The agency responsible for handling the challenged administrative act shall undertake its specific implementation. With respect to judgments ordering the re‑issuance of an administrative act, tax authorities must re‑issue the act within the statutory time limit or within the period specified by the people’s court; except where the original administrative act has been annulled by the people’s court on grounds of procedural violations or errors in the application of law, they may not, on the same facts and for the same reasons, issue an administrative act substantially identical to the original one.

The State Taxation Administration and China Construction Bank have signed a cooperation agreement on “Online Banking-Tax Interaction.”
On December 12, the State Taxation Administration and China Construction Bank jointly conducted a centralized research session in Shanghai to advance the “Online Banking–Tax Interaction” initiative and signed the “Cooperation Agreement on Online Banking–Tax Interaction” (hereinafter referred to as the “Agreement”), thereby launching a pilot program for this initiative. Ren Rongfa, member of the Party Leadership Group and Chief Economist of the State Taxation Administration, and Zhang Gengsheng, Member of the Party Committee and Vice President of China Construction Bank, attended the research session and signing ceremony and delivered remarks.
On the premise of compliance with laws and regulations and controllable risks, both parties will explore online information‑exchange channels, refine mechanisms for sharing credit information, innovate inclusive financial services, and expand the integrated bank‑tax service model. They will strive to foster a positive social environment characterized by law‑based tax compliance and honest business practices, thereby enhancing the scope, efficiency, and quality of “bank‑tax collaboration.” Specifically: first, expanding coverage by effectively broadening the reach of online bank‑tax interaction, linking local initiatives into a nationwide network to better unlock the inclusive benefits of this initiative; second, improving efficiency by providing a convenient, standardized online platform that enables one‑stop processing of loan applications, approvals, credit granting, and disbursement, thus boosting operational effectiveness; and third, elevating quality by establishing unified, standardized procedures for online information exchange, user authorization, and information security, while instituting an outcome‑feedback mechanism to support analysis of policy impacts and the identification of untapped potential in bank‑tax collaboration.

LITIGATION & ARBITRATION
The Supreme People’s Court has issued the “Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of Law in Adjudicating Disputes over Liability for Medical Damage.”
On December 13, the Supreme People’s Court issued the “Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of Law in the Trial of Medical Damage Liability Dispute Cases” (hereinafter referred to as the “Interpretation”), which took effect on December 14, 2017. The formulation and promulgation of this judicial interpretation for adjudicating medical damage liability disputes represent a robust measure by the Supreme People’s Court to implement the spirit of the 19th National Congress of the Communist Party of China and General Secretary Xi Jinping’s important expositions on Healthy China, safeguard patients’ legitimate rights and interests in accordance with the law, ensure the sound development of the medical and health sector, foster harmonious doctor–patient relations, promote the construction of safe hospitals, and advance the implementation of the Healthy China strategy.
The Interpretation comprises twenty-six articles, divided into six sections: scope of application, determination of the parties’ standing, burden of proof, expert appraisal procedures, liability, and supplementary provisions. Its key contents cover the following aspects:
First, the scope of application of the Interpretation has been defined: it applies to cases in which patients seek to hold medical institutions, manufacturers or sellers of medical products, or blood‑transfusion agencies liable for torts on the grounds that they have suffered personal injury or property damage during medical diagnosis and treatment. At the same time, it explicitly includes disputes over liability for harm arising from medical cosmetic procedures within the purview of medical‑damage liability disputes, thereby providing a fundamental guideline for people’s courts in adjudicating such disputes in accordance with the law.
Second, the interpretation clarifies the rules of proof set forth in Article 54 of the Tort Liability Law. Guided by the goal of fostering and safeguarding harmonious doctor–patient relations, the Interpretation stipulates that when a patient seeks compensation from a medical institution, they must submit evidence demonstrating that they sought treatment at that institution and sustained harm. If the patient is unable to produce evidence establishing the medical institution’s or its medical personnel’s fault, or the causal link between the medical treatment and the harm, the people’s court shall grant permission for the patient to file an application for a medical‑damage appraisal in accordance with the law.
Third, the provisions set forth rules for determining and adding parties in medical malpractice disputes involving multiple tortfeasors, clarifying that when a patient sues only some of the tortfeasors, the people’s court shall grant the patient’s lawful application to add other entities as co-defendants or third parties.
Fourth, recognizing the critical importance of medical‑damage appraisal in adjudicating disputes over medical liability, and in response to such issues as irregularities in appraisal procedures, insufficient credibility of appraisal opinions, and difficulties in securing the attendance of appraisers in court, this provision, in accordance with relevant provisions of the Civil Procedure Law, sets forth rules governing the initiation of medical‑damage appraisal proceedings, the admissibility of appraisal opinions, the appearance of appraisers in court, and the role of expert assistants.
Fifth, the provisions set forth rules on liability for medical harm, clarifying the forms of liability when multiple medical institutions cause the same injury to a patient, the liability of medical personnel engaged in external consultations, liability arising from medical products, and liability for harm resulting from the transfusion of substandard blood. They also establish legal application rules addressing issues that are widespread and of significant concern in judicial practice, such as punitive damages in medical product liability cases.

The Supreme People’s Procuratorate has issued the “Regulations on Off-site Review of Criminal Appeal Cases by People’s Procuratorates.”
Recently, the Supreme People’s Procuratorate issued the “Regulations on Off-site Review of Criminal Appeal Cases by People’s Procuratorates.” The Regulations apply to two categories of criminal appeal cases: appeals against final criminal disposition decisions made by procuratorial organs, and appeals against final criminal judgments or rulings rendered by the courts. The Regulations specify three mechanisms for initiating off-site review: when the Supreme People’s Procuratorate identifies a potential error in a criminal appeal case under the jurisdiction of a provincial-level procuratorate and the case falls within one of the aforementioned five circumstances, it may instruct another provincial-level procuratorate to conduct the review; if a provincial-level procuratorate deems that a criminal appeal case it is handling requires off-site review, it may submit a request to the Supreme People’s Procuratorate for such an instruction; and an appellant may petition either the provincial-level procuratorate or the Supreme People’s Procuratorate for off-site review. The Regulations further stipulate that, when a provincial-level procuratorate submits a request or the Supreme People’s Procuratorate decides to order off-site review, and the appellant has not yet filed a request, the consent of the appellant must be obtained.

Other

China Science & Technology Venture Capital will be forcibly delisted.
According to an announcement by the National Equities Exchange and Quotations Company, the company will forcibly delist two listed offices—Zhongke Zhaoshang (832168) and Darenn Asset Management (831639). In accordance with applicable regulations, the NEEQ has decided to suspend trading of the shares of these two companies for one day on December 18, 2017, and to terminate their listing effective December 26.

Opinions of the General Office of the State Council on Promoting Government Information Disclosure in the Field of Approval and Implementation of Major Construction Projects
On December 15, 2017, the General Office of the State Council issued the “Opinions on Promoting Government Information Disclosure in the Areas of Approval and Implementation of Major Construction Projects.” The Opinions state that government information disclosure in these areas should be regarded as an important component of comprehensively advancing government transparency, proactively addressing public concerns, and better safeguarding the people’s rights to know, participate, express themselves, and exercise oversight. The Opinions set forth three guiding principles:
I. Public disclosure shall be the norm, with non-disclosure as the exception. Except for matters involving state secrets, commercial secrets, personal privacy, or other information that is legally exempt from disclosure, information pertaining to the approval and implementation of major construction projects shall be made publicly available to the greatest extent possible, thereby enhancing the transparency and efficiency of project approval and execution and safeguarding the legitimate rights and interests of the public.
II. Prioritize key areas and advance in an orderly manner. Focusing on information of high public concern throughout the approval and implementation of major construction projects, and taking government information disclosure as the guiding principle, we will promote the effective aggregation and timely public release of information by project‑implementing entities.
III. Clarify the responsible entities and ensure accountability. During the approval and implementation of major construction projects, governments at all levels and relevant departments shall be responsible for disclosing information generated or retained in the course of performing their duties, and shall, in accordance with the law, oversee the disclosure of project information by the project‑implementing entities. Where laws, regulations, or rules do not provide explicit provisions, project‑implementing entities are encouraged to proactively disclose project information.

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