JC Master Legal News Issue 1151

Key Takeaways for This Issue

The Shanghai Stock Exchange has formulated an action plan to further advance the “Five Major Initiatives” in the financial sector, continuously enhancing the quality and effectiveness of its services to the real economy.
To thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, and the Central Economic Work Conference, as well as the deployment requirements of the new “Nine Measures for National Finance,” and in accordance with the relevant provisions of the General Office of the State Council’s Guiding Opinions on Doing a Good Job in the Five Major Tasks of Finance and the China Securities Regulatory Commission’s Implementation Opinions on Doing a Good Job in the Five Major Tasks of Finance in the Capital Market, the Shanghai Stock Exchange recently formulated the Action Plan on Further Advancing the Five Major Tasks of Finance.
The Ministry of Finance has issued the Measures for the Administration of Special Funds for Clean Energy Development.
According to a March 13 announcement on the Ministry of Finance’s website, the Ministry has issued the “Administrative Measures for Special Funds for Clean Energy Development,” which will take effect on March 3, 2025.
The Ministry of Commerce plans to issue the industry standard “Digitalization of Retail Goods: General Attribute Information Specification.”
On March 10, the Ministry of Commerce’s website published the “Public Solicitation of Comments on the Industry Standard ‘Digital General Attribute Information Specification for Retail Products,’” with a deadline for submitting feedback set for April 10.
The Supreme People’s Procuratorate has released the White Paper on the Work of the “Four Major Prosecutorial Functions” (2024).
On March 9, the Supreme People’s Procuratorate held a press conference to release the White Paper on the Work of the “Four Major Prosecutorial Areas” (2024). Organized along four distinct tracks—criminal, civil, administrative, and public interest litigation—the white paper provides a comprehensive, all‑round overview of the procuratorial organs’ progress and achievements in 2024 as they remain committed to handling every case with high quality and efficiency, serving the overall national interest, delivering justice for the people, and upholding the rule of law.
Finance & Capital Markets
The Party Committee of the China Securities Regulatory Commission conveyed and studied the spirit of General Secretary Xi Jinping’s important speech and the spirit of the Two Sessions.
On March 11, the Party Committee of the China Securities Regulatory Commission convened an expanded meeting to thoroughly study the spirit of General Secretary Xi Jinping’s important remarks during the Two Sessions and the overall spirit of the Two Sessions, and to deliberate and deploy specific measures for implementing these directives in the capital market. Wu Qing, Secretary of the Party Committee and Chairman of the CSRC, presided over the meeting and delivered a speech, with all members of the Party Committee in attendance.

The meeting concluded that the Two Sessions of 2025 will be held at a pivotal juncture—when the 14th Five-Year Plan is drawing to a close and preparations are under way for the 15th Five-Year Plan. General Secretary Xi Jinping has, on three occasions, engaged in in-depth exchanges with delegations and deputies and members, jointly deliberating matters of national importance. He has put forward a series of important viewpoints and profound expositions on major issues such as developing new‑type productive forces tailored to local conditions, further deepening reform across the board, strengthening education’s role in supporting science, technology, and talent, and advancing the building of a strong military. General Secretary Xi Jinping’s important speeches are of high strategic vision, profound thought, and rich substance, reflecting a deep understanding of the laws governing economic and social development and a keen insight into the overall work agenda; they are highly strategic, forward‑looking, and instructive. The CSRC system must thoroughly study and grasp the spirit, core principles, and practical requirements of these speeches, earnestly ensure their effective implementation, and, through concrete actions, officely uphold the “two establishments” and resolutely safeguard the “two safeguards.”

The meeting noted that over the past year, in the face of a complex and challenging domestic and international environment, the Party Central Committee with Comrade Xi Jinping at its core made wise decisions, the State Council meticulously planned and implemented measures, and the entire Party and the people across the country worked together in unity to successfully achieve the year’s economic and social development goals, thereby gaining strategic initiative. The 2025 Government Work Report fully implements the arrangements set forth at the Central Economic Work Conference, clearly reflecting a strategic orientation toward high-quality development and a proactive policy stance, further defining the “task list” and the “blueprint” for this year’s economic and social development efforts. The CSRC system must integrate the implementation of the spirit of General Secretary Xi Jinping’s important speeches and the directives of the Government Work Report with the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Economic Work Conference, and the symposium on private enterprises. Closely focusing on the overarching priorities of risk prevention, strengthened regulation, and the promotion of high-quality development, it should consolidate fundamentals, reinforce institutional foundations, enforce rigorous oversight and management, and earnestly deliver on the tasks at hand in the capital market. First, we will make every effort to consolidate the market’s momentum of stabilization and improvement. We will strengthen listed companies’ awareness and capacity to enhance returns for investors, more vigorously advance the implementation of guiding opinions and action plans for bringing medium- and long-term funds into the market, bolster strategic reserve forces and mechanisms for stabilizing the market, and resolutely safeguard the risk bottom line. Second, we will continue to intensify support for technological innovation and the development of new‑type productive forces. We will enhance the inclusiveness and adaptability of our institutional framework, support high‑quality, pre‑profit technology enterprises in issuing and listing, cautiously reinstate the application of the fifth set of criteria on the STAR Market, promptly introduce exemplary cases with demonstrative value, and better promote the integrated development of technological and industrial innovation. Third, we will further deepen capital market reform across the board. Taking the comprehensive reform of investment and financing as the driving force, we will comprehensively launch and implement a new round of capital market reforms, ensuring the smooth rollout of all reform measures and delivering tangible, measurable results. Fourth, we will steadfastly expand high‑level, institution‑based opening-up of the capital market. We will formulate an overall plan for opening up the capital market, steadily broaden cross‑border connectivity, effectively improve the quality and efficiency of overseas listing filings, further facilitate cross‑border investment and financing, and better leverage openness to drive reform and development. Fifth, we will focus on enhancing the effectiveness of regulatory enforcement. We will adhere to strict punishment in accordance with the law and rigorous prevention based on accountability, accelerate the refinement of the regulatory legal and institutional framework, strengthen the role of technology, enhance the penetration of off‑site supervision and on‑site inspections, and swiftly, precisely, and decisively crack down on serious violations of laws and regulations. Sixth, we will accelerate the building of a highly competent and disciplined regulatory force—what we call the “three solid pillars.” We will deepen the Party’s self‑governance throughout the CSRC system and wage a tough battle to carry out concentrated rectification following inspection tours. By combining stringent oversight with heartfelt care, we will encourage cadres to genuinely strengthen their political commitment to fulfilling their duties and continuously elevate the purity, professionalism, and combat effectiveness of the cadre corps.

The meeting noted that the suggestions submitted by deputies to the National People’s Congress and the proposals put forward by members of the Chinese People’s Political Consultative Conference collectively reflect public sentiment and opinions, embodying the deputies’ and members’ insightful perspectives and their concern for the capital market. The CSRC system is expected to consciously elevate its political awareness, strengthen its sense of responsibility, further improve the systems and mechanisms for handling NPC and CPPCC suggestions and proposals, strive to enhance the quality and efficiency of this work, and thereby better promote improvements and upgrades across all aspects of the capital market.

Leading officials from the CPC Commission for Discipline Inspection and Supervision stationed at the China Securities Regulatory Commission, along with principal officials from the Commission’s various departments and bureaus, the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the Beijing Stock Exchange, attended the meeting.

The Shanghai Stock Exchange has issued the “Action Plan on Further Leveraging the Exchange’s Functions to Guide the Industry in Upholding a Financial Culture with Chinese Characteristics.”
To thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and the Central Financial Work Conference, advance the implementation of the new “Nine Measures for the Capital Market” and the relevant arrangements of the Party Leadership Group of the China Securities Regulatory Commission, and guide industry institutions—primarily securities offices and fund management companies—to uphold a people-centered value orientation, deeply grasp the political and people-oriented nature of the capital market, vigorously promote China’s fine traditional culture, and properly practice the Chinese‑style financial culture of “Five Musts and Five Nos,” while appropriately balancing functionality with profitability to support the high‑quality development of the capital market, the Shanghai Stock Exchange has formulated the “Action Plan on Further Leveraging the Exchange’s Functions and Guiding the Industry to Embrace the Chinese‑Style Financial Culture” (hereinafter referred to as the “Action Plan”) and officially issued it to industry institutions.

The Action Plan is guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, grounded in the effective functioning of stock exchanges, and focused on promoting and practicing a financial culture with Chinese characteristics. It centers on fostering an ethical outlook of honesty and trustworthiness, cultivating a value system that prioritizes righteousness over profit, nurturing a prudent and risk‑averse mindset, inspiring a development philosophy rooted in upholding fundamentals while pursuing innovation, and strengthening governance based on lawfulness and compliance. The Plan aims to guide industry institutions in staying officely aligned with the right direction of cultural development, upholding their commitment to serving the country through finance and maintaining a people‑centric ethos. By seamlessly integrating the “Five Musts and Five Nos” with their core responsibilities and primary business, it seeks to make them practitioners, leaders, and disseminators of China’s distinctive financial culture.

Going forward, the Shanghai Stock Exchange will actively guide industry institutions to join forces, strengthen implementation and organization, and, through the launch of special initiatives to promote China’s distinctive financial culture, ensure the effective execution of all measures outlined in the Action Plan. This will reinforce industry institutions’ and practitioners’ intellectual, value‑based, and practical alignment with China’s distinctive financial culture.

The Shanghai Stock Exchange has formulated an action plan to further advance the “Five Major Initiatives” in the financial sector, continuously enhancing the quality and effectiveness of its services to the real economy.
To thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, and the Central Economic Work Conference, as well as the deployment requirements set forth in the new “Nine Measures for National Finance,” and in accordance with the relevant provisions of the General Office of the State Council’s Guiding Opinions on Doing a Good Job in the Five Major Tasks of Finance and the China Securities Regulatory Commission’s Implementation Opinions on Carrying Out the Five Major Tasks of Finance in the Capital Market, the Shanghai Stock Exchange has recently formulated the Action Plan on Further Advancing the Five Major Tasks of Finance (hereinafter referred to as the “Action Plan”).

The Action Plan, centered on further advancing the five major areas of financial development, focuses on serving major national strategies, key sectors, and weak links. By leveraging the Shanghai Stock Exchange’s strengths—its concentration of large-cap blue-chip stocks, leadership in hard‑tech industries, diversified product offerings, and precision‑driven services—it seeks to channel more resources into technology finance, green finance, inclusive finance, pension finance, and digital finance, thereby supporting high‑quality economic and social development. The plan outlines 16 specific measures. In the realm of technology finance, the STAR Market will fully leverage its role in serving “hard‑tech” enterprises, providing robust support for high‑quality tech offices that have achieved breakthroughs in critical core technologies to issue shares and go public. Supporting systems—including refinancing, M&A and restructuring, equity incentives, and share reduction—will be refined to better suit the needs of tech‑focused companies, enhancing the inclusiveness and adaptability of services and accelerating the growth of new‑type productive forces. A comprehensive product and service framework covering the entire lifecycle of tech enterprises will be established, with active encouragement for private equity and venture capital funds to invest early, in small‑scale ventures, over the long term, and in hard‑tech sectors. For green finance, the stock and bond financing system for green enterprises and projects will be improved, supporting eligible green companies in accessing capital through IPOs, M&A, and bond issuance. Environmental information disclosure by listed companies will be strengthened, with more detailed requirements for periodic reporting on green bonds. A broader array of green‑themed equities, green bonds, climate‑transition products, and ESG‑related indices and investment vehicles will be developed to better align with the nation’s dual carbon goals and sustainable development agenda. In inclusive finance, financial support for private enterprises and SMEs will be enhanced, facilitating equity and debt financing for eligible entities. Service models targeting agricultural stakeholders will be diversified to bolster rural revitalization. The supply of inclusive financial products and services will be expanded, with vigorous promotion of low‑risk, stable‑return instruments such as bond ETFs and dividend‑low‑volatility ETFs. Regarding pension finance, efforts will be stepped up to encourage medium- and long‑term funds, including pension assets, to enter the market, vigorously developing equity‑oriented funds and index‑based investments, and encouraging various types of long‑term capital to adopt indexed investment strategies. Financial services and products tailored to the unique needs of pension finance will continue to be enriched, with ongoing research aimed at broadening the scope and coverage of individual pension investment options. In digital finance, the application of fintech solutions will be deepened, innovative approaches to regulatory technology will be explored, and the exchange’s level of digitalization will be elevated. Construction of a next‑generation core trading system (G4) will be accelerated to build a digitally intelligent exchange. To foster synergistic effects, industry institutions will be urged and guided to better fulfill their roles and functions, while capital market regulation will be comprehensively strengthened to ensure the stable operation of the market.

Going forward, the Shanghai Stock Exchange will, under the strong leadership of the China Securities Regulatory Commission, adhere to the principle of seeking progress while maintaining stability, using progress to promote stability and consolidating stability through progress. Driven by the goal of further comprehensively deepening capital market reform, it will work to improve the standards framework and foundational institutional arrangements for technology finance, green finance, inclusive finance, pension finance, and digital finance. It will also strengthen the coordinated advancement, organizational implementation, and public outreach of the “five major financial initiatives,” steadfastly follow the path of financial development with Chinese characteristics, accelerate the building of a world-class stock exchange, and contribute to high-quality development and the pursuit of Chinese‑style modernization.

The Shenzhen Stock Exchange has launched an investor education brand campaign focused on ETF regular‑investment strategies.
Helping investors cultivate a long-term investment mindset.
The Third Plenary Session of the 20th CPC Central Committee called for supporting the entry of long-term capital into the market. In its 2025 National Government Work Report, the government once again underscored the need to vigorously promote the participation of medium- and long-term funds in the equity market. Recently, the Shenzhen Stock Exchange has earnestly implemented the spirit of the Third Plenary Session of the 20th CPC Central Committee and actively carried out the tasks outlined in the Government Work Report. Focusing on “long-term capital for long-term investment,” the Exchange has leveraged ETF products as a key tool, coordinating efforts through an integrated approach of “case studies, investor education, and services” to launch the “Talking Strategy: Dollar-Cost Averaging” investor service brand initiative.
Dollar-cost averaging is a key approach to personal pension allocation in mature markets, characterized by its long-term orientation and stability, and it helps foster a steady source of medium- to long-term capital in the equity market. Taking the recently released Shenzhen Stock Exchange ChiNext ETF dollar‑cost averaging case as an example, backtesting the ChiNext Index’s performance across different market cycles—coupled with real‑world use cases such as personal pensions—vividly demonstrates the strategy’s advantages and the market conditions in which it is most effective. Meanwhile, the Shenzhen Stock Exchange has launched a series of investor‑education initiatives, including “Going into Communities” and “Going into Branches,” to promote the concept of dollar‑cost averaging, innovate educational formats, and enhance investor services, thereby helping investors adopt rational, value‑oriented, and long‑term investment mindsets and share in the benefits of capital market reform and development.
Going forward, the Shenzhen Stock Exchange will continue to implement the unified deployment of the China Securities Regulatory Commission, steadily develop core ETF single‑stock regular‑investment strategies and ETF portfolio regular‑investment case studies, and launch omni‑channel, scenario‑based investor services for regular‑investment strategies. Through the publication of case‑study manuals and investor‑education videos, it will disseminate knowledge about ETF regular investing, share practical and effective strategy tools, foster an environment more conducive to the entry of medium- and long-term capital into the market, enhance investors’ sense of gain, and contribute to the high‑quality development of the ETF market.

CSRC: Fully Launches Implementation of a New Round of Capital Market Reform
On March 11, the Party Committee of the China Securities Regulatory Commission convened an expanded meeting to thoroughly study the spirit of the Two Sessions and to deliberate and deploy specific measures for implementing this spirit in the capital market.
The meeting noted that, by 2025, the CSRC system will: first, make every effort to consolidate the market’s momentum of stabilization and improvement, and more vigorously implement the guiding opinions and action plans for encouraging medium- and long-term capital to enter the market; second, continue to strengthen support for technological innovation and the development of new‑type productive forces, including facilitating the issuance and listing of high‑quality, pre‑profit technology companies, cautiously resuming the application of the fifth set of criteria on the STAR Market, and promptly introducing exemplary cases with demonstrative value; third, further deepen capital market reform across the board, fully launching and implementing a new round of reforms to ensure the smooth and steady rollout of all measures; fourth, steadfastly expand high‑level, institution‑based opening-up of the capital market, formulating an overarching plan for opening up the capital market and further enhancing the convenience of cross‑border investment and financing; and fifth, focus on improving the effectiveness of regulatory enforcement by leveraging technology to enhance the reach and precision of off‑site supervision and on‑site inspections.

Commercial & Corporate
The Ministry of Finance has issued the Measures for the Administration of Special Funds for Clean Energy Development.
According to a March 13 announcement on the Ministry of Finance’s website, the Ministry has issued the “Administrative Measures for Special Funds for Clean Energy Development,” which will take effect on March 3, 2025.
The Measures specify that the Special Fund for Clean Energy Development is a dedicated fund allocated through the central general public budget, intended to support the clean development and utilization of energy sources, including renewable energy, clean fossil fuels, and the clean use of fossil fuels. The fund will be implemented from 2025 to 2029 and, upon expiration, may be renewed in accordance with prescribed procedures. The Measures also delineate the scope of support under the fund, which encompasses demonstration and industrialization projects for key and critical clean energy technologies, large-scale development and utilization of clean energy along with capacity-building initiatives, the establishment of public platforms for clean energy, and comprehensive demonstration projects for the integrated application of clean energy.

The full text of the Government Work Report has been released, outlining ten key tasks for 2025.
On March 12, the website of the National People’s Congress of China published the full text of the Government Work Report.
The Government Work Report outlines ten key areas of work for 2025. Notably, it emphasizes the need to implement, with high quality, the initiative to deepen and upgrade state‑owned enterprise reform; to issue guidelines on optimizing the layout and restructuring the state‑owned economy; and to accelerate the establishment of an evaluation system for assessing SOEs’ fulfillment of their strategic missions. It also calls for implementing guidelines to build a unified national market, revising and releasing a new version of the negative list for market access, and improving the market‑entry environment for emerging business models and sectors. Furthermore, it advocates strictly controlling the size of the public‑sector workforce; reforming and streamlining the systems for stock issuance, listing, and mergers and acquisitions; strengthening policies to stabilize foreign trade and supporting enterprises in securing orders and expanding markets; vigorously encouraging foreign investment; and persistently working to halt the decline and restore stability in the real estate market. Additional measures include revitalizing existing land and commercial‑office properties, promoting the acquisition of idle commodity housing, and granting greater autonomy to local governments in determining acquirers, pricing, and intended uses. Finally, the report underscores the importance of leveraging the real estate financing coordination mechanism, continuing efforts to ensure timely delivery of homes, and effectively mitigating the risk of debt defaults by property developers, among other initiatives.

The State Council Executive Meeting reviewed and approved the “Division of Key Tasks for 2025” of the State Council.
On March 12, the State Council Executive Meeting was held, during which the “State Council’s 2025 Key Work Division Plan” was discussed and adopted, and the “Decision of the State Council on Amending the Provisional Regulations on Express Delivery (Draft)” was reviewed and approved.
The meeting noted that the targeted amendment to the Regulations addressing issues related to express‑delivery packaging will help promote greener, reduced‑volume, and recyclable packaging, and accelerate the adoption of green production and consumption patterns. It is essential to uphold systematic and coordinated governance, strengthen the principal responsibility of express‑delivery enterprises, and provide enhanced guidance and regulation for upstream manufacturers, merchants, and downstream consumers, thereby advancing end-to-end governance across the entire supply chain. Furthermore, comprehensive support policies for the green transformation of express‑delivery packaging should be refined to effectively reduce operational costs associated with packaging, recycling, cleaning, and redistribution, fully mobilizing all stakeholders and fostering a favorable social environment for green development.

The National Intellectual Property Administration has issued the “Intellectual Property Data Usage Manual and Open Catalog.”
On March 12, the website of the National Intellectual Property Administration published the “Notice on Issuing the ‘Intellectual Property Data Usage Manual and Open Catalog.’”
The “Catalog” primarily clarifies key concepts related to intellectual property data, as well as aspects such as use cases, methods of access, and an overview of public service systems. The catalog identifies a total of ten major application areas: patent information retrieval, patent information analysis and utilization, trademark information inquiry, trademark information analysis and utilization, trademark‑brand monitoring, geographical indication data retrieval, integrated circuit layout‑design data retrieval, technological innovation, the role of government, database development, and the application of artificial intelligence and large language models.

Two departments have deployed initiatives to provide centralized care services for economically disadvantaged elderly individuals with disabilities and other vulnerable groups.
On March 12, the website of the Ministry of Civil Affairs published the “Notice on Effectively Providing Centralized Care Services for Economically Disadvantaged Elderly Persons with Disabilities and Other Vulnerable Groups.”
The notice clarifies the eligibility criteria, subsidy levels, and operational procedures for centralized care services supported by central government funding, targeting economically disadvantaged elderly individuals with disabilities and other eligible groups. Eligible recipients include elderly persons with disabilities and very elderly individuals who are covered by the minimum living allowance and have voluntarily entered long-term care facilities. The subsidy amount is determined based on the difference between the local minimum living allowance standard and the standard for centralized care services.

The Ministry of Ecology and Environment plans to issue the national ecological and environmental standard, “Emission Standard for Water Pollutants from the Textile Industry.”
On March 12, the website of the Ministry of Ecology and Environment published the “Notice on Public Solicitation of Comments on the National Ecological and Environmental Standard ‘Emission Standard for Water Pollutants from the Textile Industry (Second Draft for Public Comment)’,” with a deadline for submitting feedback set for April 14.
The Standard sets forth requirements for the control of water pollutant discharges, monitoring, and supervisory management in the textile industry. It applies to the management of water pollutant discharges from existing textile enterprises and production facilities, as well as to environmental impact assessments, the design of environmental protection facilities, the acceptance inspection of completed environmental protection facilities, the issuance of discharge permits, and the management of water pollutant discharges following the commissioning of textile industry construction projects.

The Ministry of Finance has put forward four requirements to promote the use of local government special bonds in supporting land reserve operations.
On March 12, the Ministry of Finance’s website published the “Notice on Effectively Leveraging Local Government Special Bonds to Support Land Reserve Operations.”
The Notice stipulates that bond‑issuance requirements and the entities responsible for utilizing the funds must be clearly defined. It further specifies that local authorities shall give priority to including parcels listed in the inventory of existing idle land into their land‑reserve plans, and that any new land‑reserve projects deemed necessary should likewise be incorporated. In addition, the procedures for submitting and reviewing special‑purpose bonds are to be refined, with due consideration given to achieving a comprehensive balance between funding and returns, and with rigorous oversight and management. The issuance and use of special‑purpose bonds earmarked for land reserves must be strictly aligned with specific projects.

Beijing has issued a document to further strengthen the investigation and handling of production safety accidents.
The General Office of the People’s Government of Beijing Municipality has issued the “Opinions on Further Strengthening the Investigation and Handling of Production Safety Accidents.”
The document outlines measures to strengthen the investigation and handling of production safety accidents, including standardizing the organization of accident investigations, enforcing strict local jurisdiction, implementing a team leader responsibility system, and clarifying group assignments and division of labor. With regard to accident investigations, it mandates the proper preservation of the accident scene, standardized evidence collection, objective assessment of accident-related losses, and the refinement of the accident investigation team’s operations. Furthermore, the document underscores the need for thorough rectification and implementation, conducting end-to-end accountability reviews, imposing administrative penalties in accordance with the law, and urging all departments and entities to rigorously enforce the production safety responsibility system, thereby enhancing public safety awareness and safeguarding the lives and property of the people.

The Beijing Municipal Government has decided to reclaim a batch of administrative enforcement powers.
On March 13, the Beijing Municipal Government website published the “Decision on Reclaiming a Batch of Administrative Enforcement Powers.”
The Decision stipulates that, effective April 1, 2025, the authority to impose 12 administrative penalties and conduct related administrative inspections in areas such as urban road management, urban lighting management, river and lake protection management, and construction (domestic) waste management shall be transferred to the District Urban Management Enforcement Bureau; the authority to impose six administrative penalties and conduct related administrative inspections concerning tobacco control shall be transferred to the District Health Commission; and the authority to impose two administrative penalties and conduct related administrative inspections—relating to noise disturbances arising from production and business activities, as well as odors and exhaust emissions from garment dry cleaning and motor vehicle repair—shall be transferred to the District Ecological Environment Bureau.

The Ministry of Human Resources and Social Security has introduced a new policy: providing comprehensive support for youth employment and entrepreneurship.
On March 10, the Ministry of Human Resources and Social Security released a new round of supportive policies on its official WeChat account, aimed at boosting employment and entrepreneurship among college graduates and other young people.
The policy includes expanding the number of participants in grassroots programs such as the “Three Supports and One Assistance” initiative and the Western Development Program, launching a one-million‑person employment internship program, fully rolling out job‑search training camps, and advancing the “diploma plus multiple vocational skill certificates” system. In addition, the policy places particular emphasis on supporting youth innovation and entrepreneurship, as well as rural migrant workers returning to their hometowns to start businesses, offering bundled services and streamlining individual business‑creation procedures. At the same time, it strengthens protections for the rights and interests of workers in flexible and new forms of employment, and rigorously investigates and addresses illegal practices such as employment discrimination in accordance with the law. The policy also stipulates that, beginning this year and continuing for three consecutive years, annual subsidies will be provided to support vocational skills training for more than 10 million people, fostering a two‑way alignment between skills development and industrial growth, improving the remuneration of skilled workers, and ensuring that those who work harder, possess higher skills, or innovate receive greater rewards.

The National People’s Congress has amended the Law on Deputies to strengthen deputies’ performance of their duties.
On March 11, the Third Session of the 14th National People’s Congress adopted the Decision of the National People’s Congress on Amending the Law of the People’s Republic of China on the Election of Deputies to the National People’s Congress and to the People’s Congresses at Various Local Levels, making thirty-four amendments to the Law.
This revision proposes strengthening the system of liaison between the “one government, one commission, and two courts” and deputies; further improving the mechanisms for deputies to maintain close ties with the people and for the Standing Committee of the People’s Congress to engage with deputies; and adding relevant provisions on how the Standing Committee and the Presidium shall organize and assist deputies in connecting with the public. It also emphasizes that, during the intervals between sessions of the people’s congress at their respective levels, deputies shall participate in uniformly organized and arranged activities to perform their duties, and their employing units must ensure they are granted adequate time to do so. Moreover, it clarifies that, in exercising their duties in accordance with the law, deputies shall be provided by the state, as necessary, with travel allowances and such material conveniences or subsidies as may be required.

Economic Performance of the Automotive Industry in February 2025, as Reported by the Ministry of Industry and Information Technology
On March 11, the website of the Ministry of Industry and Information Technology released data on the automotive industry’s economic performance for February 2025. The figures show that in February 2025, China’s automobile production and sales reached 2.103 million and 2.129 million units, respectively, up 39.6% and 34.4% year on year.
Data show that in February 2025, automobile production and sales reached 2.103 million and 2.129 million units, up 39.6% and 34.4% year on year, respectively; passenger car production and sales stood at 1.785 million and 1.815 million units, up 40.2% and 36.2% year on year, respectively; commercial vehicle production and sales totaled 318,000 and 313,000 units, up 36.6% and 25% year on year, respectively; new energy vehicle (NEV) production and sales reached 888,000 and 892,000 units, up 91.5% and 87.1% year on year, respectively; NEVs accounted for 41.9% of total new car sales; whole-vehicle exports amounted to 441,000 units, a year-on-year increase of 16.9%; NEV exports reached 131,000 units, up 60.5% year on year.

The Ministry of Commerce has issued a document calling for the effective utilization of the Canton Fair platform to support rural revitalization, expand consumption, and provide assistance.
On March 12, the Ministry of Commerce website published the “Notice on Further Leveraging the Canton Fair Platform to Support Rural Revitalization and Expand Consumption‑Driven Assistance.”
The Notice explicitly requires the Foreign Trade Center to optimize and upgrade its existing exhibition area for rural revitalization–themed products. This will be achieved through measures such as refining exhibit‑area design, providing custom‑fit booth services, enhancing wayfinding signage, expanding promotional campaigns, driving both online and offline traffic, and offering translation services—thereby further improving service quality and elevating the overall image of the exhibition space. The Center will also continue to maintain substantial reductions or exemptions on booth fees and waive configuration charges for the rural revitalization product zone. In addition, trade delegations are urged to do their utmost to meet the diverse participation needs of exhibitors from formerly impoverished counties, appropriately reserving a portion of booths in Phases I and II of the fair, assigning exhibition areas and booths aligned with exhibitors’ industry categories, and prioritizing booth allocation for key national rural revitalization assistance counties and formerly impoverished counties. Furthermore, additional signage highlighting business support initiatives will be introduced.

The Ministry of Commerce plans to issue the industry standard “Digitalization of Retail Goods: General Attribute Information Specification.”
On March 10, the Ministry of Commerce’s website published the “Public Solicitation of Comments on the Industry Standard ‘Digital General Attribute Information Specification for Retail Products,’” with a deadline for submitting feedback set for April 10.
The standard specifies the description and requirements for general attribute information of retail products and provides corresponding verification methods, applicable to the collection, exchange, and publication of such attribute information.

The Ministry of Commerce plans to issue the industry standard “Implementation Guide for QR Code Applications in Retail Product Barcodes.”
On March 10, the Ministry of Commerce’s website published the “Public Solicitation of Comments on the Industry Standard ‘Implementation Guide for Barcode and QR Code Applications in Retail Products,’” with a deadline for submitting feedback set for April 10.
The standard provides guidance and recommendations on the general principles of QR code encoding for retail products, including encoding structure, barcode symbology, and implementation procedures, and includes application examples. It is applicable to the management and services related to QR codes for retail products throughout the supply chain.

The State-owned Assets Supervision and Administration Commission of the State Council convened the 2024 annual performance appraisal and reporting meeting for full-time external directors and Party secretaries of central enterprises.
Recently, the State-owned Assets Supervision and Administration Commission of the State Council convened the 2024 annual performance appraisal and evaluation meeting for full-time external directors of central enterprises and the Party secretaries of their respective committees.
At the meeting, 29 full-time external directors reported on their work, focusing on advancing the board’s implementation of the important instructions and directives of General Secretary Xi Jinping, enhancing its functions of “setting strategy, making decisions, and managing risks,” and fulfilling its oversight responsibilities. Meanwhile, the Party Secretary of the full-time external directors’ team presented a report on discharging the primary responsibility for Party building, strengthening the day-to-day management and supervision of these directors, and bolstering the support and services necessary for them to perform their duties effectively. Through this reporting and evaluation process, accountability was further reinforced, helping full-time external directors more accurately grasp their role as representatives of the investor; it also facilitated greater mutual exchange and energized their commitment to fulfilling their mandates. At the same time, this exercise enabled the relevant departments and bureaus of the investor to better understand the performance and outcomes of the full-time external directors, gaining deeper insights into the reform and development of central enterprises and the ongoing improvement of corporate boards.

Three departments: Support leading environmental protection equipment enterprises in “going global”
According to a March 12 announcement on the website of the Ministry of Industry and Information Technology, the ministry, together with the Ministry of Ecology and Environment and the State Administration for Market Regulation, has jointly issued the “Several Opinions on Promoting the High-Quality Development of the Environmental Protection Equipment Manufacturing Industry,” outlining twelve specific measures.
The Opinions propose supporting leading environmental protection equipment enterprises in “going global.” They call for encouraging these companies to actively undertake international turnkey projects in energy conservation and environmental protection, thereby expanding exports of related technologies and equipment. Furthermore, the document advocates assisting qualified enterprises in extending their industrial chains to develop multinational corporations that integrate international contracting, overseas R&D, cross-border e‑commerce, and product trade, thus enhancing the international influence and competitiveness of their products.
In terms of policy support, the Opinions explicitly stipulate the implementation of policies related to large-scale equipment upgrades and the trade-in of used consumer goods for new ones, while also supporting the modernization and upgrading of eligible environmental protection equipment projects. Furthermore, the policies providing insurance and compensation for the first-of-its-kind major technical equipment and the first batch of new materials will be fully implemented to promote the adoption and application of advanced environmental protection technologies and equipment. Efforts will be intensified to cultivate manufacturing “single-champion” enterprises and specialized, refined, distinctive, and innovative “little giant” offices in the environmental protection equipment sector.

The State Administration for Market Regulation has approved the release of a batch of important national standards.
Recently, the State Administration for Market Regulation (Standardization Administration of China) approved and released a batch of important national standards covering areas such as home life, childcare and elderly care, agricultural production, emerging industries, and resource utilization.
Among these, in the emerging industries, the State Administration for Market Regulation (National Standardization Administration) has issued seven national standards covering vehicle communication and call services, autonomous driving, and automotive power batteries, thereby promoting the high-end, intelligent, and green upgrading of the automotive industry and ensuring travel and driving safety. Additionally, four national standards have been released on locomotive and rolling stock network time synchronization, onboard energy storage and power supply, and train communication networks, safeguarding the safe and stable operation of rail transit systems.

The Ministry of Commerce plans to issue the industry standard “Technical Requirements for Digital Employees: Customer Service.”
On March 10, the Ministry of Commerce website published the “Public Solicitation of Comments on the Industry Standard ‘Technical Requirements for Digital Employees: Customer Service,’” with a deadline for submitting feedback set for April 10.
The standard specifies the technical framework, core technologies, foundational capabilities, and service quality for customer service in digital employees. It applies to the guidance and standardization of customer service provided by digital employees and does not apply to human‑based customer service or other non‑digital employee–based customer service.

Director of the National Health Commission: A draft operational plan for childcare subsidies is currently being prepared.
Lei Haichao, Director of the National Health Commission, revealed during an open group meeting of the Jiangsu delegation at the Third Session of the 14th National People’s Congress that the Commission is working with relevant departments to draft operational guidelines for child‑rearing subsidies. He added that, once finalized, these measures will include concrete, people‑benefiting policies and corresponding arrangements.

Notice from the National Energy Administration on Issuing the “Guidance for the Approval of Standard-Setting Projects in the Energy Sector for 2025”
Recently, the website of the National Energy Administration published the “Notice on Issuing the ‘Guidance for the Approval of Standardization Projects in the Energy Sector for 2025.’”
The Guidelines clearly specify that priority areas for project initiation include: (1) Plans for the development and revision of industry standards, encompassing “grounded in energy security and the promotion of a green, low‑carbon energy transition,” “supporting industry management and development,” “enhancing industrial quality and efficiency,” and “raising the internationalization level of industry standards.” (2) Plans for the translation of industry standards into foreign languages. Building on research into a comprehensive system of foreign‑language versions of standards required for international trade, services, and engineering contracting in the energy sector, applications for such translation projects are encouraged.

The National Energy Administration has launched a special regulatory campaign on construction safety and engineering quality in the power sector.
Recently, the National Energy Administration issued the “Notice on Conducting Special Supervision of Power Construction Safety and Engineering Quality for 2025,” specifying that the special supervision will be carried out from the date of issuance of the notice through December 2025.
The Notice requires all units to thoroughly study the Work Safety Law and other relevant laws and regulations, as well as institutional standards such as the Guidelines for Construction Safety Management in Power Engineering Projects, to gain a clear understanding of the requirements for safe production in power construction projects. They are also expected to conduct in-depth inspections to identify weak links and promptly address management loopholes; further strengthen on-site control over construction operations, with particular emphasis on referring to the “2025 Special Supervision and Inspection Checklist for Construction Safety and Quality in Power Engineering Projects,” continuously identify safety risks, pinpoint potential accident hazards, and ensure strict implementation.
Implement control and governance measures to identify issues at the earliest possible stage, promptly address them through a closed-loop corrective process, and swiftly break the chain of accidents, thereby fully advancing the steady improvement of workplace safety in power construction projects.

The State-owned Assets Supervision and Administration Commission of the State Council convened a work conference on the rule of law for central enterprises, as well as a special promotion meeting on strengthening the management of legal dispute cases.
Recently, the State-owned Assets Supervision and Administration Commission of the State Council convened a work conference on the rule of law for central enterprises and a special promotion meeting on strengthening the management of legal dispute cases, fully implementing the arrangements made at the meeting of heads of central enterprises, systematically summarizing the rule-of-law efforts of central enterprises in 2024, and deliberating and deploying key tasks for 2025.
The meeting emphasized that, by 2025, central enterprises should focus on the theme of high-quality development, further improve their rule-of-law systems, vigorously enhance their capacity to manage operations in accordance with the law, accelerate pilot programs for building world-class, law-based enterprises, effectively strengthen legal risk management, continuously reinforce compliance governance, tackle key and difficult issues in the field of foreign-related rule of law, and strive to build a highly competent team of legal professionals. These efforts will ensure the successful conclusion of the “14th Five-Year Plan” period for building law-based central enterprises and lay a solid foundation for a strong start to the “15th Five-Year Plan.”
The meeting called for a comprehensive strengthening of the management of legal dispute cases. In line with the deployment of special initiatives, it urged intensified efforts to enhance the handling of major cases, prioritize case‑based management, improve incentive and restraint mechanisms, and bolster information system development, thereby effectively harnessing the value‑creating potential of rule‑of‑law work.

Taxation
The latest tax data show that, over the past five months, China’s economy has continued to demonstrate a steady recovery and improvement.
On March 11, the General Office of the State Taxation Administration released the latest VAT invoice data, showing that from October 2024 to February 2025, nationwide corporate sales revenue increased by 1.1 percentage points compared with the third quarter of 2024.
Invoice data reveal the following five key highlights in economic performance: First, manufacturing has maintained steady growth, with equipment manufacturing playing a strong supporting role. VAT invoice data show that from October 2024 to February 2025, manufacturing sales revenue increased by 3.6% year on year. Second, emerging industries are gaining momentum, and new‑type productive forces are accelerating their development. From October 2024 to February 2025, sales revenue in high‑tech industries rose by 10.6% year on year, while sales revenue in core digital‑economy sectors grew by 5.6% over the same period; specifically, sales in digital product manufacturing and digital technology application sectors expanded by 8.4% and 9.5%, respectively. Third, equipment upgrades are progressing steadily, and the consumer goods trade‑in program continues to improve. Fourth, eco‑environmental services are expanding rapidly, and the clean‑energy sector is growing swiftly. VAT invoice data indicate that from October 2024 to February 2025, sales revenue for green‑technology promotion services—covering new energy, energy conservation, and environmental protection—increased by 29.3%, 26.8%, and 12.1%, respectively, while sales in clean‑energy industries such as solar, biomass, and wind power rose by 26.7%, 10.9%, and 6.1%, respectively, year on year. Fifth, interprovincial trade remains unimpeded, and efforts to build a unified national market are advancing in an orderly manner.

China’s first anti-discrimination investigation has concluded, and tax measures will be implemented.
On March 8, the Ministry of Commerce issued the “Decision on Launching an Anti-Discrimination Investigation into Canada’s Restrictive Measures Affecting China” (Ministry of Commerce Announcement No. 11 of 2025), announcing the findings of the investigation and the corresponding anti-discrimination measures.
According to the announcement, the investigating authorities have determined that the relevant measures under investigation in Canada constitute “discriminatory prohibitions, restrictions, or other similar measures imposed on China in the field of trade” as defined in Article 7 of the Foreign Trade Law of the People’s Republic of China. These measures have disrupted the normal order of trade and have had a serious adverse impact on China. In accordance with the relevant provisions of the Foreign Trade Law of the People’s Republic of China and the Customs Tariff Law of the People’s Republic of China, anti-discrimination measures have been adopted, imposing additional tariffs on certain imported goods originating in Canada.

LITIGATION & ARBITRATION
The Supreme People’s Court has released the 44th batch of guiding cases.
On March 12, the Supreme People’s Court issued the “Notice on the Release of the 44th Batch of Guiding Cases,” announcing three guiding cases numbered 248 to 250.
Among them, Guiding Case No. 248, newly released in this batch, concerns the crime of organizing prostitution; Case No. 249 involves a dispute over a financial loan contract; and Case No. 250 pertains to an action for revocation brought by a third party. In Guiding Case No. 249, the Supreme People’s Court clarified that where a creditor continuously asserts its rights against a debtor and the ordinary limitation period has not yet expired due to multiple interruptions, any defense of statute of limitations raised by the debtor based on Article 188 of the Civil Code of the People’s Republic of China—providing that “where more than twenty years have elapsed since the right was infringed, the people’s court shall not provide protection”—shall not be upheld by the people’s courts.

The Supreme People’s Court focuses on the General Provisions of the Contract Section of the Civil Code and releases the 17th batch of Q&A from the Legal Answers Website.
On March 13, the Supreme People’s Court released a selection of Q&A from the Legal Answers Website (the seventeenth batch), focusing on the General Provisions of the Contract Section of the Civil Code.
This batch comprises four sets of questions and answers, addressing issues such as the definition of liability for breach of a pre‑contractual agreement, the possibility that a third party may perform the obligation to the debtor in subrogation proceedings, the prerequisites for a creditor’s exercise of the right of revocation, and the determination of the effective date of contract termination in actions seeking contract rescission. In Question 4, the Supreme People’s Court clarifies that, where a party withdraws a lawsuit seeking contract rescission and then files a subsequent action again asserting the same claim, the applicable rules for determining the date of contract termination must be applied systematically in accordance with Article 565 of the Civil Code and Article 54 of the General Provisions Interpretation of the Contract Section of the Civil Code. Furthermore, even if, after filing a suit for contract rescission, the plaintiff subsequently amends the claim to seek specific performance, the contract cannot be deemed terminated solely on the ground that a copy of the complaint has already been served on the opposing party.

The Supreme People’s Procuratorate has released the White Paper on the Work of the “Four Major Prosecutorial Functions” (2024).
On March 9, the Supreme People’s Procuratorate held a press conference to release the White Paper on the Work of the “Four Major Prosecutorial Areas” (2024). Organized along four distinct tracks—criminal, civil, administrative, and public interest litigation—the white paper provides a comprehensive, all‑round overview of the procuratorial organs’ progress and achievements in 2024 as they remain committed to handling every case with high quality and efficiency, serving the overall national interest, delivering justice for the people, and upholding the rule of law.
The White Paper on Administrative Prosecutorial Work (2024) highlights the new achievements of administrative prosecution in several key areas, including strengthening oversight of administrative litigation, coordinating and advancing the reverse linkage between administrative and criminal proceedings as well as the supervision of administrative violations, and supporting high-quality economic and social development. It also outlines the progress made by procuratorial organs nationwide in consistently integrating and effectively managing prosecutorial operations, case administration, and quality control, thereby promoting the high‑quality development of public interest litigation through more optimized case-handling scales, higher case‑handling standards, more solid outcomes, and broader coverage across all relevant fields.

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