JC Master Legal News Issue 1200

Key Takeaways for This Issue

The China Securities Regulatory Commission has released the list of custodian banks for Qualified Foreign Investors as of February 2026.
Recently, the China Securities Regulatory Commission released the “List of Custodian Banks for Qualified Foreign Investors (February 2026).”
The People’s Bank of China convened a symposium with economic and financial experts to deliberate on a prudent monetary policy.
On March 12, the People’s Bank of China convened a symposium with economic and financial experts to brief them on the current economic and financial situation and solicit their views and recommendations on implementing a moderately accommodative monetary policy, refining the monetary policy framework, and ensuring the stable functioning of financial markets.
The Fourth Session of the 14th National People’s Congress declared 35 laws and decisions to have lost their force.
On March 12, the Fourth Session of the 14th National People’s Congress adopted the Decision on Approving the Report of the Standing Committee of the National People’s Congress on the Status of Legal Review and Opinions on the Handling of Relevant Laws and Decisions.

Finance and Capital Markets

FINANCE &CAPITAL MARKETS

The China Securities Regulatory Commission has released the list of custodian banks for Qualified Foreign Investors as of February 2026.
Recently, the China Securities Regulatory Commission released the “List of Custodian Banks for Qualified Foreign Investors (February 2026).”
The list, compiled as of February 2026, enumerates domestic custodian institutions currently authorized to provide custody services to Qualified Foreign Institutional Investors (QFII/RQFII), including numerous foreign‑owned banks such as HSBC Bank (China) Company Limited, Citibank (China) Company Limited, and Standard Chartered Bank (China) Company Limited, as well as a wide array of Chinese commercial banks, including Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, China Construction Bank, China Everbright Bank, China Merchants Bank, CITIC Bank, Shanghai Pudong Development Bank, China Minsheng Bank, Industrial Bank, Ping An Bank, Hua Xia Bank, Jiangsu Bank, Ningbo Bank, Zhejiang Commercial Bank, and Guangfa Bank. It also includes Deutsche Bank (China) Company Limited, DBS Bank (China) Company Limited, MUFG Bank (China) Company Limited, and BNP Paribas (China) Company Limited. This list is intended to clarify the scope of eligible custodian banks for QFIIs and RQFIIs, serving as a reference for market participants.
The People’s Bank of China convened its 2026 Science and Technology Work Conference to outline key tasks.
On March 11, the People’s Bank of China convened its 2026 Science and Technology Work Conference.
The meeting reviewed the achievements of science and technology work in 2025, noting significant progress in building a digital central bank, important advances in reforming the science and technology management system, continuous improvements in financial cybersecurity and data security governance, and strengthened roles in driving fintech innovation and guiding financial standards and regulations. The meeting outlined key tasks for 2026, calling for close alignment with the overarching priorities of risk prevention, robust regulation, and high-quality development; upholding Party leadership; consolidating and expanding on the outcomes of central inspection and audit rectifications; and advancing comprehensive and strict Party self‑governance. It emphasized prioritizing strategic planning, coordinating long‑term, medium‑term, and short‑term objectives, and mapping out the science and technology agenda for the 15th Five-Year Plan period. The meeting also stressed reinforcing a systems‑based approach to steadily implement priority science and technology projects. Furthermore, it underscored the importance of maintaining a strong sense of bottom‑line thinking, improving institutional frameworks, enhancing resilience in cybersecurity and data security, deepening the integration of business and technology, and promoting the safe, prudent, and orderly advancement of AI applications in the financial sector, while strengthening digital and intelligent technological support. Finally, the meeting proposed deepening two‑way empowerment through domestic and international financial standards, continuously enhancing the capacity of financial standards to provide services and support.
The People’s Bank of China convened a symposium with economic and financial experts to deliberate on a prudent monetary policy.
On March 12, the People’s Bank of China convened a symposium with economic and financial experts to brief them on the current economic and financial situation and solicit their views and recommendations on implementing a moderately accommodative monetary policy, refining the monetary policy framework, and ensuring the stable functioning of financial markets.
The meeting was chaired by the Governor of the People’s Bank of China, with participation from several deputy governors, leading officials of the State Administration of Foreign Exchange, and relevant departments and bureaus. A number of experts and scholars in the fields of macroeconomics and finance also delivered remarks. The participants agreed that the major goals and tasks for economic and social development in 2025 were successfully accomplished, and that monetary policy has provided significant support to the real economy. Against the backdrop of the start of the 15th Five-Year Plan period and a complex domestic and international environment, macroeconomic policies are expected to become even more proactive. Experts put forward specific recommendations on implementing a moderately accommodative monetary policy, advancing reforms to refine the monetary policy framework, and ensuring the stable functioning of financial markets. According to the briefing, building on the continuation of existing policies, the central bank has made adjustments to certain structural monetary policy tools, continuing to employ counter-cyclical and cross‑cycle measures to strengthen financial support for the real economy—particularly for key sectors and vulnerable areas—and will, in line with the directives set forth at the Central Economic Work Conference and in the Government Work Report, further develop a sound and robust monetary policy framework.

Business and Corporations

COMMERCIAL & CORPORATE

The Cyberspace Administration of China has released the 16th batch of filing information for deep synthesis algorithms.
On March 12, the Cyberspace Administration of China issued the “Announcement of the Cyberspace Administration of China on the Publication of the Sixteenth Batch of Filing Information for Deep Synthesis Service Algorithms.”
In accordance with the Regulations on the Administration of Deep Synthesis Services for Internet Information, this announcement publicly discloses the registration information for the sixteenth batch of domestic deep synthesis service algorithms. The announcement clarifies that any organization or individual with objections to the registered information may submit them via a designated email address, providing relevant supporting evidence based on factual grounds. Additionally, the announcement reminds providers and technical support entities of deep synthesis services that have yet to fulfill their registration obligations to promptly apply through the registration system.
The National Medical Products Administration has issued three new regulations on the registration and review of in vitro diagnostic reagents.
On March 11, the Medical Device Technical Review Center of the National Medical Products Administration issued the “Notice on the Release of Three Registration Review Guidance Principles, Including the ‘Registration Review Guidance for Dengue Virus NS1 Antigen Detection Reagents.’”
The “Registration Review Guidance for KRAS Gene Mutation Detection Reagents (PCR Method)” applies to qualitative KRAS gene mutation detection reagents intended for use with colorectal cancer FFPE tissue samples as the test material, serving as companion diagnostics for cetuximab. These reagents are classified as Class III in vitro diagnostic devices and are managed under classification code 6840. The document elaborates on product naming and classification, outlines technical requirements for comparing the product with similar devices in the summary documentation, and specifies guidelines for preparing technical requirements and test reports during registration submissions. It sets forth systematic analytical performance criteria, including sample stability, accuracy, precision, limit of detection, analytical specificity (including cross‑reactivity and interference studies), nucleic acid extraction/purification performance, reaction system optimization, stability studies, and determination of positive decision values, while emphasizing validation using both national reference materials and enterprise reference materials. In terms of clinical evaluation, the guidance stipulates that at least three registered institutions must be selected, that PCR methods should be employed, and that results must be compared against sequencing or commercially available comparable products. Sample size estimation and statistical analysis are required for each mutation site. Additionally, it defines procedures for conofficeing the clinical significance of the companion diagnostic, lays out specific requirements for concurrent development with cetuximab, CTA reconstruction, and comparison with non‑originator companion diagnostic reagents, and establishes uniform formatting and substantive content requirements for package inserts, labels, and statements of limitations.
The State Administration for Market Regulation has revised the Regulations on Safety Accessories for Pressurized Special Equipment.
Recently, the State Administration for Market Regulation released the “Safety Technical Code for Safety Accessories of Pressure-Containing Special Equipment.”
The Regulations shall come into force on July 1 and apply to safety accessories for pressure‑bearing special equipment, including boilers, pressure vessels, gas cylinders, and pressure pipelines. This revision brings emergency shut‑off valves under the scope of safety accessory regulation for the first time, setting forth technical requirements for their design, manufacture, selection, installation, and operational management. In response to the development of the hydrogen energy industry, the Regulations introduce new technical specifications and inspection requirements for hydrogen‑related safety accessories, applicable to pressure‑bearing equipment used with hydrogen as the working medium. Furthermore, the Regulations have refined and improved provisions concerning the design and manufacture, type testing, installation location, periodic verification, and scrapping criteria of conventional safety accessories such as safety valves, rupture disc devices, pressure gauges, and temperature measurement instruments. They also specify in greater detail the responsibilities of manufacturers, users, and inspection agencies with respect to safety technical documentation, periodic inspections, maintenance and upkeep, parameter adjustment, and record‑keeping, thereby strengthening lifecycle‑wide oversight of safety accessories for pressure‑bearing equipment across industries including power, petroleum, chemical, energy, metallurgy, machinery, and light industry.

Taxation

TAXATION

General Administration of Customs: Fully roll out cross‑border e‑commerce retail export goods’ returns across customs zones.
Recently, the General Administration of Customs issued Announcement No. 24 of 2026, deciding to roll out nationwide a cross‑bonded‑area return model for cross‑border e‑commerce retail export goods. The announcement takes effect on April 1, 2026.
The announcement stipulates: 1. Cross‑customs‑area returns apply only to cross‑border e‑commerce retail export goods under the “9610 model.” 2. Returned cross‑border e‑commerce retail export goods may be returned across customs areas, but such returns are permitted solely to the customs‑supervised operation site (facility) where the cross‑border e‑commerce retail export business is conducted. 3. Enterprises engaging in cross‑customs‑area return operations for cross‑border e‑commerce retail exports shall conduct their business in a standardized manner and maintain an independent operational zone; relevant production‑operation system data must be made accessible to customs or integrated with the customs information system.

Litigation and Arbitration

LITIGATION & ARBITRATION

The Fourth Session of the 14th National People’s Congress declared 35 laws and decisions to have lost their force.
On March 12, the Fourth Session of the 14th National People’s Congress adopted the Decision on Approving the Report of the Standing Committee of the National People’s Congress on the Status of Legal Review and Opinions on the Handling of Relevant Laws and Decisions.
This Decision approves the Report of the Standing Committee of the National People’s Congress on the work of legal review and declares invalid the 35 laws and related decisions on legal issues listed in the Annex, which primarily include: first, five decisions concerning the establishment and functions of special committees of the National People’s Congress and other institutional arrangements, all of which have become invalid upon completion of their implementation; second, two normative documents that once played a role in economic system reform and opening-up but no longer meet the needs of current reforms, namely the decision authorizing the State Council to formulate provisional regulations or rules on economic system reform and opening-up, and the Law of the People’s Republic of China on Enterprises under Public Ownership; third, twenty procedural decisions adopted by previous sessions of the National People’s Congress regarding election procedures, methods for deciding on appointments and removals, and procedures for adopting bills; and fourth, eight decisions pertaining to the allocation of seats and electoral matters for deputies to the National People’s Congress in past sessions. The Decision further clarifies that, within their respective periods of validity, any decisions made on the basis of the aforementioned laws and decisions shall remain valid.
Three deputies to the National People’s Congress have offered suggestions and proposals, focusing on unlawful out-of-jurisdiction law enforcement and profit-driven enforcement.
During the Two Sessions, three entrepreneur delegates offered advice and suggestions to the procuratorial organs, with a particular focus on “specialized oversight of unlawful out-of-jurisdiction law enforcement and profit-driven law enforcement and judicial practices.”
The representative proposed, in the context of special oversight on unlawful out-of‑jurisdiction enforcement and profit‑driven law enforcement and judicial practices, to refine administrative penalty procedures and discretionary standards pertaining to enterprises, streamline complaint and reporting channels, and establish a closed-loop accountability system; to deepen interregional cooperation among procuratorial organs, dismantle local protectionism and administrative barriers, and clarify the boundaries of responsibility in cross‑regional enforcement coordination and out‑of‑jurisdiction enforcement approval processes; to improve the linkage between administrative and criminal proceedings, strictly distinguish economic disputes from criminal offenses, and strengthen end‑to‑end oversight of enforcement and judicial activities such as seizure, freezing, and impoundment, along with robust mechanisms for receiving, verifying, and providing feedback on related matters.
Ministry of Justice: Will accelerate the advancement of legislation on artificial intelligence and the low-altitude economy.
On March 12, at the “Ministerial Channel” of the Fourth Session of the 14th National People’s Congress, the Ministry of Justice stated that it would accelerate efforts to advance legislation in areas such as artificial intelligence and the low-altitude economy, revise the Road Traffic Safety Law, and formulate regulations on airspace management, among other measures.
Minister of Justice He Rong stated at the “Minister’s Passage” that, in response to the security, privacy, ethical, and liability issues arising from the rapid development of artificial intelligence, the country will accelerate the enactment of comprehensive national AI legislation, coordinating the alignment of relevant laws, departmental regulations, technical standards, and ethical guidelines. With regard to practices such as using AI‑generated audio and video of public figures for false advertising, the authorities will refine policy frameworks and regulatory systems, strengthen protection of civil rights—including the right of publicity and the right to reputation—and establish clear criteria for determining liability and detailed compensation rules. In sectors like the low‑altitude economy and unmanned aerial vehicles, the Ministry of Justice will work with relevant departments to advance the formulation of airspace management regulations, systematically revising rules on airspace classification, usage, and oversight, while also promoting amendments to the Road Traffic Safety Law to address legal gaps—such as the allocation of responsibility and accident‑determination procedures—posed by emerging forms of transportation, including autonomous driving.

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