JC Master Legal News Issue 1145

Key Takeaways for This Issue

The Central Financial Work Commission, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People’s Bank of China, and the National Administration of Financial Regulation have jointly issued the “Implementation Plan for Promoting the Entry of Medium- and Long-Term Funds into the Market.”
Recently, following deliberation and approval by the Central Financial Commission, the Central Financial Office, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People’s Bank of China, and the National Administration of Financial Regulation jointly issued the “Implementation Plan for Promoting the Entry of Medium- and Long-Term Funds into the Market.”
The three major stock exchanges have jointly issued accompanying guidelines, marking the preliminary establishment of an ESG information disclosure framework.
The Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the Beijing Stock Exchange have each issued a “Guideline for Preparing Sustainability Reports,” all of which will take effect on January 17, 2025.
The China Securities Regulatory Commission is soliciting public comments on the “Regulations on the Supervision of Funds Raised by Listed Companies (Draft for Comments).”
The China Securities Regulatory Commission has systematically reviewed its regulatory practices over recent years, conducted extensive research and solicited opinions and suggestions, and, building on “Regulatory Guidance No. 2 for Listed Companies—Regulatory Requirements for the Management and Use of Funds Raised by Listed Companies,” has drafted the “Regulations on the Supervision of Funds Raised by Listed Companies (Draft for Public Comment).”
The Supreme People’s Procuratorate has launched the “Food and Drug Safety: A Journey for the Public Good” public interest litigation supervision campaign.
On January 21, the Supreme People’s Procuratorate convened the launch meeting for the “Food and Drug Safety: A Journey for the Public Good” public-interest litigation supervision campaign, deciding to roll out a year-long initiative under this banner.
Finance & Capital Markets
The Central Financial Work Commission, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People’s Bank of China, and the National Administration of Financial Regulation have jointly issued the “Implementation Plan for Promoting the Entry of Medium- and Long-Term Funds into the Market.”
To implement the important decisions and arrangements made at the Central Economic Work Conference and the Central Financial Work Conference—namely, “stabilizing the stock market and removing bottlenecks that impede the entry of medium- and long-term funds” and “encouraging professional institutional investors to establish multi-year performance‑evaluation mechanisms and increase the proportion of equity investments”—the Central Financial Commission recently reviewed and approved, and the Central Financial Office, the China Securities Regulatory Commission, the Ministry of Finance, the Ministry of Human Resources and Social Security, the People’s Bank of China, and the National Administration of Financial Regulation jointly issued the “Implementation Plan for Promoting the Entry of Medium- and Long-Term Funds into the Market” (hereinafter referred to as the “Plan”).

The Plan is guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implements the decisions and arrangements of the CPC Central Committee and the State Council, upholds the Party’s overall leadership over capital market work, adheres to both goal‑oriented and problem‑oriented approaches, strengthens top‑level design, and fosters coordinated efforts. It strikes a balance between addressing immediate needs and pursuing long-term goals, with a particular focus on encouraging medium- and long-term funds—including commercial insurance capital, the National Social Security Fund, the basic pension insurance fund, enterprise (occupational) annuity funds, and public mutual funds—to further increase their participation in the market.

The key measures include: First, enhancing the proportion and stability of commercial insurance funds’ investments in A‑shares. Building on the current framework, we will encourage large state‑owned insurers to increase both the scale and the actual share of their A‑share (including equity‑type fund) allocations. We will implement a comprehensive, multi‑year performance assessment for state‑owned insurers, with the annual ROE component accounting for no more than 30% and the three‑to‑five‑year cycle component weighted at no less than 60%. We will promptly advance the second batch of pilot programs for long‑term equity investments by insurance funds, gradually expanding the pool of participating institutions and the overall investment scale. Second, we will optimize the investment management mechanisms for the National Social Security Fund and the Basic Pension Insurance Fund. We will steadily raise the equity‑asset allocation within the National Social Security Fund and encourage eligible regions to further expand the entrusted investment scale of the Basic Pension Insurance Fund. We will refine and clarify the long‑term performance‑evaluation frameworks—covering periods of five years or longer for the National Social Security Fund and three years or longer for the Basic Pension Insurance Fund—to enable the National Social Security Fund Council to fully leverage its professional investment strengths. Third, we will elevate the market‑oriented investment and operational standards of enterprise (occupational) annuity funds. We will expedite the issuance of guidelines for assessing long‑term performance over three years or more for such funds, gradually broaden their coverage, and support eligible employers in exploring greater flexibility in individual investment choices. We will also encourage annuity fund managers to adopt differentiated investment strategies. Fourth, we will increase the size and share of equity‑type funds. By strengthening categorized regulatory oversight and refining product registration procedures, we will guide and urge public‑fund managers to steadily expand the scale and proportion of equity‑type funds. We will officely uphold an investor‑centric development philosophy, establish mechanisms that align the interests of fund managers, fund managers, and investors, and enhance investors’ sense of gain. We will ensure the effective implementation of rules governing private securities investment funds and, in accordance with the law, broaden the range of product types and investment strategies available to them. Fifth, we will optimize the capital‑market investment ecosystem. We will encourage listed companies to intensify share buybacks and implement policies allowing multiple dividend payouts per year. We will promote the increased use of share‑repurchase and additional‑purchase facilities, including re‑lending instruments. We will permit public funds, commercial insurance capital, the Basic Pension Insurance Fund, enterprise (occupational) annuity funds, and bank wealth‑management products to participate as strategic investors in listed companies’ private placements. With respect to participation in new‑stock subscriptions, listed‑company private placements, and threshold‑based share‑holding recognition, we will grant bank wealth‑management products, insurance asset managers, and public funds equal policy treatment. Finally, we will further expand the scope of swap‑facilities among securities offices, fund managers, and insurance companies.

The three major stock exchanges have jointly issued accompanying guidelines, marking the preliminary establishment of an ESG information disclosure framework.
The Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the Beijing Stock Exchange have each issued a “Guideline for Preparing Sustainability Reports,” all of which will take effect on January 17, 2025.
Among them, the Shanghai Stock Exchange has issued two guidelines: “Shanghai Stock Exchange Self-Regulatory Guidance No. 4 for Listed Companies—Preparation of Sustainability Reports” and “Shanghai Stock Exchange STAR Market Self-Regulatory Guidance No. 13 for Listed Companies—Preparation of Sustainability Reports.” These two guidelines provide concrete working procedures, key disclosure points, and sample texts, helping listed companies further clarify how to establish governance and management systems aligned with sustainable development, as well as how to identify material issues and carry out specific disclosure activities.
In addition, the Shenzhen Stock Exchange has issued the “Shenzhen Stock Exchange Self-Regulatory Guidance No. 3 for Listed Companies: Preparation of Sustainability Reports” and the “Shenzhen Stock Exchange ChiNext Listed Companies’ Self-Regulatory Guidance No. 3: Preparation of Sustainability Reports,” while the Beijing Stock Exchange has released the “Beijing Stock Exchange Guidelines for the Preparation of Sustainability Reports by Listed Companies.”

The China Securities Regulatory Commission plans to issue a document to strengthen oversight of fundraising activities.
The China Securities Regulatory Commission has issued the “Regulations on the Supervision of Funds Raised by Listed Companies (Draft for Public Comment),” with the deadline for submitting comments set for February 16, 2025.
The Rules comprise 23 articles, emphasizing that proceeds from fundraising must be used exclusively for designated purposes and in alignment with the company’s core business. They specify the circumstances under which the intended use of raised funds may be altered and set out the procedural requirements for deferring implementation. Furthermore, the Rules introduce additional safeguards regarding the temporary cash management of idle raised funds to enhance liquidity, as well as the utilization of excess proceeds. In addition, the Rules uphold a stringent regulatory approach, articulating accountability provisions and ensuring consistency with higher‑level laws such as the Securities Law, the Measures for the Administration of Sponsorship Business in Securities Issuance and Listing, and the Measures for the Administration of Information Disclosure by Listed Companies. By strengthening ongoing and post‑event supervision, the Rules aim to promote standardized management and responsible use of raised funds by listed companies and to encourage intermediary institutions to exercise due diligence and fulfill their obligations.

The People’s Bank of China plans to issue the “Administrative Measures for the Approval of Agency Treasury Services by Commercial Banks and Credit Cooperatives.”
The People’s Bank of China has published on its website the “Notice on Soliciting Public Comments on the ‘Administrative Measures for the Approval of Agency Treasury Services by Commercial Banks and Credit Cooperatives (Draft for Comments)’,” with the deadline for submitting feedback set for February 16.
The Measures consist of four chapters and thirty-six articles, setting forth provisions on application requirements, approval procedures, validity periods, and renewal arrangements. They explicitly stipulate that the preliminary review shall be conducted by a review panel and introduce new regulations regarding the validity period of administrative licenses, which is set at four years.

Commercial & Corporate
The Ministry of Ecology and Environment has issued a document to streamline the environmental impact assessment process for pharmaceutical construction projects.
On January 21, the website of the Ministry of Ecology and Environment published the “Letter Soliciting Public Comments on the Draft Notice on Optimizing Environmental Impact Assessment for Pharmaceutical Construction Projects,” with a deadline for submitting feedback set for February 10.
The Notice comprises three sections totaling 12 provisions, introducing two reform measures: optimizing environmental impact assessment (EIA) management for changes during the operational phase of construction projects, and supporting the implementation of bundled approval procedures for biopharmaceutical projects. It strengthens EIA review and approval oversight for pharmaceutical projects across ten key areas, and further stipulates measures such as enhancing quality reviews of EIA documents in the pharmaceutical sector, reinforcing ongoing and post‑approval supervision, and refining the criteria and key considerations for reviewing and conducting quality assessments of different types of EIA documents.

The National Medical Products Administration has streamlined the registration and approval process for traditional Chinese medicine oral formulations already marketed in Hong Kong and Macao to be approved for sale on the mainland.
On January 21, the National Medical Products Administration (NMPA) published the “Announcement on Streamlining the Registration and Approval Process for Traditionally Formulated Oral Chinese Medicines Already Marketed in Hong Kong and Macao to Be Registered for Sale in Mainland China.”
The Notice applies to traditional Chinese patent medicines for oral administration that are held by manufacturing enterprises registered in the Hong Kong and Macao Special Administrative Regions, have been approved for marketing by the drug regulatory authorities of these regions, and have been in use there for more than 15 years, with production processes compliant with Good Manufacturing Practice (GMP) requirements. Applicants seeking mainland China marketing authorization for such traditionally marketed oral Chinese patent medicines may, in accordance with relevant regulations, submit a marketing authorization application directly and provide supporting documentation in compliance with the streamlined registration and approval requirements. The experimental and research data originally submitted during the product’s marketing registration in Hong Kong and Macao may be used as part of the corresponding submission. Depending on the specific product, applicants may also submit a summary of human-use experience accumulated over 15 years of market availability; additionally, any clinical trial data and non-clinical safety study data that have been recognized by the drug regulatory authorities of Hong Kong and Macao should be provided as well.

Beijing has rolled out 14 measures to support the high-quality development of the science and technology services sector.
On January 21, the Beijing Municipal Government website published the “Notice on Issuing the ‘Several Measures of Beijing to Support the High-Quality Development of the Science and Technology Services Industry.’”
The “Several Measures” comprise 14 items across three key areas, proposing to: support technology service enterprises in enhancing their competitiveness and scale; guide enterprises and public institutions to strategically develop new business lines and segments within the technology services sector, and to establish such enterprises at a high standard; foster the rapid growth of small and micro‑enterprises in the technology services industry, helping them transition from small-scale operations to formalized, larger‑scale entities; encourage financial institutions to make effective use of policy tools such as interest subsidies on loans and subsidies for guarantee fees, thereby strengthening financing support for technology service offices; incentivize eligible technology service enterprises to fully leverage debt‑financing instruments, including corporate bonds, enterprise bonds, and short-term financing notes; and, by harnessing enterprise listing‑support mechanisms and related policies, intensify training and advisory services to facilitate company listings, while ensuring smooth access to capital markets for technology service offices.

The four national standards for government service hotlines have officially come into effect.
Effective January 1, 2025, four national standards for government service hotlines, approved and issued by the State Administration for Market Regulation (National Standardization Administration), will officially come into force. These standards implement the State Council’s directives to accelerate the standardization, regularization, and facilitation of government services and to promote the “efficient completion of a single task,” while also expediting the provision of first‑line responses to the needs and concerns of businesses and the public.
The four national standards include “Guideline for the Operation of Government Service Hotlines” (GB/T 44189—2024), “Integration Specification for Government Service Hotlines” (GB/T 44190—2024), “Guideline for Building a Knowledge Base for Government Service Hotlines” (GB/T 44191—2024), and “Guideline for Data Application in Government Service Hotlines” (GB/T 44192—2024). Addressing issues such as inefficient hotline operation processes, unclear integration elements, incomplete knowledge integration, and inadequate data‑application capabilities, these standards provide comprehensive management specifications covering the entire hotline lifecycle—including request handling, service response, and inter‑agency collaboration; they also establish multi‑element integration rules for hotline models, content, and evaluation‑driven improvements; propose implementation pathways for knowledge‑base development, including preparation, deployment, maintenance, updates, and continuous improvement; and set forth specific requirements for hotline data collection, governance, application, and security.

The 2025 National Conference on Medical Device Supervision and Administration was held.
From January 16 to 17, the 2025 National Medical Device Supervision and Administration Work Conference was held to review the work of 2024, analyze the current situation, and outline key tasks for 2025.
The meeting outlined five key tasks for medical device regulatory work in 2025: taking the enactment of the Medical Device Administration Law as the driving force to accelerate the improvement of the legal and standards framework; centering on deepening reforms of the review and approval system to expedite the market launch of high‑end, innovative medical devices; aiming to safeguard the safety baseline by swiftly elevating compliance across the medical device industry; leveraging practical training and real‑world application as a key approach to rapidly build systems and capabilities that meet both industry development needs and safety requirements; and, guided by the goal of enhancing the internationalization of regulation, accelerating efforts to open up and strengthen international cooperation.

The Ministry of Commerce convened a roundtable meeting with European enterprises.
On January 21, Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, chaired a roundtable meeting with European enterprises to hear their concerns and suggestions.
Ling Ji stated that European enterprises are welcome to leverage their strengths, enhance their competitiveness by investing in and deeply cultivating the Chinese market. The Ministry of Commerce will continue to provide robust support and services to foreign-invested enterprises operating in China, including those from Europe. Representatives from more than 70 foreign-invested companies—such as BNP Paribas, Eni, Roche Diagnostics, Novartis, IKEA, SAP, TransPerfect, and Nokia—as well as representatives from business associations including the European Union Chamber of Commerce in China, the German‑Chinese Chamber of Commerce, the French‑Chinese Chamber of Commerce, the UK‑China Business Council, the Swiss‑Chinese Chamber of Commerce, the Italian‑Chinese Chamber of Commerce, and the Danish‑Chinese Chamber of Commerce, attended the meeting.

The National Conference on the Implementation of Foreign Investment Cooperation and Foreign Aid was held.
From January 20 to 21, the National Work Conference on the Implementation of Foreign Investment Cooperation and Foreign Aid was held in Beijing. The conference comprehensively reviewed the achievements of 2024 in foreign investment cooperation and foreign aid implementation, analyzed the current situation, and outlined key priorities for 2025.
The meeting concluded that in 2024, China’s outward non‑financial direct investment reached US$143.85 billion, up 10.5% year on year, further consolidating its position as a major investor abroad. The value of newly signed overseas contracted projects totaled US$267.3 billion, hitting a record high, while the number of Chinese workers dispatched overseas reached 409,000, an increase of 17.9%. The meeting emphasized that in 2025, efforts will be focused on advancing international cooperation along industrial and supply chains, enhancing the comprehensive overseas service system, refining the management framework for outbound investment, improving the quality and efficiency of overseas contracting projects, regulating the market order of overseas labor cooperation, continuously boosting the overall effectiveness of foreign aid implementation, strengthening safety risk prevention and control as well as the protection of overseas interests, and further promoting high‑quality development in both outbound investment and foreign aid operations.

The National Medical Products Administration plans to issue the “Guiding Principles for the Classification of Medical Devices for Myopia Control and Amblyopia Treatment.”
On January 20, the National Medical Products Administration (NMPA) published the “Guiding Principles for the Classification of Medical Devices for Myopia Control and Amblyopia Treatment (Draft for Public Comment),” with a deadline for submitting feedback set for February 14.
The “Guiding Principles” are formulated to standardize the determination of the regulatory classification and management category for medical devices used in myopia control and amblyopia treatment, and do not apply to refractive‑error measurement equipment and instruments, visual‑function testing equipment and instruments, ophthalmic measurement and diagnostic devices and instruments, ophthalmic laser surgical treatment devices, intraocular illumination devices and instruments, low‑vision aids, or contact lens products. The “Guiding Principles” clarify that medical devices for myopia control and amblyopia treatment shall have their regulatory category determined on a comprehensive basis, taking into account factors such as light‑source characteristics, structural features, intended use, and mode of use.

Two departments have launched an entrepreneurship loan program for veterans, further supporting their entrepreneurial and innovative endeavors.
On January 21, the website of the National Administration of Financial Regulation published the “Notice from the National Administration of Financial Regulation and the Ministry of Veterans Affairs on Further Supporting Veterans’ Entrepreneurship and Innovation through Entrepreneurial Loans.”
The Notice clarifies the policy provisions, requiring banking institutions to determine loan amounts and tenors appropriately based on the actual circumstances and funding needs of eligible beneficiaries. It also mandates that banks make full use of information such as military honors and awards received by veterans to provide preferential treatment in areas like customer eligibility, loan limits, and repayment terms, actively match suitable products, continuously streamline credit‑approval processes, and enhance approval efficiency. In addition, the Notice sets forth requirements for managing and mitigating credit risks, while strengthening efforts to interpret credit policies, offer practical guidance, and issue financial risk alerts, thereby raising veterans’ financial literacy and their capacity for risk prevention and control.

Guangzhou has enacted regulations on the development of the low-altitude economy, providing support and safeguards for the industry’s growth.
The Guangzhou Municipal Regulations on the Development of the Low-Altitude Economy were publicly released on January 21 and will take effect on February 28, 2025.
The Regulations focus on key issues such as airspace management, infrastructure, flight services, industrial development, and application scenarios, while providing a range of support measures to foster the growth of Guangzhou’s low‑altitude economy. The Regulations strengthen industrial clustering by requiring municipal and district people’s governments to formulate policies and measures to cultivate leading enterprises in the low‑altitude economy and critical core offices along the industry chain and supply chain; to promote the development of specialized low‑altitude economic industrial parks; and to conduct targeted investment promotion centered on raw materials, key components, system software, and other sectors, thereby attracting, nurturing, and expanding both upstream and downstream enterprises. Furthermore, the Regulations advance the integrated development of innovation, financing, and talent chains: municipal and district governments are mandated to coordinate funding to support innovative activities in the low‑altitude economy and to encourage government investment funds, state‑owned capital, and private capital to participate in investments within this sector.

The Ministry of Human Resources and Social Security held a press conference for the fourth quarter of 2024.
On January 21, the Ministry of Human Resources and Social Security held a press conference for the fourth quarter of 2024, presenting updates on the progress of human resources and social security work in 2024 and fielding questions from reporters.
Breakthroughs have been achieved in social security system reform: the phased, gradual policy of raising the retirement age has been reviewed and approved; nationwide unified administration of basic old-age insurance for enterprise employees is operating smoothly; and the individual pension system has been fully implemented. Social security benefits are being disbursed on time and in full, with retirees’ pensions increased by 3%, and the basic pension standards for urban and rural residents also raised. Oversight of social security funds and their investment operations has been continuously strengthened, with total investments reaching RMB 2.3 trillion.
In the area of talent development, reforms to the professional title system have been implemented, and a new “eight‑level worker” vocational skills grading system has been introduced, with over 12 million individuals obtaining relevant certifications throughout the year. Efforts to strengthen the ranks of professional and technical personnel have been intensified, with more than 40,000 postdoctoral fellows newly recruited. Progress has also been made in cultivating skilled workers, including the organization of “Belt and Road” skills‑exchange events and the advancement of integrated work‑study teaching reforms.
In terms of wage and income distribution, 12 provinces have adjusted their minimum wage standards, while systems for enterprise salary surveys and information disclosure have been continuously refined. Reforms of the remuneration system in state-owned enterprises have continued to deepen, with a focus on incentivizing key personnel driving scientific and technological innovation.
Labor relations remain generally harmonious and stable, with notable progress in addressing wage arrears: in 2024, 2,329 cases of serious wage‑arrear violations were publicized, and 3,389 cases were referred to public security authorities. Services and safeguards for rural migrant workers have been further strengthened, and initiatives to promote the urbanization of rural migrant workers at the county level are being advanced.
Going forward, the Ministry of Human Resources and Social Security will continue to implement policies aimed at achieving high-quality, full employment, advance reforms of the social security system, strengthen talent development, optimize wage and income distribution, and foster harmonious labor relations, thereby providing robust support for improving people’s livelihoods and promoting social development.

The Implementation Rules for the Development and Utilization of Public Data Resources Have Been Issued, and a Preliminary “1+3” Policy Framework Has Taken Shape.
The National Development and Reform Commission and the National Data Administration have issued the Interim Measures for the Registration and Management of Public Data Resources, the Implementation Specifications for the Authorized Operation of Public Data Resources (Trial), and the Notice on Establishing a Price-Formation Mechanism for the Authorized Operation of Public Data Resources.
The three accompanying policy documents provide guidance and establish standards for the development and utilization of public data resources—particularly the end-to-end process of authorized operation—by strengthening the registration and management of such resources, standardizing the implementation of authorized operations, and establishing a mechanism for determining pricing in authorized operations.
The Provisional Measures for Management aim to establish a nationwide, integrated public data resource registration system, creating a unified national ledger of public data resources. The Implementation Guidelines (Trial) seek to clarify the decision-making procedures, implementation pathways, and management requirements for authorized operations, thereby promoting the standardized and orderly conduct of such activities. The Notice intends to foster a sound and rational price‑setting mechanism, enhancing the guiding and regulatory functions of pricing policies, so as to both support the healthy and sustainable development of operating entities and prevent the emergence of monopoly profits.

The Political Bureau of the CPC Central Committee convened a meeting to advance ecological protection in the Yellow River Basin.
On January 20, the Political Bureau of the CPC Central Committee convened a meeting to deliberate on the “Comprehensive Report on the Hearings and Studies Conducted by the Standing Committee of the Political Bureau of the CPC Central Committee into Work Reports from the Party Groups of the NPC Standing Committee, the State Council, the National Committee of the Chinese People’s Political Consultative Conference, the Supreme People’s Court, and the Supreme People’s Procuratorate, as well as the Work Report of the Secretariat of the CPC Central Committee,” and the “Opinions on Comprehensively Promoting Ecological Protection and High-Quality Development in the Yellow River Basin.”
The meeting emphasized the need to continuously refine the overarching framework for ecological conservation and coordinated development in the Yellow River Basin, systematically enhancing upstream water‑source recharge capacity, strengthening soil and water conservation in the midstream, and advancing wetland protection and ecological restoration in the downstream. Water resources must be treated as the most stringent constraint, with vigorous efforts to unlock further water‑saving potential. We must remain unwavering in ensuring the long-term safety and stability of the Yellow River, safeguarding the integrity of key levees, reservoirs, and critical infrastructure. We should comprehensively deepen reform and expand opening-up, aligning more closely with regional strategies such as the Western Development Initiative and the Rise of Central China, and consistently deliver new, tangible results in high‑quality development. Finally, we must protect, inherit, and promote Yellow River culture, strengthening holistic and systematic conservation of cultural heritage, preserving the historical and cultural continuum and the nation’s shared roots, and fostering the integrated development of culture and tourism.

The National Development and Reform Commission has issued a document establishing a pricing mechanism for the authorized operation of public data resources.
On January 20, the website of the National Development and Reform Commission published the “Notice on Establishing a Price-Formation Mechanism for the Authorized Operation of Public Data Resources.”
The Notice clarifies that public data operation service fees shall be subject to government‑guided pricing (with a price ceiling). It stipulates that when operating entities provide data products and services for public governance and public welfare purposes, no fees shall be charged; however, for applications related to industrial or sectoral development, public data operation service fees may be levied, also under government‑guided pricing. The Notice further specifies the procedural requirements and responsible entities for setting standards for these fees, outlines the methods for determining maximum allowable revenues and fee ceilings, establishes a system of periodic evaluation and adjustment, and strengthens guidance and oversight.

The National Development and Reform Commission has issued the Interim Measures for the Registration and Management of Public Data Resources.
On January 20, the website of the National Development and Reform Commission published the “Notice on Issuing the Provisional Measures for the Registration and Management of Public Data Resources.”
The Measures consist of six chapters and twenty-four articles, which, from the perspectives of registration requirements, registration procedures, registration management, and supervisory oversight, clearly define the rights and obligations of relevant stakeholders and the workflow for registration. They delineate the scope of registrable entities and set forth the basic qualifications for registration authorities; they mandate the registration of public data resources falling within the authorized operational scope and encourage the registration of those not yet covered by such authorization. The Measures stipulate that registration shall be conducted in accordance with procedures including application, acceptance, formal review, public notice, and code assignment, and specify the types of registration applications—such as initial registration, amendment registration, correction registration, and cancellation registration—as well as the requirements for submitting and reviewing registration materials.

The National Development and Reform Commission has issued the “Implementation Specifications for the Authorized Operation of Public Data Resources.”
On January 20, the National Development and Reform Commission’s website published the “Notice on Issuing the ‘Implementation Specifications for the Authorized Operation of Public Data Resources (Trial)’.”
The “Regulations” focus on five key areas—basic requirements, scheme formulation, agreement signing, operational implementation, and operational management—clarifying the decision-making procedures, implementation pathways, and management requirements for authorized operations. They strengthen oversight of critical stages, refine the principal elements to be considered in drafting implementation plans and concluding authorized‑operation agreements, establish standardized requirements for implementing authorized operations, and specify authorization criteria, operating models, exit mechanisms, and other provisions, thereby promoting appropriate separation of management and operation in eligible regions or departments.

Four departments have launched a special campaign to protect the copyright of theatrical films.
Recently, the National Copyright Administration, the National Film Administration, the Ministry of Public Security, and the Ministry of Culture and Tourism jointly launched a special campaign to protect the copyright of theatrical films.
The special campaign to protect theatrical film copyrights focuses on three key stages—pre‑emptive prevention, ongoing supervision, and post‑incident enforcement. By strengthening early‑warning safeguards for high‑profile works, actively conducting public awareness campaigns, intensifying online and offline monitoring and regulation, and investigating and prosecuting, in accordance with the law, cases of unauthorized recording and distribution of theatrical films—particularly those involving the inducement or instigation of minors to engage in surreptitious filming, illicit recording, and online dissemination of infringing and pirated content—the initiative seeks to bolster end-to-end protection of theatrical film copyrights and further uphold a sound copyright order in the film market.

The Ministry of Transport has revised the Regulations on the Safety Supervision and Administration of the Carriage of Dangerous Goods by Ships.
On January 20, the website of the Ministry of Transport published the “Regulations on the Safety Supervision and Administration of Ships Carrying Dangerous Goods,” which will take effect on March 1, 2025.
The Regulations refine the shipper’s obligations to provide notice and report, supplement the cargo information that shippers must communicate to carriers and the relevant documents they must submit, strengthen safety oversight of operations involving over‑loading at sea or tank washing/cleaning, degassing, and gas displacement, introduce a new requirement to prepare operational plans, establish a system of safe operation zones for over‑loading outside port waters, and improve licensing management requirements while revising provisions on administrative penalties, among other measures.

The Ministry of Commerce is seeking public input on the 13th Meeting of the China–Switzerland Intellectual Property Working Group.
To strengthen China–Switzerland economic and trade cooperation, and following mutual agreement, the 13th Meeting of the China–Switzerland Intellectual Property Working Group will be held in Beijing in mid-March 2025. The meeting aims to exchange information on developments in intellectual property legislation, enforcement, and judicial practices in both countries, and to advance efforts to address intellectual property issues encountered by businesses from both sides in the course of trade and investment.
To this end, the Ministry of Commerce is soliciting from relevant agencies, enterprises, and individuals any issues or difficulties they have encountered in relation to Swiss intellectual property, as well as their opinions and suggestions. The deadline for submitting feedback is January 27.

Two departments: Strictly comply with the “Eight Prohibitions” and resolutely curb the emergence of new cases of unauthorized occupation of farmland for housing construction in rural areas.
On January 17, the website of the Ministry of Natural Resources published the “Notice on Strictly Complying with the ‘Eight Prohibitions’ and Resolutely Curbing the Problem of Newly Constructed Buildings on Cultivated Land in Rural Areas.”
The Notice comprises five key areas and eleven specific measures, calling for the coordinated planning of supplementary arable‑land quotas and new construction‑land allocations to effectively safeguard and regulate land use for the integrated development of rural primary, secondary, and tertiary industries. For land originally designated as construction land but mistakenly classified as arable land, if supporting evidence conoffices that the necessary land‑use procedures have been duly completed, projects that have already been built or are under construction will not be deemed illegal land occupation; their land‑use category will be determined based on the actual on‑the‑ground conditions during the annual land‑use change survey. The buying and selling of residential land plots in violation of laws and regulations, as well as unauthorized cooperative housing construction, are strictly prohibited. Urban residents are forbidden from purchasing residential land plots or houses in rural areas, and no registration or certificate issuance shall be granted for housing illegally constructed or purchased by urban residents in rural areas. It is also strictly prohibited to use rural residential land for constructing villas, large compounds, or private clubs. Furthermore, it is unlawful to allocate residential land for housing—under such pretexts as “special qualifications” or village resolutions—to non‑members of rural collective economic organizations, including retired officials returning to their hometowns.

Eight departments have issued a document to strengthen the management of delivery personnel and online‑ride‑hailing delivery workers.
Recently, eight departments—including the Central Social Work Department, the Cyberspace Administration of China, the Ministry of Public Security, the Ministry of Human Resources and Social Security, the Ministry of Housing and Urban–Rural Development, the State Administration for Market Regulation, the State Post Bureau, and the All-China Federation of Trade Unions—jointly issued measures to guide the enhancement of service management for delivery couriers and online‑ride‑hailing delivery personnel, promote the establishment of harmonious labor relations, and effectively safeguard the legitimate rights and interests of all parties.
The measures clearly stipulate that platform enterprises must fulfill their responsibilities, guide key online‑ride‑hailing delivery platforms to dynamically optimize and adjust their algorithmic rules, and require express delivery companies and online‑ride‑hailing delivery platforms to engage in regular consultations and coordination on critical matters such as systems, rules, and algorithms that affect workers’ rights, thereby safeguarding the legitimate rights and interests of couriers and online‑ride‑hailing delivery riders.

Beijing launches a pilot program for direct housing provident fund payments toward rent.
On January 20, the Beijing Housing Provident Fund Management Center issued the “Notice on Launching a Pilot Program for Direct Payment of Rent Using Housing Provident Fund Withdrawals.”
This model allows contributors to authorize the Housing Provident Fund Center to make monthly direct transfers from their provident fund accounts to the accounts of pilot housing rental agencies, thereby paying rent without first having to pay the rent and then withdraw the funds, thus reducing rental costs. The services cover four types of housing: renting commercial residential units, renting commercial residential units for families with multiple children, renting government-subsidized rental housing, and renting public rental housing. Pilot projects include Beichen Fudi and Chuangye Zhi Jia, among others. Contributors can submit applications entirely online through the housing rental agency platform, enabling a “zero‑document” processing experience.
The CPC Central Committee and the State Council have issued the Outline for Building a Strong Country in Education.
On January 19, the Chinese Government Website released the “Outline for Building a Strong Country in Education (2024–2035).”
The Outline comprises eleven sections, corresponding respectively to the overall requirements, the “Eight Major Systems,” comprehensive reform, and organizational implementation. It specifically calls for strengthening the overall strength of higher education, establishing an independent knowledge system in Chinese philosophy and social sciences, fostering and expanding China’s strategic scientific and technological forces, accelerating the development of a modern vocational education system, building a high‑quality, professional teaching workforce, deepening reform of educational evaluation, and improving mechanisms to align talent cultivation with the needs of economic and social development.

Three departments have released the second batch of typical cases of intellectual property‑pledge financing.
On January 17, the website of the National Intellectual Property Administration issued the “Notice on the Release of the Second Batch of Typical Cases of Intellectual Property Pledge Financing.”
This batch of typical cases comprises a total of 10. In Case No. 1, Shanghai introduced a specialized policy that establishes a separate “pre‑compensation” fund within the fiscal risk‑compensation pool for intellectual‑property‑pledge loans, removes the threshold for eligibility for compensation, and increases the compensation ratio to 55%. Additionally, the city’s financing guarantee fund has launched a “margin deposit” product: prior to writing off non‑performing intellectual‑property‑pledge loans, 80% of the net loss is allocated to the margin deposit account, thereby ensuring timely disbursement of policy benefits upon completion of the write‑off process.

Eight departments have issued a document to deploy the 2025 vehicle trade-in and scrappage program.
On January 17, the Ministry of Commerce website published the “Notice on Effectively Carrying Out the 2025 Vehicle Trade-In Program.”
The Notice clarifies that, in 2025, individual consumers who transfer ownership of a passenger vehicle registered under their name and purchase a new passenger vehicle will receive a one-time subsidy. The subsidy for purchasing a new energy‑powered passenger vehicle will not exceed RMB 15,000, while the subsidy for purchasing a gasoline‑powered passenger vehicle will not exceed RMB 13,000. To apply for the automobile trade‑in and renewal subsidy, the existing passenger vehicle being transferred must have been registered under the applicant’s name no later than January 8, 2025.

Fourteen departments have issued a document to strengthen the development of emergency communication capabilities for extreme scenarios.
On January 17, the website of the Ministry of Industry and Information Technology released the “Opinions on Strengthening the Development of Emergency Communication Capabilities for Extreme Scenarios.”
The “Opinions” comprise six areas and nineteen specific measures, proposing to drive innovative breakthroughs in emergency communications, accelerate reforms of the emergency communication mechanism, strengthen the foundational infrastructure of emergency communication networks, and enhance capabilities for ensuring service under extreme conditions. They explicitly require telecommunications enterprises to establish emergency communication command mechanisms, set up dedicated emergency communication units, and coordinate resources across departments responsible for construction and development, operations and maintenance, and government‑enterprise services to effectively carry out emergency communication tasks. Additionally, the document calls for the formulation of special management measures for emergency communication personnel, the optimization of systems for appointment, evaluation, and performance assessment, and the expansion of career development pathways for professionals in the field.

Taxation
China’s first tax collection period for the water resources tax reform has proceeded smoothly and in an orderly manner, with its effects gradually becoming apparent.
The first tax collection period following China’s comprehensive implementation of the water resources fee-to-tax reform has recently concluded smoothly. According to the State Taxation Administration, thanks to thorough preparatory work, the inaugural reporting period for the water resources tax proceeded in a steady and orderly manner, with businesses generally expressing positive feedback and the reform’s effects gradually becoming evident.
The application process is proceeding in an orderly manner.
Effective December 1, 2024, the pilot program to replace the water resources fee with a water resources tax has been fully implemented nationwide. According to the “Measures for the Implementation of the Water Resources Tax Reform Pilot,” the water resources tax may be declared and paid on a monthly, quarterly, or per‑occurrence basis. Enterprises opting for monthly filing must declare and pay the tax between the 1st and 15th of each month. At present, tax authorities across the country have completed all preparatory work for the first tax collection period.
On January 6, Zhang Ye, the financial manager of Ningbo Mingzhou Thermal Power Co., Ltd., collected Ningbo’s first water‑resource tax payment receipt at the dedicated water‑resource tax window of the Yinzhou District Administrative Service Center. “The tax authorities have set up a special counter for this new service, making it very convenient for us to handle our affairs. From the moment I entered the service center to the time I received the tax receipt, it took only a few minutes,” said Zhang Ye.
The comprehensive pilot program to replace water resource fees with a tax covers a wide range of sectors, requires specialized expertise, and has attracted significant public attention. To ensure the smooth and orderly implementation of this reform, tax authorities across the country have made early preparations by assigning dedicated personnel, setting up specialized counters and service windows at tax service halls, and providing businesses with tailored support, including policy consultations on the water resources tax, guidance on completing tax return forms, and assistance with procedural steps. At the same time, they are conducting multi-channel publicity—both online and offline—and helping enterprises file their returns through platforms such as the electronic tax bureau.
Tax authorities in Qinghai, Heilongjiang, Dalian, and other regions have organized tax officials to conduct early‑stage visits to key enterprises—including urban public water supply and thermal power generation offices—providing targeted guidance on matters such as the tax base for water resource tax declarations following the shift from fees to taxes, tax rates, and available tax incentives. This effort ensures that taxpayers fully understand the policies, are familiar with the procedures, and can correctly file their returns. “The tax officials’ on‑site briefings not only helped us grasp the significance of the water resource tax reform and the principles underlying its taxation but also offered practical, tailored advice for our day‑to‑day filing processes,” said Xu Xiaotong, a financial accountant at Huaneng Yichun Thermal Power Co., Ltd.
The water resources tax of Longtan Hydropower Development Co., Ltd. covers the provinces of Guangxi and Guizhou. Liang Mengyao, the company’s financial director, stated: “With guidance from tax officials, we have fully grasped key issues such as the tax rate, how the tax base is determined, and the specific details to watch during the filing process, making our initial tax return submission exceptionally smooth.”
One-click filing is convenient and easy to use.
Following the reform of the water resources tax, the collecting authority has shifted from the original water administration department to the tax authorities. This change in the collecting entity has also led to adjustments in the filing and payment procedures. Regarding the revised filing and tax‑payment process, businesses’ most notable impression is that it is “very convenient.”
“Initially, we felt some pressure about the transition from a water‑resource fee to a tax. Previously, we paid a water‑resource fee calculated by the Water Resources Bureau, and our finance team simply remitted the amount as instructed. Now, we have to file the declaration ourselves, which did give me pause,” said Liu Yuqi, the legal representative of Guangzhou Zhongcheng Kangyi Beverage Co., Ltd. “During the first filing period, with the assistance of tax officials, we quickly completed the declaration through the electronic tax bureau, and the entire process went very smoothly.”
In the preparatory phase of administering the water resources tax, tax authorities across regions have established collaborative mechanisms with water administration departments to facilitate data sharing and exchange. Through the electronic tax bureau, information such as water withdrawal permits and withdrawal volumes is pre‑filled, and tax liabilities are calculated automatically, significantly reducing the manual data entry required during taxpayer source‑data collection and tax filing, thereby further enhancing the convenience of tax compliance for taxpayers.
Liu Jing, an accountant at Qingyuan Water Supply Co., Ltd. in Qingyuan County, Jilin Province, said that previously, when paying the water resources fee, she had to submit monthly reports to the water resources authority and wait for the department to calculate the amount before making a bank transfer. “This time, with the electronic tax bureau, the calculation is done directly, and I simply need to conoffice and pay,” Liu Jing said.
Zhang Wei, Dean of the School of Taxation at Jilin University of Finance and Economics, stated that the administrative model for water resource tax collection is “tax administration, water‑resource coordination, self‑declaration, and information sharing.” As the collecting authority, the tax authorities are responsible for fulfilling their administrative duties, ensuring lawful collection and the timely, full remittance of tax revenues to the treasury. The water‑administration department serves as a key coordinating partner in water resource tax administration, issuing review opinions to taxpayers, publishing lists of taxpayers who have achieved advanced water‑saving quotas, and determining water withdrawal volumes for taxpayers under special circumstances. Close collaboration between the two departments jointly promotes the steady and orderly implementation of water resource tax reform.
Awareness of water conservation has increased.
Following the reform of the water resources tax, the question of whether water tariffs will rise has become the primary concern for both businesses and households. For most enterprises, the cost of water used in normal production has not increased as a result of the reform; however, awareness of and motivation to conserve water have continued to strengthen.
Zhang Beiwen, a finance officer at the Jinweizhou Hydropower Plant in Hengyang City, Hunan Province, did some calculations: “In the past, we paid roughly 700,000 yuan in water resource fees each year. This January, our reported water resource tax amounted to 58,000 yuan. Based on this figure, the overall annual tax burden is unlikely to change significantly. Looking ahead, if we can consistently operate our turbines within their most efficient range, water-use efficiency will improve, and the tax burden could even be reduced further. How to conserve water is a question we need to address.”
According to the regulations, following the reform of the water resources tax, taxpayers whose water-use efficiency meets the national benchmark for advanced standards will receive a reduction in their water resources tax. This policy orientation has already yielded positive guidance among taxpayers.
At the workshop of Nanning Lingli Sugar Co., Ltd., water‑conservation measures and plans have recently been posted: each workshop must reduce water consumption, maximize the recovery and reuse of wastewater, and minimize the use of fresh water; all condensate from refining processes must be fully recovered, cooled a second time in cooling towers, and then pumped back to the secondary pump house’s clear‑water reservoir for reuse across the workshops. Mr. Ye, the company’s accountant, stated: “Before the water‑resource tax was imposed, we calculated the associated tax costs and adjusted our water‑use strategy. We are now working hard to improve the efficiency of water resource utilization.”
This reform clarifies that water withdrawals by special‑purpose industries—such as car washes, bathhouses, golf courses, and ski resorts—will be subject to tax rates set at the highest level. During this year’s first tax collection period, Zhaiba Xintong Gas Station Co., Ltd. in Xishui County, Zunyi City, Guizhou Province, reported a significant increase in its water resource tax compared with previous payments. “It’s roughly double what we used to pay,” said Huang Qitong, the company’s legal representative. “To reduce our tax burden, we’ve conducted water‑conservation training for our car‑wash staff, requiring them to turn off the water whenever they leave their stations, and we also plan to upgrade our car‑wash equipment to further cut water consumption.”
Regarding the cost of water for residents, Ms. Deng, who lives in Yueyang City, Hunan Province, said that she had previously worried water prices would rise following reports of the water‑resource tax reform. However, after reviewing the bill sent by the municipal water company, she found that rates remained unchanged, which put her at ease.
“From a systemic design perspective, the water resources tax reform will not increase the burden on households and businesses for their routine domestic and production water use,” said Fan Yong, Dean of the School of Finance and Taxation at the Central University of Finance and Economics. He added that the comprehensive implementation of the tax‑based reform of water resource fees can effectively leverage taxation to regulate corporate water‑use practices, encouraging enterprises to enhance water‑use efficiency through water‑saving upgrades and technological innovation.

LITIGATION & ARBITRATION
The Supreme People’s Procuratorate has launched the “Food and Drug Safety: A Journey for the Public Good” public interest litigation supervision campaign.
On January 21, the Supreme People’s Procuratorate convened the launch meeting for the “Food and Drug Safety: A Journey for the Public Good” public-interest litigation supervision campaign, deciding to roll out a year-long initiative under this banner.
The meeting reported that in November 2024, the Public Interest Litigation Procuratorate, in collaboration with the Procuratorial Technology and Information Research Center, launched the “Winter Campaign” for public interest litigation on food and drug safety. Procuratorial organs at all levels filed and handled a total of 4,044 public interest litigation cases in the field of food and drug safety, including 3,615 administrative public interest lawsuits and 8 civil public interest lawsuits; among the civil cases, 310 brought claims for punitive damages, thereby addressing a number of pressing issues involving public harm to food and drug safety. Building on the “Winter Campaign,” the Public Interest Litigation Procuratorate has decided to launch a year-long supervisory campaign titled “Food and Drug Safety: A Journey for the Public Good,” focusing on ten key areas, including illegal food additives and food and drug safety in emerging internet‑based business models.

The Supreme People’s Court has released typical cases of punishing gambling and related crimes in accordance with the law.
On January 21, the Supreme People’s Court website published six typical cases involving gambling crimes and related offenses, imposing strict legal penalties on prominent crimes such as rural gambling, “underground Mark Six” gambling, and cross-border gambling. It also pursued comprehensive, end-to-end prosecution of gambling‑related offenses and intensified economic sanctions.
In Case No. 6, from November 2021 to May 2022, the defendant Wang Zhimou and others, fully aware that “Youzi Alliance” was a gambling app, nevertheless served as agents for the platform and recruited numerous sub‑agents and gamblers in order to obtain illicit profits, thereby organizing others to participate in online gambling and appropriating a share of the proceeds. Together with accomplices, Wang Zhimou developed over 10,000 agents and gamblers; these agents and gamblers collectively deposited more than RMB 590 million into “Youzi Alliance,” involving funds held in over 900 bank accounts as well as virtual currencies. The court held that, in pursuit of illegal gains, the defendant Wang Zhimou acted as an agent for a gambling website, recruiting downstream agents and gamblers, thus constituting the crime of running a casino. As a secondary participant in this joint criminal enterprise, Wang Zhimou qualifies as an accomplice; moreover, he has confessed, pleaded guilty and accepted punishment, and voluntarily returned his ill-gotten gains, all of which warrant a lenient sentence under the law. Accordingly, the defendant Wang Zhimou was sentenced to four years and five months’ imprisonment and fined for the crime of running a casino; his unlawful proceeds were confiscated, and the funds and virtual currencies held in the more than 900 bank accounts through which gambling funds were transferred were likewise seized.

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