JC Master Legal News Issue 1147

Key Takeaways for This Issue

The Shanghai Stock Exchange hosted a specialized training program for institutional investors and updated and released the list of co-signing institutions under the “Three Investments” Initiative.
The Shanghai Stock Exchange, in collaboration with the Shanghai Asset Management Association, hosted the first session of its 2025 Institutional Investor Specialized Training Program at the SSE and updated and released the list of co-signing institutions for the “Initiative on Rational, Value‑Based, and Long‑Term Investing in the Capital Market.”
The National Administration of Financial Regulation has issued the Regulatory Guidelines on Concentration Risk for Insurance Groups.
The General Office of the National Administration of Financial Regulation has issued the “Guidance on Supervision of Concentration Risk in Insurance Groups,” which shall take effect as of January 26, 2025.
State Council Executive Meeting: Reviews measures to boost consumption and approves the 2025 Plan for Stabilizing Foreign Investment.
On February 10, Premier Li Qiang of the State Council presided over an executive meeting of the State Council to discuss measures to boost consumption and reviewed and approved the “2025 Action Plan for Stabilizing Foreign Investment,” among other items.
The Supreme People’s Court has released typical cases of crimes involving online extortion and blackmail, punished in accordance with the law.
On February 11, the Supreme People’s Court website published six typical cases of crimes involving online extortion and blackmail, addressing such offenses as spreading online rumors, using the internet to extort and blackmail, making malicious claims against merchants on online platforms for extortion, soliciting payments in exchange for deleting posts, engaging in extortion through nude‑chat schemes, and providing technical support for cybercrime.
Finance & Capital Markets
The Shanghai Stock Exchange hosted a specialized training program for institutional investors and updated and released the list of co-signing institutions under the “Three Investments” Initiative.
The Shanghai Stock Exchange, in collaboration with the Shanghai Asset Management Association, hosted the first session of its 2025 specialized training program for institutional investors at the SSE and updated and released the list of co-signing institutions under the “Initiative on Rational, Value‑Based, and Long‑Term Investing in the Capital Market.” Through this specialized training and by further expanding the scope of signatories to the Initiative, the two organizations aim to guide institutional investors in embracing the “three‑investment” principles and implementing the arrangements set forth in the Memorandum of Understanding between the China Securities Regulatory Commission and the Shanghai Municipal People’s Government on a collaborative mechanism to support Shanghai’s efforts to accelerate the development of its “five centers.” The Shanghai Securities Regulatory Bureau participated as a supporting entity in organizing the training program. A total of 81 mid‑ and senior‑level managers from member institutions of the Shanghai Asset Management Association attended, representing a diverse range of entities, including bank wealth management offices, securities‑office asset management units, public and private mutual funds, insurance asset management companies, trust institutions, and industry‑focused funds.

At the opening ceremony of the training, Yuan Duoran, a member of the Party Committee of the Shanghai Stock Exchange, stated that the CPC Central Committee, the State Council, and the China Securities Regulatory Commission attach great importance to the “three‑investment” philosophy, investment‑side reforms, and the development of institutional investors. He expressed the hope that institutional investors will make full use of Shanghai‑market index‑based investment tools on the investment side, thereby helping investors realize wealth‑creating returns in a more inclusive, transparent, convenient, and cost‑effective manner; on the financing side, they will contribute to enhancing the quality and investment value of listed companies, supporting industrial mergers and acquisitions, resource reallocation, and the development of new‑type productive forces, and, through long‑term engagement and patient stewardship, share in the ideal returns generated by the value creation of Shanghai‑listed offices; and on the service side, they will remain true to their responsibilities, assume accountability for investor suitability management, fulfill their fiduciary duties, resist the temptation of scale‑driven expansion, guard against conflicts of interest, strengthen investor services and protection, and jointly foster a healthy ecosystem for the capital market.

Jia Biao, President of the Shanghai Asset Management Association, stated that in May 2024, the Shanghai Stock Exchange updated and released the “Initiative on Rational, Value‑Based, and Long‑Term Investing in the Capital Market.” The Shanghai Asset Management Association promptly rallied all its member institutions to jointly endorse the Exchange’s Initiative and organized asset management offices among its members to showcase exemplary practices in implementing the “three‑investment” principles within the Shanghai asset management industry. Furthermore, the revised “Regulations of Shanghai Municipality on Promoting the Development of an International Financial Center,” issued in August 2024, explicitly calls for fostering and attracting diverse asset management entities to build Shanghai into a global asset management hub. Moving forward, the Shanghai Asset Management Association will work together with its member institutions and industry stakeholders to uphold the “three‑investment” philosophy, contributing fresh momentum to advancing high‑quality development of Shanghai’s asset management sector, ensuring the stable functioning of the capital market, and accelerating the city’s efforts to become an international financial center and a global asset management hub.

During the two-day training program, ten specialized lectures were scheduled across eight thematic areas. Among these, a focused session on the spirit of the Third Plenary Session of the 20th CPC Central Committee was conducted, with integrated commentary grounded in the realities of the capital markets; the sessions were delivered by experts from the Shanghai Municipal Party School and the China Securities Finance Institute. Additionally, an expert from the Institutional Department of the China Securities Regulatory Commission provided an interpretive lecture on the “Guiding Opinions on Promoting the Entry of Medium- and Long-Term Funds into the Market,” jointly issued by the Central Financial Work Commission and the CSRC. On the topic of macroeconomic analysis, chief economists from leading securities offices were invited to deliver presentations. To highlight cutting-edge practices, several industry‑wide sharing sessions were organized on AI‑driven asset management and the establishment of long‑term performance‑evaluation mechanisms by asset management institutions. Furthermore, relevant departments of the Shanghai Stock Exchange held specialized lectures on mergers and acquisitions, trading supervision, and index‑based investing.

In conjunction with the training program, the Shanghai Stock Exchange has updated the list of co-signing institutions under the “Three Investments” Initiative. To date, the Initiative has garnered the joint endorsement of more than 450 institutions. The newly released list primarily incorporates member entities of the Shanghai Asset Management Association, expanding the scope of co-signing organizations to encompass bank wealth management, trust companies, insurance asset management offices, securities‑office asset management units, public mutual funds, private equity funds, foreign‑invested asset management offices, commercial banks, financial technology companies, accounting offices, law offices, and other sectors closely related to the asset management industry. Moving forward, the Shanghai Stock Exchange will continue to monitor and evaluate the implementation of the Initiative by participating institutions, and will annually update the list of co-signing entities based on their progress in embodying the Initiative’s core principles, ensuring a dynamic process of both inclusion and exclusion.

Recently, the Shanghai Stock Exchange adopted the “Work Plan for Strengthening and Improving Services to Institutional Investors,” which includes conducting specialized training sessions for institutional investor management personnel—a key priority set forth in the plan. Moving forward, the Exchange will thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and the Central Financial Work Conference, and carry out the requirements outlined in the new “Nine Measures for National Financial Reform.” It will continue to organize targeted training programs for institutional investor managers in major cities across the country. Furthermore, it will earnestly put into practice the “Guiding Opinions on Promoting the Entry of Medium- and Long-Term Funds into the Market” and the “Implementation Plan for Facilitating Such Market Participation,” guiding institutional investors to enhance their capacity to allocate medium- and long-term capital to equity assets. This will help them better embrace the principles of long-term, value‑based, and rational investing, thereby fostering a virtuous cycle that preserves and grows the value of medium- and long-term funds, ensures the stable and sound functioning of the capital market, and supports high‑quality development of the real economy.

The Shanghai Stock Exchange has officially unveiled its 2025 initiatives to deliver tangible benefits to the market.
In earnest implementation of the “Several Provisions on Rectifying Formalism and Reducing Burdens at the Grassroots Level” issued by the General Office of the CPC Central Committee and the General Office of the State Council, as well as the relevant work arrangements of the Party Leadership Group of the China Securities Regulatory Commission, and in continued consolidation of the achievements of the initiatives to “conduct review, regulation, and services in an open and transparent manner,” the Shanghai Stock Exchange, after carefully studying the concerns and demands of all market participants and in alignment with its key annual priorities, has formulated the “Shanghai Stock Exchange’s 2025 List of Practical Measures for the Market” (hereinafter referred to as the “Project List”) and officially released it to the public.

The “Project List” focuses on the pressing concerns and challenges faced by all market participants, encompassing 10 concrete measures across five key areas that span major business domains such as listing reviews, corporate supervision, product innovation, market services, and information technology. First, it seeks to enhance information transmission and further improve transparency in review and regulatory processes. This includes providing consolidated answers to frequently asked questions across multiple project types handled by the same sponsor, optimizing call‑back management for consultation inquiries, holding quarterly policy briefings for the bond market, and offering an online browsing function for business rules. Second, it aims to vigorously develop new products to meet diverse investment needs. It has compiled dividend‑related indices such as the SSE Dividend Growth Index and fixed‑income indices like the SSE Local Government Bond Index, and is actively expanding related index‑based products. Third, it strives to elevate service quality and efficiency, acting as a dedicated “shop assistant” for the market. It is promoting the Capital Market Comprehensive Service Week in top‑100 counties and key industrial parks, and launching a specialized “Star Enterprise Navigation” section to provide tailored services to enterprises in priority regions. Additionally, it has introduced the “One‑Stop Service Appointment” feature and streamlined the website’s “Request Reception Center,” while upgrading the English‑language version of its official site to strengthen the international outreach capabilities of its roadshow center. Furthermore, it is refining the reservation system for visits to the China Securities Museum. Fourth, it is advancing digital transformation to make business operations more efficient. By integrating and optimizing relevant process systems, it is facilitating one‑stop access to information disclosure services for listed companies. A pilot program has also been launched to enable shareholder meetings of listed companies to vote via a mobile app with a single click. Fifth, it is implementing fee reductions and benefits to support a broad range of stakeholders. Annual fee reductions and concessions are expected to total approximately RMB 965 million, covering expenses related to listings, bond trading, and various market services.

The SSE has consistently upheld a people-centered value orientation, making the enhancement of stakeholders’ sense of gain and satisfaction a key objective. For three consecutive years, it has delivered concrete measures to benefit the market, responding to diverse demands with pragmatic initiatives. Following the release of this Project List, we welcome feedback and suggestions from all market participants. The SSE will continue to embody the “attentive service” spirit, providing even higher‑quality services to meet your expectations and requirements, and working together to advance the high‑quality development of the SSE market.

The National Administration of Financial Regulation has issued the Regulatory Guidelines on Concentration Risk for Insurance Groups.
The General Office of the National Administration of Financial Regulation has issued the “Guidance on Supervision of Concentration Risk in Insurance Groups,” which shall take effect as of January 26, 2025.
The Guidelines comprise five chapters and 28 articles, covering five sections: General Provisions, the Concentration Risk Management System, Concentration Risk Management Policies and Procedures, Management Information Systems and Reporting Disclosure, and Supplementary Provisions. The key contents include clarifying the principles of concentration risk management, standardizing the concentration risk management process, encouraging insurance groups to establish a multi‑dimensional indicator and limit‑management framework, and enhancing the information disclosure and reporting regime.

The Shanghai Higher People’s Court and the Shanghai Securities Regulatory Bureau have introduced 26 measures to deepen coordinated financial governance.
On February 11, the Shanghai Higher People’s Court and the Shanghai Regulatory Bureau of the China Securities Regulatory Commission jointly signed the Memorandum of Cooperation on Promoting High-Quality Development of the Capital Market to Support the Building of Shanghai as an International Financial Center (hereinafter referred to as the “Memorandum”). This marks an important step taken by the Shanghai Higher People’s Court to deepen financial‑related collaborative governance, signifying that a comprehensive mechanism for coordinated cooperation has been established between the court and the three major central regulatory agencies based in Shanghai.
The Memorandum aims to foster a high‑quality, rule‑of‑law‑based financial business environment and to accelerate the development of Shanghai as an international financial center. Adhering to the principles of law‑based cooperation, joint consultation and co‑construction, and orderly development, it sets forth 26 measures across 10 mechanisms, including the joint establishment of information‑sharing and consultation platforms, coordinated judicial and law‑enforcement efforts, risk prevention and resolution, diversified dispute resolution, data interconnectivity, and the enhancement of foreign‑related legal governance. With respect to the joint mechanism for judicial–law enforcement coordination, the Memorandum further expands the scope of such collaboration, extending financial governance from commercial and civil financial cases to criminal, administrative, and enforcement matters. For example, it explores new approaches to align judicial preservation measures in securities and futures‑related criminal cases with administrative preservation measures under regulatory oversight, and it seeks to optimize the mechanism by which securities institutions assist courts in inquiries, asset freezes, and fund transfers.

The National Administration of Financial Regulation has issued the Regulatory Guidelines on Concentration Risk for Insurance Groups.
The General Office of the National Administration of Financial Regulation has issued the “Guidance on Supervision of Concentration Risk in Insurance Groups,” which shall take effect as of January 26, 2025.
The Guidelines comprise five chapters and 28 articles, covering five sections: General Provisions, the Concentration Risk Management System, Concentration Risk Management Policies and Procedures, Management Information Systems and Reporting Disclosure, and Supplementary Provisions. The key contents include clarifying the principles of concentration risk management, standardizing the concentration risk management process, encouraging insurance groups to establish a multi‑dimensional indicator and limit‑management framework, and enhancing the information disclosure and reporting regime.

Commercial & Corporate
Public Consultation on the “Guiding Principles for the Classification of Digital Therapeutic Software Products in the Rehabilitation Field”
On February 12, the National Medical Products Administration issued a notice soliciting public comments on the “Guiding Principles for the Classification of Digital Therapeutic Software Products in the Rehabilitation Field (Draft for Public Comment)” until March 12.
The Draft for Comments applies to digital therapeutic software products that utilize digital technologies to alleviate patient functional impairments or to compensate for and restore lost functions. The core function of such products is rehabilitation training, while prevention, assessment, screening, and diagnosis may serve as ancillary functions.

The Ministry of Transport has repealed the “Regulations on Administrative Review in the Transportation Sector.”
On February 13, the Ministry of Transport issued the “Decision on Repealing the Regulations on Administrative Review in the Transportation Sector.”
In 2000, the Ministry of Transport promulgated the “Regulations on Administrative Review in the Transportation Sector,” which were revised in 2015 to become the “Regulations on Administrative Review in the Transportation Sector.” These regulations have played a positive role in supervising and ensuring that transportation authorities at all levels fulfill their statutory duties and in advancing the rule of law in the transportation sector. Effective January 1, 2024, the newly revised “Administrative Review Law” came into force, optimizing the administrative review jurisdiction system and making adjustments to the scope of cases accepted, the review procedures, and the types of decisions. In light of changing circumstances, it is no longer deemed sufficiently necessary to regulate industry-specific administrative review matters through departmental rules; accordingly, the “Regulations on Administrative Review in the Transportation Sector” have been repealed.

The National Medical Products Administration has released the 2024 Annual Report on Medical Device Registration.
On February 13, the National Medical Products Administration (NMPA) published the “2024 Annual Report on Medical Device Registration” on its website.
The Work Report summarizes and reviews ten aspects of medical device registration, two aspects of the acceptance of medical device registration applications, six aspects of the review and approval process for medical devices, forty-six aspects related to the registration and approval of innovative medical devices and other products, and four aspects of other registration‑related management matters. The report indicates that in 2024, the National Medical Products Administration approved a total of 65 innovative medical devices and 8 priority‑reviewed medical devices. The number of approved innovative medical devices has remained at a high level for two consecutive years, with both the quality and quantity of approved products achieving significant gains.

The “Shanghai Smart Construction Site Three-Year Action Plan (2025–2027)” has been released.
On February 10, the Shanghai Municipal Commission of Housing and Urban–Rural Development published the “Shanghai Smart Construction Site Three-Year Action Plan (2025–2027)” (hereinafter referred to as the “Plan”) on its official website.
According to the Plan, by the end of 2027, smart construction site development in the city will be fully and systematically advanced. A management system and policy framework tailored to high-quality development will be established, and a comprehensive smart‑site construction model will essentially take shape. The effectiveness of digital management for site safety and quality will be significantly enhanced, with further improvements in digitalization. Smart supervision mechanisms will be comprehensively integrated and extended beyond safety into other areas, continuously elevating the level of informationization in on‑site construction management and bringing engineering construction safety and quality management to a new stage.

Shanghai has launched a pilot program for “non‑local storage of monitoring data” in excavation projects.
On February 11, the Shanghai Municipal Commission of Housing and Urban–Rural Development issued the “Notice on Launching a Pilot Program for ‘Non-Local Storage of Monitoring Data’ in Shanghai’s Excavation Projects” (hereinafter referred to as the “Notice”).
The Notice clarifies that, for this pilot program on “non‑local storage of monitoring data” in excavation projects, 21 projects across 11 administrative regions have been selected. Excavations classified as Safety Level I are required to implement automated monitoring, digital field notebooks, Bluetooth communication, and facial recognition—four methods in total. For all other excavation projects, monitoring shall be conducted using three methods—digital field notebooks, Bluetooth communication, and facial recognition—while conditions permit, additional automated monitoring measures may be incorporated.

Shanghai Municipality Issues Implementation Rules for Vehicle Replacement and Renewal Subsidies
To ensure the effective implementation of the 2025 vehicle trade-in program, Shanghai issued detailed implementation rules on February 12, which take effect upon promulgation and remain in force until March 31, 2026.
From January 1, 2025, to December 31, 2025, individual consumers who purchase a new energy passenger vehicle listed in the relevant model catalog and transfer, within the prescribed period, a passenger vehicle registered in this city under their name will receive a one-time fixed subsidy of RMB 15,000. Similarly, individual consumers who purchase a new gasoline-powered passenger vehicle meeting China VIb emission standards and transfer, within the prescribed period, a gasoline-powered passenger vehicle registered in this city with an emission standard of China V or lower will receive a one-time fixed subsidy of RMB 13,000.

The State Administration for Market Regulation plans to issue the “Regulations on the Administration of Industry Standards in the Certification and Accreditation Sector.”
On February 12, the State Administration for Market Regulation released the “Regulations on the Administration of Certification and Accreditation Industry Standards (Draft for Public Comment)” (hereinafter referred to as the “Regulations”) and invited public comments until March 13.
With respect to legal persons and other organizations that, without justifiable reasons, fail to complete standard development or revision tasks on time, the Regulations, in Chapter V—“Implementation, Review, and Supervision”—include provisions on performance‑related accountability (Article 34), which provide them with reminders and督促. If they still fail to comply, the Regulations impose penalties, including revoking their eligibility to undertake the relevant project and barring them from submitting applications for new projects for a period of three years.

State Administration for Market Regulation: Promote the establishment and improvement of an internal reporting reward mechanism for food safety incident hazards in production and business entities.
On February 12, the State Administration for Market Regulation released the “Opinions on Promoting the Establishment and Improvement of an Internal Reporting Reward Mechanism for Food Safety Incident Hazards in Production and Operation Entities (Draft for Public Comment)” and invited public comments until March 13.
The “Opinions” stipulate that rewards shall be granted promptly. Production and business entities are encouraged to promptly reward employees who report potential food safety hazards, with a combination of material and moral incentives. Entities are also urged to incorporate internal reporting rewards into their food safety management systems and publicly disclose such policies to all staff, encouraging a policy of “small rewards for minor hazards and substantial rewards for major ones,” while offering generous rewards for reporting significant accident risks and other pressing issues.

Ministry of Finance: Continuation of the reduction in the cultural undertakings construction fee, with a maximum reduction of 50%
The Ministry of Finance has issued the “Notice on Extending the Preferential Policies for the Cultural Undertakings Construction Fee” (Cai Shui [2025] No. 7), clarifying relevant matters.
According to the Notice, from January 1, 2025, to December 31, 2027, the cultural undertakings development fee attributable to central revenue shall be reduced by 50% of the amount payable by the liable taxpayer; for the cultural undertakings development fee attributable to local revenue, the finance departments and Party committees’ publicity departments of each province, autonomous region, and municipality directly under the central government may, taking into account local economic development levels and the progress of publicity, ideological, and cultural undertakings, reduce the fee within a range of 50% of the amount payable. From January 1, 2025, until the date of issuance of this Notice (January 26, 2025), any cultural undertakings development fees that have already been collected but are eligible for reduction or exemption under the provisions of this Notice may be credited against the taxpayer’s future payable amounts or refunded.

Two departments have launched dynamic inspections and oversight of vehicle weighbridge measurements.
On February 11, the State Administration for Market Regulation and the Ministry of Transport jointly issued the “Notice on Conducting Metrological Supervision and Inspection of Dynamic Vehicle Scales (Vehicle Gross Weight Measurement),” aimed at further strengthening metrological oversight and management of dynamic vehicle scales, standardizing the type‑approval and mandatory verification procedures for such equipment, and rigorously cracking down on illegal activities that compromise the accuracy of measuring instruments.
The Notice specifies the key tasks as follows: strengthening source‑level supervision to standardize industry order; conducting scientific planning and layout to improve the monitoring network; standardizing usage and management to ensure that principal entities assume their responsibilities; reinforcing legal‑based administration to guarantee inspection quality; and unifying tolerance standards while enhancing coordination and interagency collaboration. It also calls for exploring the installation of dynamic truck scales at strategic locations along road segments where no over‑limit detection stations have been established and where trucks frequently take detours, in order to monitor and identify high‑risk areas prone to frequent over‑limit and over‑load violations. Furthermore, it mandates the implementation of entry‑point inspection and control on expressways, prohibiting vehicles that violate regulations on over‑limit and over‑load from entering and traveling on these highways.

The State Administration of Government Offices has issued the 2025 Work Plan for Energy and Resource Conservation in Public Institutions.
Recently, the State Administration of Government Offices issued the “Notice on Work Arrangements for Energy and Resource Conservation in Public Institutions in 2025.”
The Notice comprises nine provisions, calling for the implementation of a new mechanism to fully transition from dual control of energy consumption to dual control of carbon emissions; the development of statistical and accounting standards for carbon emissions in public institutions; and the exploration of initiatives such as carbon‑emission‑rights trading and the establishment of a carbon‑inclusive incentive system. It also urges public institutions to take the lead in adopting domestically produced new‑energy vehicles, to increase the proportion of new‑energy official vehicles in line with local conditions, and to advance, in an orderly manner, charging‑infrastructure projects for central government agencies. Furthermore, it emphasizes active participation in the drafting of the Ecological Environment Code and the revision of the Energy Conservation Law, while promoting the amendment of the Regulations on Energy Conservation in Public Institutions.

The National Health Commission has issued the Guidelines on Early Childhood Development Services.
The National Health Commission has issued the “Notice on the Issuance of the Guidelines for Early Childhood Development Services (Trial).”
The Notice stipulates that services include conducting parenting risk assessments and providing guidance for caregivers, as well as organizing parenting support group activities for infants and young children and their caregivers. Early childhood development services are primarily delivered by township health centers, community health service centers, and county-level maternal and child health institutions, thereby enhancing service accessibility. Medical institutions at all levels and of all types are encouraged to implement early childhood development services in accordance with local conditions.

Shanghai has unveiled the “Happy Aging, Happy Reading; Happy Learning, Happy Contribution” Senior Reading Initiative.
On February 11, the Shanghai Civil Affairs Bureau and thirteen other departments jointly issued the “Shanghai ‘Happy Aging, Happy Reading, Happy Learning, Happy Service’ Senior Reading Action Plan.”
The Action Plan sets the following objectives: starting in 2025, each district will organize at least one themed reading event for seniors annually, cultivate two new senior‑focused reading groups, and develop two signature volunteer‑based senior reading programs; meanwhile, every subdistrict and town will leverage existing elderly‑care facilities or senior schools to establish at least one new senior‑friendly reading space each year, equipped with “Happy‑Age Bookshelves” stocked with books and newspapers tailored to older adults. By 2027, the city aims to have published a cumulative total of no fewer than 30 titles addressing topics relevant to seniors.

Guangdong has issued a series of measures to promote the deep integration and coordinated development of the manufacturing sector and producer services.
On February 11, the People’s Government of Guangdong Province issued the “Several Measures to Promote the Deep Integration of Manufacturing and Productive Service Industries.”
The “Several Measures” set forth twelve initiatives, including promoting the integration of manufacturing with technology services, design services, human resources, quality assurance, modern logistics, e‑commerce, and technical services; accelerating innovation in service‑oriented manufacturing; fostering productive internet‑based service platforms; developing clusters of productive service industries; advancing both “attracting investment” and “going global”; and strengthening policy and institutional support.

Zhejiang: Comprehensive Support for the High-Quality Development of Innovative Drugs and Medical Devices
The People’s Government of Zhejiang Province recently issued the “Notice of the General Office of the People’s Government of Zhejiang Province on Printing and Distributing Several Measures to Support the High-Quality Development of Innovative Pharmaceuticals and Medical Devices Across the Entire Industrial Chain.”
The “Several Measures” comprise seven sections and 21 specific items, covering the enhancement of independent R&D capabilities in pharmaceuticals and medical devices, the improvement of the quality and efficiency of clinical research for new drugs, the optimization of review and approval mechanisms, the accelerated promotion and application of new drugs and innovative medical devices, the expansion of payment channels for pharmaceuticals and medical devices, the strengthening of data‑driven support, and the bolstering of industrial‑factor support. The measures also propose facilitating the authorized use of public health‑related data and leveraging artificial intelligence to empower pharmaceutical and medical device R&D. This includes aggregating medical data on drug development, clinical cases, prescription medications, and diagnostic tests; advancing the construction of a healthcare data‑resource system; and creating high‑quality datasets. Furthermore, the scope of authorized operations in the healthcare sector will be broadened, and the open sharing of public data related to new drugs will be promoted.

Eleven departments have issued a document to promote the high-quality development of the copper industry, vigorously advancing the integrated application of AI technologies across the sector.
The Ministry of Industry and Information Technology and 10 other departments have jointly issued the “Implementation Plan for High-Quality Development of the Copper Industry (2025–2027),” outlining 15 key priorities across three main areas.
The Plan proposes advancing industrial restructuring, supporting the development of advanced manufacturing clusters in the copper refining and deep-processing sector, promoting green and intelligent industrial development, and vigorously fostering the integrated application of artificial intelligence (AI) technologies within the copper industry.
In terms of safeguard measures, the Plan calls for strengthening the coordinated alignment of fiscal, tax, financial, investment, and import‑export policies with industrial policies to further amplify policy impacts; it also emphasizes bolstering policy support by guiding financial institutions to provide targeted and effective financing for major copper‑industry projects and upgrades that meet relevant industry standards and self‑regulatory covenants, while encouraging eligible enterprises to engage in processing‑trade activities involving copper concentrates and ensuring the effective implementation of tax policies on comprehensive resource utilization.

The National Development and Reform Commission and the relevant Bruneian authorities have signed two cooperation agreements.
Zheng Zhajie, Director of the National Development and Reform Commission, and relevant Bruneian authorities renewed the cooperation plan for jointly building the Belt and Road Initiative and signed two cooperation documents on exchanges and collaboration in the field of economic development.
The two sides renewed the Cooperation Plan between the Government of the People’s Republic of China and the Government of Brunei Darussalam on Jointly Promoting the Belt and Road Initiative, using BRI cooperation as a guiding framework to advance practical collaboration across all sectors. They also signed the Memorandum of Understanding on Exchanges and Cooperation in the Field of Economic Development between the National Development and Reform Commission of the People’s Republic of China and the Ministry of Finance and Economy of Brunei Darussalam, under which they will engage in the exchange of experience in macroeconomics, industrial development, infrastructure construction, and green, sustainable development.

Ministry of Ecology and Environment: Strengthen Environmental Management of Hazardous Waste and Rigorously Prevent and Control Environmental Risks
On February 11, the website of the Ministry of Ecology and Environment released the “Guiding Opinions on Further Strengthening Environmental Management of Hazardous Waste and Rigorously Controlling Environmental Risks.”
The “Guiding Opinions” comprise five key areas and twelve specific measures, requiring entities that generate, collect, store, transport, utilize, or dispose of hazardous waste to assume primary responsibility for preventing and controlling hazardous‑waste pollution. They must rigorously implement the relevant laws, regulations, and standards on the prevention and control of environmental pollution caused by hazardous waste, adopt effective measures to reduce the amount of hazardous waste generated, promote its recycling and reuse, mitigate its harmfulness, and enhance the standardized management of hazardous‑waste environmental protection.

The Center for Drug Evaluation of the National Medical Products Administration has released the “Guidance on Registration Acceptance and Review of Chemical Drugs.”
The National Medical Products Administration has published the “Notice on the Issuance of the ‘Guidance for Acceptance and Review of Chemical Drug Registration (Trial)’.”
The Guidelines cover such aspects as the scope of application, the accepting authority, basic documentation requirements, key points for formal review, and decisions on acceptance and review. With respect to the key points for formal review, the Guidelines specify criteria for reviewing submission items, communication and consultation, application forms, and supporting documentation.

Beijing plans to issue the “Model Articles of Association for Social Organizations in Beijing.”
On February 10, the Beijing Municipal Government website published an announcement soliciting public comments on the “Model Articles of Association for Social Organizations in Beijing (Draft for Public Comment),” with a deadline for submitting feedback set for February 16.
The Model Text comprises nine chapters and seventy-eight articles, stipulating that social organizations shall establish internal management systems and, in the event of internal disputes, shall prioritize resolution through democratic consultation among the executive council, the board of directors, the supervisory board, the members’ (representatives’) assembly, and the Party organization. Resolutions of the members’ (representatives’) assembly, the board of directors, or the executive council may not be substituted by meetings such as the chairperson’s office meeting.

The European Union has introduced new cybersecurity regulations for financial institutions.
The European Union’s new cybersecurity regulation for financial institutions, the Digital Operational Resilience Act (DORA), recently entered into force. The legislation aims to strengthen IT security across financial entities, including banks, insurance companies, and investment offices.
DORA introduces targeted rules for risk management, classification, and reporting of cyber incidents, designed to ensure that Europe’s financial sector remains resilient in the face of severe operational disruptions such as cyberattacks. It also covers digital operational resilience testing and IT third-party risk management. The new legislation encourages financial institutions to share cyber threat information and intelligence, including indicators of compromise, strategies, techniques, and procedures, as well as cybersecurity alerts.

State Council Executive Meeting: Reviews measures to boost consumption and approves the 2025 Plan for Stabilizing Foreign Investment.
On February 10, Premier Li Qiang of the State Council presided over an executive meeting of the State Council to discuss measures to boost consumption and reviewed and approved the “2025 Action Plan for Stabilizing Foreign Investment,” among other items.
The meeting emphasized the need to vigorously support increases in residents’ incomes, promote reasonable growth in wage‑related income, and boost consumption capacity; to expand spending on culture, sports, and tourism, stimulate ice‑and‑snow‑related consumption, and develop inbound tourism; to drive the renewal and upgrading of major‑ticket purchases, strengthen support for trade‑in programs for consumer goods, and better meet housing‑related consumption needs; and to implement a three‑year initiative to optimize the consumer environment, further improving systems related to quality standards, credit‑based regulation, comprehensive governance, and consumer rights protection.
The meeting noted that it is necessary to implement the requirement of fully lifting foreign‑investment access restrictions in the manufacturing sector, to refine the national pilot and demonstration programs for further opening up the service sector, and to expand the scope of industries encouraged for foreign investment. Additionally, support for domestic reinvestment by foreign‑invested enterprises should be strengthened, foreign investors should be encouraged to engage in equity investments in China, and the rules governing foreign‑invested mergers and acquisitions, as well as related transaction procedures, should be optimized.

The State Council has promulgated the Regulations on the Administration of Public Security Video Image Information Systems.
On February 10, the Chinese Government Website published the Regulations on the Administration of Public Security Video Image Information Systems, which will take effect on April 1.
The Regulations comprise thirty-four articles, stipulating that, except for departments, entities, or individuals entrusted with operational management responsibilities and security‑related obligations when such installation is necessary to safeguard public safety, no other entity or individual may install image‑capture equipment or facilities in public places. Furthermore, the installation of such equipment or facilities is prohibited in areas or locations—such as guesthouses, dormitories, and changing rooms—that are capable of capturing, peeping into, or eavesdropping on others’ private lives. The Regulations also specify that video‑image data whose retention period has expired and which have already served their intended purpose must be deleted.

Nine departments: Launch additional senior‑focused tourism trains to boost the development of service consumption.
On February 11, the Ministry of Commerce website released the “Action Plan on Launching Additional Senior‑Friendly Tourism Trains to Boost the Development of Service Consumption.”
The Action Plan comprises five key areas and twelve specific measures, proposing to support and guide all types of market entities, including private enterprises, in developing and operating senior‑focused tourism trains and dedicated tourist railway lines, with pricing determined independently through market mechanisms. It also calls for leveraging the incentive effects of science‑and‑technology innovation and technological upgrading relending policies to encourage financial institutions to strengthen their support for the technological upgrading and equipment renewal of tourism trains.

The National Development and Reform Commission has issued a document to deepen the market-oriented reform of on-grid electricity prices for new energy.
The National Development and Reform Commission has published the “Notice on Deepening Market-Based Reform of New Energy Grid-Connection Tariffs and Promoting High-Quality Development of New Energy.”
The Notice outlines three key aspects of the reform. First, it seeks to ensure that all on-grid electricity prices for new energy sources are determined entirely by the market. In principle, all electricity generated by new‑energy projects will be sold in the power market, with on-grid prices set through market transactions. Second, it establishes a price‑settlement mechanism to support the sustainable development of new energy. Following participation in market trading, a sustainable‑development pricing framework will be applied at the settlement stage, under which eligible electricity volumes will be settled at the mechanism‑determined price. Third, it adopts differentiated policies for existing and newly added projects: the mechanism‑based prices for existing projects will be seamlessly aligned with current policies, while the mechanism‑based prices for new projects will be determined through market‑driven competitive bidding.

Taxation
Following the corporate income tax, Hainan Free Trade Port’s preferential personal income tax policies will continue to be implemented.
According to the website of the Hainan Provincial Tax Service, the Ministry of Finance and the State Taxation Administration have issued the “Notice on Extending the Implementation of the Individual Income Tax Policy for High‑End, Shortage‑Type Talents in the Hainan Free Trade Port” (Cai Shui [2025] No. 4).
The Notice clarifies that, from January 1, 2025, to December 31, 2027, for high‑end and urgently needed talents working in the Hainan Free Trade Port, the portion of their individual income tax liability exceeding 15% will be exempted. The income eligible for this preferential policy includes comprehensive income derived from the Hainan Free Trade Port—comprising wages and salaries, labor compensation, manuscript fees, and royalty income—as well as business income and talent‑subsidy‑related income recognized by Hainan Province.
The Ministry of Finance and the State Taxation Administration have also issued the “Notice on Extending the Implementation of Preferential Corporate Income Tax Policies for the Hainan Free Trade Port” (Cai Shui [2025] No. 3), extending the validity period of the relevant preferential policies to December 31, 2027.

The State Taxation Administration has streamlined procedures related to the Certificate of Chinese Tax Residency.
The State Taxation Administration has issued the “Announcement on Matters Relating to the Certificate of Chinese Tax Residency” (No. 4 of 2025), which shall take effect as of April 1, 2025.
The Notice has streamlined several procedures: First, it expands the scope of application for the Certificate of Tax Residency. Applicants are now required to select, based on their specific circumstances, whether they seek to avail themselves of treaty benefits or not. Second, it enables end-to-end online processing. Leveraging the Electronic Tax Bureau website and the Individual Electronic Tax Bureau website, both corporate and individual applicants can complete the entire process of applying for a Certificate of Tax Residency online. Third, it revises the content of the Certificate of Tax Residency. The certificate now includes additional information such as the taxpayer identification number, while removing the signature of the head of the competent tax authority; moreover, it allows for supplementary remarks—such as details about partnership enterprises—upon the applicant’s request. Fourth, it shortens the processing timeframe. If the competent tax authority is able to determine tax residency independently, the processing period is reduced from the current 10 working days to 7 working days.

LITIGATION & ARBITRATION
The Supreme People’s Court has released typical cases of crimes involving online extortion and blackmail, punished in accordance with the law.
On February 11, the Supreme People’s Court website published six typical cases of crimes involving online extortion and blackmail, addressing such offenses as spreading online rumors, using the internet to extort and blackmail, making malicious claims against merchants on online platforms for extortion, soliciting payments in exchange for deleting posts, engaging in extortion through nude‑chat schemes, and providing technical support for cybercrime.
In Case No. 3, between January 2021 and April 2023, the defendant, Xiang Mouman, purchased food through multiple online food‑delivery platforms and deliberately introduced foreign objects into the food. He then took photographs and reported the incidents to both the platforms and the merchants, threatening to file complaints unless compensation was paid. Using this threat, he extorted a total of RMB 3,169 from four different catering establishments. The court held that, with the intent of unlawful appropriation, Xiang Mouman used the threat of complaints to extort money from several victim entities in substantial amounts, thereby constituting the crime of extortion. Following his apprehension, Xiang Mouman truthfully confessed to the offenses, warranting a lighter sentence under the law; moreover, his voluntary admission of guilt and acceptance of punishment entitle him to more favorable treatment pursuant to statutory provisions. Accordingly, Xiang Mouman was sentenced to seven months’ imprisonment for extortion, fined RMB 4,000, and ordered to return the illicit proceeds.

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