JC Master Legal News Issue 1139

Key Takeaways for This Issue

The individual pension system has been fully rolled out nationwide.
Recently, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Taxation Administration, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued the “Notice on the Comprehensive Implementation of the Individual Pension System” (hereinafter referred to as the “Notice”). The individual pension system will be rolled out nationwide starting December 15.
The China Securities Association has released the “Code of Professional Ethics for Securities Practitioners.”
On December 9, the Securities Association of China released the “Code of Professional Ethics for Securities Practitioners,” aiming to deepen practitioners’ understanding of the “Code of Professional Ethics for Securities Practitioners” and to elevate the industry’s ethical standards.
The China Futures Association has issued and implemented the “Insurance + Futures” Business Rules for Futures Companies.
To standardize the implementation of the “insurance + futures” business in the industry and to better leverage its role in supporting the national “agriculture, rural areas, and farmers” development strategy and in advancing the building of a strong agricultural nation, the China Futures Association issued the “Rules for Futures Companies’ ‘Insurance + Futures’ Business (Trial)” on December 7.
The Supreme People’s Court has released the second batch of typical cases involving inheritance disputes.
On December 12, the Supreme People’s Court released a second batch of typical cases involving inheritance disputes, promoting kindness and mutual assistance while upholding the fine tradition of respecting the elderly.
Finance & Capital Markets
The individual pension system has been fully rolled out nationwide.
Recently, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Taxation Administration, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued the “Notice on the Comprehensive Implementation of the Individual Pension System” (hereinafter referred to as the “Notice”). The individual pension system will be rolled out nationwide starting December 15. The promulgation and implementation of this Notice represent an important measure to carry out the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee, and to accelerate the development of a multi-tiered, multi-pillar pension security system. It will help better leverage the wealth‑management functions of the capital market and establish a comprehensive policy framework that encourages long-term investment with long-term funds.

Individual pension schemes are characterized by their long-term nature, sustainability, and substantial scale. By actively investing in capital markets, they help participants share in the fruits of real‑economy growth and support the preservation and enhancement of value over the long term. As a leading representative of professional institutional investors in the capital market, the public fund industry currently manages pension assets exceeding RMB 6 trillion, delivering strong long-term returns and amassing extensive management expertise. In accordance with the requirements of the Notice, the China Securities Regulatory Commission has promptly optimized product offerings by including the first batch of index funds in the catalog of eligible individual pension investment products. Moving forward, the CSRC will strengthen regulatory oversight of public fund investments under the individual pension scheme, urging fund managers to continuously enhance their management and service capabilities, thereby better supporting the high‑quality development of individual pensions.

The Shenzhen Stock Exchange hosted a roadshow event for Chongqing’s Fuling District under the “One City, One Policy” initiative for national pilot cities in industry–finance collaboration.
On December 5–6, with the support of the Chongqing Municipal Commission of Economy and Information Technology and the Party Committee and Government of Fuling District, the Shenzhen Stock Exchange, in collaboration with the China Academy of Information and Communications Technology—a directly affiliated unit of the Ministry of Industry and Information Technology—hosted the third stop of the “One City, One Policy” roadshow for national pilot cities on industry‑finance cooperation. More than 400 representatives from listed companies, pre‑IPO enterprises, commercial banks, investment institutions, universities, and research institutes attended the event.
This event earnestly implements the decisions and arrangements of the CPC Central Committee and the State Council on high-quality development of the manufacturing sector, in line with the provisions of the strategic cooperation agreement signed between the Shenzhen Stock Exchange and the Ministry of Industry and Information Technology. By enhancing the functions of the capital market and leveraging platform‑building and resource aggregation, the initiative further deepens industry–finance collaboration, helping Chongqing develop new‑type productive forces tailored to its local conditions and accelerating the integration of the science‑and‑technology innovation chain, industrial chain, financial chain, and talent chain in Fuling District. First, drawing on Chongqing’s resource endowments and the distinctive features of its leading industries, the event hosts specialized investment‑financing matchmaking sessions, facilitating high‑quality access to the capital markets for enterprises in key sectors such as advanced materials, automobiles and auto parts, and food and pharmaceuticals, while attracting strong, patient, high‑quality venture capital to support local pillar industries. Second, it promotes financial support for the innovative growth of Chongqing’s priority industrial chains by pooling the strengths of all stakeholders, advancing data sharing across the value chain, refining the tiered and categorized enterprise evaluation system, and systematically mapping the status of companies within these key chains, thereby enhancing the precision and effectiveness of nurturing and support services. Third, leveraging the Shenzhen Stock Exchange’s comprehensive “one‑stop” service capabilities, the initiative conducts in‑depth field research on high‑quality technology offices, organizes roadshows for innovative projects, attracts top talent in priority fields, and empowers enterprises in key industrial chains to achieve high‑quality development.
During the event, more than 40 high‑quality technology‑innovation enterprises and projects received on‑site investment‑financing matchmaking services through dedicated roadshow sessions. Moving forward, the Shenzhen Stock Exchange will continue to provide ongoing support to these companies via initiatives such as technology‑transfer and investment‑financing roadshows, pre‑listing incubation, and industry‑chain matchmaking. In addition, the Exchange organized pre‑appointment training for board secretaries of companies planning to go public, attracting over 100 representatives from key Chongqing industrial‑chain offices poised for an IPO, thereby actively cultivating a larger pool of capital‑market professionals and enhancing corporate governance and operational standardization.
Going forward, the Shenzhen Stock Exchange will continue to thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee and the Central Financial Work Conference. Under the unified deployment of the China Securities Regulatory Commission and with strong support from the Ministry of Industry and Information Technology, it will remain committed to serving the national development strategy, proactively integrate into local economic planning, and work in close collaboration with all relevant stakeholders. Focusing on key areas such as advanced manufacturing, the digital economy, and green, low‑carbon development, the Exchange will further enhance its resource‑allocation capabilities, refine its industrial service system, and strengthen the supply of diversified financial products, thereby helping to foster a modern industrial innovation ecosystem.

The China Securities Association has released the “Code of Professional Ethics for Securities Practitioners.”
On December 9, the Securities Association of China released the “Code of Professional Ethics for Securities Practitioners,” aiming to deepen practitioners’ understanding of the “Code of Professional Ethics for Securities Practitioners” and to elevate the industry’s ethical standards.
In the section on practical guidelines for professional ethics, the Handbook presents seven key areas, illustrated with concrete case studies: upholding honesty and trustworthiness while exercising professional diligence; pursuing profit in accordance with ethical principles and safeguarding one’s reputation; maintaining prudence and sound judgment with a focus on long-term sustainability; adhering to integrity and fostering innovation for the benefit of the nation and the people; ensuring compliance with laws and regulations and practicing self-discipline and integrity; demonstrating respect and inclusiveness to promote shared development; and outlining the responsibilities of corporate management in advancing ethical standards.

Shanghai Municipality supports mergers and acquisitions and restructuring of listed companies by establishing a 10-billion-yuan M&A fund.
On December 9, the General Office of the Shanghai Municipal People’s Government officially released the “Shanghai Action Plan to Support Mergers and Acquisitions and Restructuring of Listed Companies (2025–2027),” outlining twelve key objectives and tasks.
The Plan proposes supporting listed companies in acquiring high-quality, non‑profitable assets that help strengthen and supplement industrial chains and elevate critical technological capabilities. In key sectors such as integrated circuits, biopharmaceuticals, and artificial intelligence, it calls for compiling a list of leading listed enterprises that serve as chain‑leaders in priority industries. It also encourages listed companies in traditional sectors—including finance, logistics, modern services, and professional services—to pursue mergers and acquisitions within their industries or along the upstream–downstream value chain, as well as absorption‑type mergers, thereby appropriately increasing industry concentration. Furthermore, it seeks to make effective use of a 10-billion‑yuan merger‑and‑acquisition fund for the integrated‑circuit design sector and establish a 10-billion‑yuan M&A fund for the biopharmaceutical industry. The Plan aims to enhance the service capabilities of intermediary institutions by organizing regular training sessions for accounting offices, law offices, and other intermediaries, while strengthening comprehensive supporting policies, including offering certain incentives to newly introduced managers of specialized‑track M&A funds.

The Securities Association has issued the “Guidelines for the Filing of Mobile Application Software in the Securities and Futures Industry.”
The China Securities Industry Association has issued the “Guidelines for the Filing of Mobile Application Software in the Securities and Futures Industry (Trial),” which aims to further standardize the filing process for mobile client applications in the securities, futures, and fund industries and to urge securities, futures, and fund operating institutions to strengthen the security management of their mobile applications. The guidelines shall take effect from the date of their promulgation.
Building on the requirements set forth in the “Notice on Launching the Filing of Mobile Application Software by Securities and Futures Operating Institutions,” the “Filing Guidelines” further implement regulatory mandates, refine and enhance filing requirements, and strengthen industry self‑regulatory oversight. The Guidelines specify the scope of entities subject to filing and the categories of software eligible for filing, clearly stipulating that the Association is responsible for organizing and carrying out the filing process, and that mobile application providers must assume the corresponding filing obligations.

The Beijing Stock Exchange has issued three bond‑related guidelines to support corporate financing.
The Beijing Stock Exchange has issued the “No. 4 Business Guidelines for the Review of Corporate Bond Issuance and Listing on the Beijing Stock Exchange—Financing Advisory Services,” the “No. 5 Business Guidelines for the Review of Corporate Bond Issuance and Listing on the Beijing Stock Exchange—Simplified Information Disclosure,” and the “No. 3 Business Guidelines for Ongoing Corporate Bond Activities on the Beijing Stock Exchange—Key Matters Requiring Special Attention in Fund-Raising Management (Trial),” all of which shall take effect from the date of their publication.
Among these, the “Concise Information Disclosure Guidelines” embody the principle of categorized regulation by appropriately streamlining disclosure requirements for high-quality entities, including issuers eligible for streamlined review procedures, eligible science-and‑technology innovation and green bond issuers, and listed companies that have received favorable ratings in their information disclosure assessments over the past two years. For these entities, submission materials, offering circulars, periodic reports, and other disclosures may, depending on the specific circumstances, be subject to simplified disclosure arrangements such as consolidated preparation, streamlined disclosure, or index‑based disclosure, thereby further enhancing the relevance and effectiveness of information disclosure while reasonably reducing disclosure costs.

The National Administration of Financial Regulation: Strengthening Comprehensive and Rigorous Supervision of the Property Insurance Industry
The China Banking and Insurance Regulatory Commission recently issued the “Action Plan for Strengthening Regulation, Preventing Risks, Promoting Reform, and Advancing High-Quality Development of the Property Insurance Industry,” outlining 20 specific measures across six key areas.
First, further strengthen comprehensive and stringent regulation. By focusing on market access and exit oversight, advancing tiered and categorized regulatory approaches, rigorously addressing illegal and non-compliant activities, and improving the framework of prudential regulatory rules, we will enhance regulatory effectiveness. Second, place greater emphasis on deepening reform and promoting openness. We will guide the property insurance sector to accelerate business transformation and upgrading, bolster risk management capabilities, and advance high‑level opening-up. Third, create a favorable environment for the sustainable development of the property insurance industry. Through measures such as intensifying policy support and reinforcing financial culture, we will foster high‑quality growth in the sector.

Commercial & Corporate
The Ministry of Natural Resources has issued the “Regulations on the Supervision and Administration of the Land Valuation Industry.”
Recently, the Ministry of Natural Resources issued the “Notice on the Issuance of the ‘Regulations on the Supervision and Administration of the Land Valuation Industry.’”
The Notice emphasizes the importance of fully recognizing the significance of strengthening regulatory oversight of the land appraisal sector, earnestly fulfilling the responsibilities entrusted for such oversight, and fostering the industry’s standardized and sound development. In addition, it calls for a comprehensive review and rectification of registration filings submitted by land appraisal institutions, with strict enforcement against illegal practices such as issuing false reports, evading regulation by disguising land appraisal services as paid consulting, and engaging in unfair competitive behaviors like “malicious price-cutting” and “paying kickbacks.” Reports on the outcomes of this concentrated cleanup are to be submitted to the Ministry by June 30, 2025.

Chengdu and Chongqing have signed a cooperation agreement on the coordinated development, joint construction, and mutual protection of intellectual property.
Recently, the third meeting of the Chongqing–Chengdu Dual-Hub Collaborative Construction Conference was held. The Chongqing Municipal Intellectual Property Bureau and the Chengdu Municipal Intellectual Property Bureau signed the “Chongqing–Chengdu Intellectual Property Coordination, Joint Development, and Mutual Protection Agreement for the Construction of the Chengdu–Chongqing Twin-City Economic Circle,” jointly supporting the development of the region and comprehensively enhancing the overall influence and competitiveness of intellectual property in the Chengdu–Chongqing area.
Under the agreement, the two sides will jointly establish a collaborative framework for intellectual property protection. They will refine the administrative cooperation mechanism for IP protection between the two regions; strengthen administrative adjudication of patent infringement disputes in the new era; advance the integrated development of non-litigious IP dispute resolution institutions and diversified dispute‑resolution mechanisms; and coordinate efforts to provide IP rights‑enforcement assistance. Together, they will further improve the rapid IP protection system by supporting the establishment of national-level IP protection centers and rapid rights‑enforcement centers in both regions, as well as by enabling the Sichuan Center for Patent Examination Cooperation and the Chongqing Trademark Examination Cooperation Center of the National Intellectual Property Administration to deliver public services in the Chengdu–Chongqing region.

The National Development and Reform Commission has issued the “Regulations on Security Protection for Power Monitoring Systems.”
The Regulations on Security Protection for Power Monitoring Systems were reviewed and approved at the 18th Executive Meeting on November 25, 2024, promulgated on December 11, and shall enter into force on January 1, 2025.
The Regulations apply to operators of power monitoring systems within the territory of the People’s Republic of China, as well as to entities involved in related activities such as planning and design, research and development, product manufacturing, construction, installation, and commissioning. Where business modules deployed in the production control zone communicate via non‑power‑monitoring‑specific networks (such as public wired communication networks, wireless communication networks, or other data networks operated by service providers), or where terminals lack physical access control measures, a secure access zone shall be established.

The State Administration for Market Regulation has launched the third batch of national pilot programs for innovation in trade secret protection.
On December 11, the State Administration for Market Regulation convened a field meeting on trade secret protection and the launch ceremony for the third batch of national innovation pilot projects on trade secret protection in Wenzhou, Zhejiang Province. The event systematically summarized the achievements of the national innovation pilot program on trade secret protection, conducted an in-depth analysis of the current situation, and outlined plans for implementing the third batch of such pilot initiatives.
Since 2022, the State Administration for Market Regulation has been organizing a nationwide pilot program to innovate in the protection of trade secrets. Over the past two-plus years, the pilot regions have undertaken reform and exploration tailored to their local conditions, introducing a range of notable initiatives and achieving significant interim results. The first two batches of 35 pilot areas have issued 143 institutional outcomes, playing an important role in boosting business vitality and improving the regional business environment. Notably, Wenzhou City has promulgated the nation’s first local regulation on trade secret protection—the Regulations of Wenzhou Municipality on the Protection of Enterprise Trade Secrets. In response to key issues in trade secret infringement, market regulation authorities across the country have continuously strengthened administrative enforcement, providing robust support for enterprises’ innovative development. In the first ten months of 2024, market regulation agencies nationwide investigated and handled 113 cases of trade secret infringement, imposing fines and confiscations totaling RMB 35.0586 million.

The Ministry of Ecology and Environment plans to issue a standard to regulate the application process for funding related to the treatment of waste electrical and electronic equipment.
On December 10, the Ministry of Ecology and Environment issued the “Notice on the Standards and Conditions for Enterprises Applying for Special Funds for the Treatment of Waste Electrical and Electronic Products (Draft for Public Comment),” inviting public feedback until December 20.
According to the draft for public comment, enterprises applying for funding must meet four conditions: they must be legally compliant, have no record of violations or breaches of trust, upload data as required to satisfy regulatory requirements, and fulfill the prescribed minimum dismantling volume. With respect to the minimum dismantling volume requirement, the eligibility criteria are determined based on the following principles: fair competition, rewarding excellence and supporting strong players, and ensuring a smooth transition. To ensure that fiscal incentive policies favor large-scale, high-quality enterprises while accounting for regional development disparities, the minimum threshold is set at 900,000 units (sets) for processing facilities located in western regions and 1 million units (sets) for those in other regions.

The National Energy Administration has issued a document to support the innovative development of new types of market entities in the power sector.
Recently, the website of the National Energy Administration released the “Guiding Opinions on Supporting the Innovative Development of New Types of Market Entities in the Power Sector.”
The “Guiding Opinions” comprise eight provisions, primarily defining the essence and characteristics of new types of market entities, clarifying their scope, and proposing measures to foster their innovative development. These measures cover such areas as improving dispatch and operational management, encouraging equal participation in the electricity market, streamlining market registration, refining market trading mechanisms, and ensuring sound metering and settlement practices.

The Beijing Intellectual Property Bureau has revised the Measures for the Administration of the Establishment of Public Service Outlets for Intellectual Property Information.
Recently, the Beijing Municipal Intellectual Property Bureau revised and issued the Measures for the Administration of the Establishment of Public Service Outlets for Intellectual Property Information in Beijing.
This revision covers nine key areas. First, it refines the legal basis for policy formulation; second, it revises the types of Beijing‑based service outlets; third, it clarifies the operational priorities of these outlets; fourth, it adjusts the evaluation procedures for Beijing‑based outlets; fifth, it delineates the functions of relevant departments; sixth, it streamlines the application process for Beijing‑based outlets; seventh, it introduces a new registration and recommendation procedure for national intellectual property information public service outlets; eighth, it specifies the responsibilities of the Beijing Municipal Intellectual Property Office; and ninth, it improves the wording and phrasing. In addition, the numbering of certain provisions in the original administrative measures has been adjusted accordingly.

Guangdong has issued an Action Plan for the Continued Improvement of Air Quality.
On December 10, the People’s Government of Guangdong Province issued a notice promulgating the “Action Plan for the Continuous Improvement of Air Quality,” which shall take effect from the date of its issuance and remain in force for a period of five years.
The Notice sets forth ten categories comprising 29 measures, including mandating that all newly acquired or replaced buses in cities at or above the prefecture level be electric vehicles or hydrogen fuel-cell vehicles; advancing the optimization and adjustment of the energy mix and the transport structure; and strengthening the coordinated reduction of multiple pollutants. The Notice also calls for intensified supervision and inspection of new vehicle compliance with environmental standards and the transparency of relevant information, ensuring full coverage of all newly produced truck model families; and for implementing a coding and registration system for non‑road mobile machinery and conducting targeted inspections of such equipment.

Four departments have issued a document to further strengthen employment assistance efforts.
On December 9, the Ministry of Human Resources and Social Security published the “Notice on Further Enhancing Employment Assistance Work” on its website.
The Notice emphasizes the need to accelerate the improvement of the employment assistance mechanism, enhance the precision and accessibility of policies and services, ensure that zero‑employment households are brought down to zero on an ongoing basis, and bolster the public’s sense of gain, happiness, and security. It clarifies the scope of eligible recipients for employment assistance, streamlines the application and verification procedures, and introduces measures such as strengthening targeted support based on categories, implementing follow-up service management, and developing job opportunities for older workers. At the same time, it specifies supportive policies—including tax reductions and exemptions, entrepreneurship guarantee loans with interest subsidies, and social insurance subsidies—and calls on all relevant departments to strengthen organizational leadership, establish long-term mechanisms, emphasize publicity and guidance, and work together to achieve tangible results in employment assistance efforts.

Public consultation on four industry standards, including “Terminology and Definitions for Overseas Economic and Trade Cooperation Zones”
On December 10, the Ministry of Commerce issued a notice soliciting public comments on four industry standards, including the “Terminology and Definitions for Overseas Economic and Trade Cooperation Zones (Draft for Public Comment).” The deadline for submitting feedback is January 9, 2025.
The newly released industry standards include “Terminology and Definitions for Overseas Economic and Trade Cooperation Zones,” “General Specifications for the Comprehensive Management of Overseas Economic and Trade Cooperation Zones,” “Guidelines for Assessing the Level of High-Quality Development of Overseas Economic and Trade Cooperation Zones,” and “Guidance on the Preparation of Planning Documents for Overseas Economic and Trade Cooperation Zones.” The development of the “Terminology and Definitions for Overseas Economic and Trade Cooperation Zones” is a pragmatic measure to better implement the goal of serving Chinese‑style modernization and unswervingly expanding high‑level opening-up. It also addresses the urgent need to advance international cooperation on industrial and supply chains, providing technical support for promoting the high‑quality development of overseas economic and trade cooperation zones in the new era.

The Customs Administration has issued seven customs industry standards, including the “Customs Statistical Economic Zone Classification Coding Rules.”
The General Administration of Customs website has published the “Announcement on the Issuance of Seven Customs Industry Standards, Including the ‘Rules for Coding Economic Zones in Customs Statistics.’” These seven standards cover such areas as the coding rules for economic zones in customs statistics, the classification and codes for trade modes in customs statistics, and the classification and codes for modes of transport in customs statistics.
The seven industry standards released this time include: “Customs Statistical Economic Zone Classification Coding Rules,” “Customs Statistical Trade Mode and Code,” “Customs Statistical Transport Mode and Code,” “Guidelines for Smart Port Development,” “Smart Port Standard System,” “Smart Port Evaluation Indicators and Calculation Methods,” and “General Provisions for Customs‑Related Tax‑Related Testing and Appraisal.”

The National Security Supervision Bureau has issued the “Specifications for the Installation and Network Access of Industrial Video Systems in Coal Mines.”
Recently, the Comprehensive Department of the National Mine Safety Administration issued the “Specifications for the Installation and Network Access of Industrial Video Systems in Coal Mines.”
The Standard covers six aspects: scope, normative reference documents, terms and definitions, installation and technical requirements for industrial video systems in coal mines, video network access requirements, and operation, maintenance, and management requirements. It specifies the requirements for the installation and monitoring of industrial video systems, video network access, as well as operation, maintenance, and management, and applies to all coal mines nationwide that are in normal production or under construction, including both underground and open-pit coal mines.

The National Medical Products Administration plans to issue the “Guiding Principles for the Classification of Medical Device Products Containing Nanomaterials.”
Recently, the National Medical Products Administration has drafted the “Guiding Principles for the Classification and Definition of Medical Device Products Containing Nanomaterials (Draft for Public Comment).” The draft is now open to public consultation, with comments due by December 16.
The Draft for Public Comments clarifies that the regulatory classification of nanomedicine devices shall be determined on a comprehensive basis, taking into account the product’s intended use, mechanism of action, and other relevant factors. Except where otherwise specified, nanomedicine devices must fully consider such factors as the potential sites of contact with nanomaterials, routes of exposure, and duration of exposure, and their regulatory category shall be assessed in light of the product’s intended use, material characteristics, structural features, and mode of use.

Two departments have issued a document to promote the proper implementation of software legalization within the education system.
Recently, the Ministry of Education and the National Copyright Administration jointly issued the “Notice on Effectively Promoting Software Legitimization in the Education System.”
The Notice encourages local education authorities to formulate preferential policies to support school–enterprise cooperation projects. Higher education institutions are expected to leverage their strengths in talent and research by co‑establishing laboratories, R&D centers, and other innovation platforms with software companies, conducting joint research initiatives, and enhancing their capacity to develop proprietary software. Software enterprises are urged to develop legitimate software products and solutions tailored to the specific needs of localities and educational institutions, for use in teaching and research. Furthermore, software companies are encouraged to organize software‑ecosystem competitions and establish platforms for industry–university–research–application collaboration, fostering active participation by faculty and students in such events and thereby strengthening talent development within the broader ecosystem.

Shanghai Municipality supports mergers and acquisitions and restructuring of listed companies by establishing a 10-billion-yuan M&A fund.
The General Office of the Shanghai Municipal People’s Government has officially released the “Shanghai Action Plan for Supporting Mergers and Acquisitions and Restructuring of Listed Companies (2025–2027),” outlining twelve key objectives and tasks.
The Plan proposes supporting listed companies in acquiring high-quality, non‑profitable assets that help strengthen and supplement industrial chains and elevate critical technological capabilities. In key sectors such as integrated circuits, biopharmaceuticals, and artificial intelligence, it calls for compiling a list of leading listed enterprises that serve as chain‑leaders in priority industries. It also encourages listed companies in traditional sectors—including finance, logistics, modern services, and professional services—to pursue mergers and acquisitions within their industries or along the upstream–downstream value chain, as well as absorption‑type mergers, thereby appropriately increasing industry concentration. Furthermore, it seeks to make effective use of a 10-billion‑yuan merger‑and‑acquisition fund for the integrated‑circuit design sector and establish a 10-billion‑yuan M&A fund for the biopharmaceutical industry. The Plan aims to enhance the service capabilities of intermediary institutions by organizing regular training sessions for accounting offices, law offices, and other intermediaries, while strengthening comprehensive supporting policies, including offering certain incentives to newly introduced managers of specialized‑track M&A funds.

The China Association of Asset Appraisers has issued the Expert Guidelines on Carbon Asset Valuation.
Recently, the China Association of Asset Appraisers issued “Expert Guidance No. 17 on Asset Valuation—Carbon Asset Valuation,” which is intended as a reference for asset appraisal institutions when conducting carbon asset valuation engagements.
Carbon assets refer to resources that are legally owned or controlled by a specific entity, capable of generating direct or indirect economic benefits, and related to greenhouse gas‑related activities. These include carbon emission allowances, certified voluntary emission reductions, and their derivatives.
The Guidelines, tailored to the characteristics of carbon assets and addressing potential challenges and key considerations in practical application, comprise five chapters and thirty-eight provisions, covering an introduction, the valuation subject, fundamental matters related to valuation services, valuation methodologies, and disclosure requirements. The Guidelines stipulate that asset appraisal professionals undertaking carbon‑asset valuation engagements must possess relevant knowledge in this field and be capable of performing such assignments effectively. When lacking specific expertise, technical capabilities, or experience in carbon‑asset valuation, appropriate remedial measures shall be adopted, including leveraging the work of carbon‑sector experts and pertinent professional reports.

Chongqing has unveiled policies and measures to support innovation in the embodied intelligent robotics industry.
To promote innovation and development in the embodied intelligent robotics industry, the Chongqing Municipal Commission of Economy and Information Technology recently published on its website the “Notice on Several Policy Measures for Supporting the Innovative Development of the Embodied Intelligent Robotics Industry in Chongqing.”
The Policy Measures comprise five key components—building an industrial innovation system, strengthening product application and promotion, enhancing industrial capacity‑building, reinforcing support for development factors, and bolstering coordination and synergy—totaling 12 specific measures. Under the first component, building an industrial innovation system, two main areas are addressed: supporting the establishment of innovation platforms and advancing breakthroughs in critical technologies. Supporting innovation platforms primarily involves setting up industrial research institutes, integrated industrial innovation complexes, and manufacturing innovation centers, as well as establishing enterprise technology centers, industrial technology engineering centers, key laboratories, and proof‑of‑concept validation centers. Advancing critical technologies likewise encompasses two strands: first, fostering the development of robotic hardware and operating systems through the implementation of major municipal science‑and‑technology innovation projects; second, promoting technologies related to the embodied large‑model ecosystem via a “challenge‑based leadership” approach.

Two departments: Improve the mechanisms for centralized bulk procurement and implementation of pharmaceuticals.
On December 10, the National Healthcare Security Administration and the National Health Commission issued the “Notice on Improving the Mechanisms for Centralized Bulk Procurement and Implementation of Pharmaceuticals.”
The Notice focuses on introducing detailed measures across all stages—entry into hospitals, utilization, monitoring, performance assessment, and feedback—for centrally procured drugs and medical consumables, reflecting a policy orientation toward inter‑departmental coordinated oversight and prioritized use of winning‑bid products. It outlines ten specific measures, including ensuring the entry of selected drugs and consumables into hospitals and enhancing the management of their use. Starting from the third month after the implementation of each round of centralized procurement results, local authorities are required to conduct a comprehensive review of hospital‑level access to these winning‑bid products and consumables, and to urge any institutions that have yet to complete procurement to promptly finalize the process.

The Political Bureau of the CPC Central Committee convened a meeting to analyze and study economic work for 2025.
On December 9, the Political Bureau of the CPC Central Committee convened a meeting to analyze and deliberate on economic work for 2025; it also heard a report on the work of the Central Commission for Discipline Inspection and the National Supervisory Commission and formulated plans for advancing Party conduct, clean governance, and anti-corruption efforts in 2025.
The meeting emphasized that, to ensure the success of next year’s economic work, it is essential to further deepen reform across the board, expand high‑level opening-up, build a modern industrial system, better balance development and security, implement more proactive and effective macro policies, boost domestic demand, promote the integrated development of scientific and technological innovation and industrial innovation, and stabilize both the real estate and stock markets. It is also necessary to improve the mechanism for jointly investigating and addressing unhealthy practices and corruption, with a focus on deepening efforts to rectify conduct and combat corruption in an integrated manner. Furthermore, ongoing efforts must be intensified to address misconduct and corruption affecting the public, ensuring that the fruits of reform and development benefit all people more equitably.

The Ministry of Public Security and eight other departments have jointly issued guidelines to strengthen the domestic violence warning system.
Recently, nine departments, including the Ministry of Public Security, the Supreme People’s Court, and the Ministry of Justice, jointly issued the “Opinions on Strengthening the Implementation of the Domestic Violence Warning System,” aiming to further enhance the effectiveness of this system, proactively intervene to resolve family and marital‑romantic disputes, and effectively prevent and curb domestic violence.
With regard to issues of high public concern, such as the evidentiary standards for domestic violence, the Opinions clarify that the basic evidentiary requirements for public security organs to establish the facts of domestic violence include: if the perpetrator does not dispute having committed domestic violence, statements from the perpetrator, the victim, or witness testimony are required; if the perpetrator denies committing domestic violence, statements from the victim or witness testimony, together with one additional form of corroborating evidence, are necessary. At the same time, the Opinions specify the types of corroborating evidence that may be used by public security organs in establishing the facts of domestic violence, including audio‑visual recordings documenting the occurrence of domestic violence, electronic data such as telephone recordings, text messages, instant messaging records, and emails related to domestic violence, testimonies from relatives, neighbors, and other witnesses, statements made by minor children of the parties that are consistent with their age and cognitive capacity, repentance letters or guarantees previously submitted by the perpetrator, injury assessment reports, medical treatment records, and records of complaints, reports, or requests for assistance concerning domestic violence received by relevant departments and institutions—altogether eight categories of evidence.

The China Futures Association has issued and implemented the “Insurance + Futures” Business Rules for Futures Companies.
To standardize the implementation of the “insurance + futures” business in the industry and to better leverage its role in supporting the national “agriculture, rural areas, and farmers” development strategy and in advancing the building of a strong agricultural nation, the China Futures Association issued the “Rules for Futures Companies’ ‘Insurance + Futures’ Business (Trial)” on December 7.
The Business Rules stipulate that futures companies must establish a dedicated hedging account for “Insurance + Futures” business, under which all “Insurance + Futures” activities not supported by the futures exchange are centralized in this specialized account for hedging operations and cost‑benefit accounting. First, segregating this account from those used for other derivatives trading helps better safeguard the genuine public‑interest nature of projects serving agriculture, rural areas, and farmers. Second, it effectively prevents conflicts of interest and risk spillovers between “Insurance + Futures” business and other lines of activity. Third, it enables accurate and transparent tracking of the business’s profits and losses, facilitating effective performance evaluation and incentive mechanisms, as well as timely adjustments to short‑term strategies and long‑term plans, thereby enhancing the sustainability of the business and laying the groundwork for the emergence of an independent business model.

Beijing has released a five-year implementation plan for the development of the new energy storage industry.
To seize development opportunities, integrate resource advantages, and advance innovation in new‑type energy storage technologies and industrial development in Beijing, the Beijing Municipal Commission of Economy and Information Technology issued the “Beijing Implementation Plan for the Development of the New‑Type Energy Storage Industry (2024–2027)” on December 5.
The Implementation Plan sets forth that by 2027, innovation in next-generation energy storage technologies and the industry’s overall level will remain among the top in China. The spatial development pattern—“three cities leading innovation, two zones driving agglomeration, and multiple nodes providing coordinated support”—will be further refined, while industrial clusters and the broader ecosystem continue to improve. Specifically, one national-level innovation platform and two internationally influential demonstration zones for the new‑energy‑storage industry will be established; 3 to 5 ecosystem‑leading enterprises with revenues exceeding RMB 10 billion will be attracted and cultivated; a cohort of domestic market leaders in niche segments—single‑category champions and specialized, refined, distinctive, and innovative “little giant” offices—will emerge; and the industry’s capacity for innovation and its overall competitiveness will see marked enhancement. The goal is to achieve high‑end, intelligent, and green development, with new‑energy‑storage industry revenues striving to surpass RMB 100 billion.
Shanghai has issued implementation measures that clarify the adjudication of corporate name disputes.
The Shanghai Municipal Administration for Market Regulation has issued the “Measures for the Implementation of Adjudication of Enterprise Name Disputes in Shanghai.”
According to the Implementation Measures, if an enterprise is ordered to cease using its corporate name, it shall, within 30 days from the date of receipt of the Administrative Ruling on Corporate Name Disputes, apply for registration of a change to its corporate name. If the enterprise fails to complete the name‑change registration within the prescribed time limit, the Municipal Market Supervision Administration will activate an early‑warning function in the registration system, reminding the enterprise that any application for name‑change (or filing) registration must be accompanied by a corresponding name‑change procedure, and notifying the registration authority to place the enterprise on the List of Abnormal Operations. Upon completion of the name‑change registration, the enterprise may, in accordance with the law, apply to the registration authority for removal from the List of Abnormal Operations.

China plans to amend the Civil Aviation Law to promote high-quality development of the industry.
The State Council Executive Meeting discussed and approved in principle the Draft Amendment to the Civil Aviation Law of the People’s Republic of China, and decided to submit the draft to the Standing Committee of the National People’s Congress for deliberation.
The meeting emphasized the need to prioritize safety, balance development with safety, strengthen oversight and regulation, and ensure that the scale of transport operations is commensurate with safety‑guaranteeing capabilities. It called for continuously enhancing the quality of civil aviation services, tapping the potential of the domestic market, effectively implementing major investment projects, bolstering technological support, and fostering high‑quality development in the civil aviation sector. Furthermore, it underscored the importance of upholding openness and cooperation, continually optimizing the global route network, and promoting international economic and trade exchanges as well as cultural and people‑to‑people interactions.

Public Consultation on the “Guidelines for Filing Patent Applications Related to Artificial Intelligence”
Recently, the National Intellectual Property Administration released the “Guidelines for Filing Patent Applications Related to Artificial Intelligence (Draft for Public Comment),” inviting public input. Comments are being accepted until December 13.
The Draft for Public Comments focuses on pressing issues in the field of artificial intelligence and related examination policies. Chapter One summarizes the common types of AI‑related patent applications and the associated legal issues; Chapter Two addresses the determination of inventor status, arguing that AI itself does not qualify as an inventor; Chapter Three sets forth the criteria for the patentable subject matter, explaining how patent applications concerning AI algorithms or models themselves, as well as those relating to functional or domain‑specific applications based on such algorithms or models, can satisfy the requirements for patentable subject matter; Chapter Four discusses the issue of sufficient disclosure in the specification; Chapter Five examines considerations of inventive step; and Chapter Six provides guidance on ethical issues in the context of AI.

Taxation
VAT Invoice Data Reveals Four Key Highlights in November’s Economic Performance
According to the latest VAT invoice data released by the State Taxation Administration, driven by the effective implementation of a series of policies—both for existing stock and new additions—the Chinese economy continues to show a sustained recovery and improvement. In November, economic performance exhibited the following highlights:
— Manufacturing output has been steadily accelerating, with strong support from high-end manufacturing. In November, the growth rate of manufacturing sales revenue increased by 0.3 percentage points compared with October, broadly in line with the trend in the November PMI released by the National Bureau of Statistics, which rose by 0.2 percentage points from October. Among these, equipment manufacturing sectors such as automobiles and electrical machinery recorded year-on-year sales revenue growth of 5.3%, 5.1%, and 3.8%, respectively, while high-tech manufacturing industries—including electronic and communication equipment, and aerospace equipment—saw year-on-year increases of 5.3%, 5.1%, and 3.8%, respectively. Notably, sales revenue in high-end manufacturing segments such as automobile production, computer and communications equipment manufacturing, and railway, shipbuilding, and aerospace equipment manufacturing grew by 9.3%, 7.4%, and 5.6% year over year, respectively.
— The modern services sector is accelerating, with high‑tech services posting particularly strong growth. In November, sales revenue in the leasing and business services sector, the information transmission, software, and information technology services sector, and the scientific research and technical services sector—including science and technology promotion and application—increased year over year by 3.3%, 6.7%, and 11.3%, respectively, all significantly outpacing the national average for enterprises. Notably, sales revenue in the high‑tech services sector rose 8.4% year over year, with e‑commerce services, technology transfer and commercialization services, and digital content and related services recording year‑on‑year gains of 27.4%, 22.9%, and 7.2%, respectively.
— Driven by the “Two New” policies, investment in equipment and the trade-in of consumer goods for new ones continued to gain momentum. In November, nationwide corporate spending on machinery and equipment rose 4.5% year on year. Among these, key sectors such as manufacturing, information technology services, and the production and supply of electricity, heat, gas, and water saw year-on-year increases of 5.1%, 7.4%, and 15.9%, respectively. Supported by national incentives, local government backing, and promotional discounts offered by businesses during the “Double 11” shopping festival, retail sales of household audiovisual equipment, including televisions, surged 28.8% year on year, while sales of everyday appliances like refrigerators jumped 74.4%. Meanwhile, furniture and sanitary ware—both closely tied to home improvement—recorded year-on-year growth of 36% and 18.8%, respectively.
— Interprovincial trade remains robust, and transport and logistics are accelerating. From January to November, the growth rate of interprovincial sales nationwide outpaced the overall growth rate of corporate sales revenue by 1.1 percentage points, indicating smooth cross‑provincial trade in goods and services and the accelerated development of a unified national market. In November, sales revenue in the transport and logistics sector rose 7.1% year on year. Specifically, ocean freight and freight forwarding—both closely tied to foreign trade—recorded year‑on‑year increases of 30.6% and 26.9%, respectively, while the postal and express delivery sector, linked to online commerce, saw sales grow 8.9% year over year.
Li Ping, deputy director of the Tax Science Research Institute of the State Taxation Administration, stated that the Administration has been consistently leveraging VAT invoice data to track and monitor nationwide corporate sales revenue, thereby providing a relatively objective reflection of macroeconomic trends. These notable developments in economic performance, viewed from various angles, underscore the continued strengthening of China’s economic stabilization and recovery momentum, as well as the growing accumulation of positive factors. They also highlight that the series of comprehensive policies implemented by China are gaining traction and yielding tangible results, effectively boosting market vitality and driving the economy toward a sustained rebound.

The Hong Kong Special Administrative Region has passed the “2024 Stamp Duty Legislation (Miscellaneous Amendments) Bill.”
On December 11, the Legislative Council of the Hong Kong Special Administrative Region passed the Stamp Duty Legislation (Miscellaneous Amendments) Bill 2024, which exempts stamp duty on the transfer of shares or units in real estate investment trusts (REITs) and on securities dealing by options market makers, and revises the stamp duty collection arrangements under the paperless securities market regime implemented in Hong Kong.
A spokesperson for the Hong Kong Special Administrative Region Government stated that exempting stamp duty on transfers of REIT shares or units and on securities‑dealing activities conducted by options market makers will enhance the competitiveness of Hong Kong’s REITs and reduce transaction costs for options market makers. The revision of stamp duty collection arrangements will also improve the efficiency of stamp‑duty stamping and levy procedures in a paperless securities‑market environment. The Government, together with financial regulators and the Hong Kong Exchanges and Clearing Limited, will continue to closely monitor market developments and needs, and explore further measures to optimize the stock market, thereby bolstering its competitiveness and promoting its sustainable development.
The amended ordinance will be gazetted on December 20. The stamp duty exemption for the transfer of shares or units in real estate investment trusts and for securities dealing by options market makers will take effect from December 21.

The Chinese Institute of Certified Public Accountants has issued four auditing data standards for certified public accountants.
The Chinese Institute of Certified Public Accountants has formulated four auditing data standards for certified public accountants and promulgated them effective December 9, 2024.
Specifically, these include: “CPA Audit Data Standard—Procurement,” “CPA Audit Data Standard—Accounts Receivable,” “CPA Audit Data Standard—Accounts Payable,” and “CPA Audit Data Standard—E‑Commerce.” The framework of each audit data standard comprises 11 sections: Preface, Introduction, Scope, Normative References, Terms and Definitions, Description of Data Elements, Data Model, Data, Data Structure, Appendices, and References.
The Chinese Institute of Certified Public Accountants stated that the audit data standard is a recommended standard and plans to incorporate its interpretation into the continuing professional education curriculum for certified public accountants, thereby enhancing stakeholders’—including CPAs and software providers—understanding and application of the standard.

LITIGATION & ARBITRATION
The Supreme People’s Procuratorate has issued regulations and guidelines to strengthen the substantive review of technical evidence in injury-related cases.
Recently, the Supreme People’s Procuratorate issued the “Regulations on the Substantive Review of Technical Evidence in Injury Cases” and the “Guidelines for the Specialized Review of Expert Opinions on the Degree of Human Injury in Injury Cases,” aiming to strengthen the substantive review of technical evidence in such cases and further enhance the professionalism and standardization of their examination and handling.
The “Work Regulations” represent the first normative document jointly formulated by the criminal prosecution authorities and the forensic technology department for the review of technical evidence. They encompass a wide range of technical evidence, including expert opinions, site inspection records, examination records, audiovisual materials, and electronic data, and clearly define that the substantive review applies to both the technical evidence itself and the underlying foundational materials upon which it is based. Furthermore, in light of the specific characteristics of injury‑related cases, the Regulations articulate the requirements and key considerations for the substantive review of different types of technical evidence. The “Specialized Review Guidelines” are focused on case handling and set forth detailed provisions regarding the procedural and substantive review of expert opinions on the degree of bodily injury; the specialized review of two or more conflicting expert opinions; the specialized review of expert opinions on the degree of bodily injury for nine major body regions—such as the cranium, face, and limbs—and for various common types of injuries; as well as the specialized review of specialized examinations, including medical imaging studies.

The Supreme People’s Court has released the second batch of typical cases involving inheritance disputes.
On December 12, the Supreme People’s Court released a second batch of typical cases involving inheritance disputes, promoting kindness and mutual assistance while upholding the fine tradition of respecting the elderly.
The second batch of four cases released this time primarily addresses such legal institutions as legacy‑support agreements, the reserved portion, and the loss of inheritance rights. By way of judicial rulings, these cases seek to promote the values of kindness and mutual assistance and to uphold the traditional Chinese virtues of respecting, caring for, and honoring the elderly. This batch of cases exhibits the following key characteristics: first, they respect the testator’s autonomy; second, they ensure that the vulnerable receive appropriate support; third, they encourage kindness and mutual aid; and fourth, they champion the virtue of respecting the elderly. Under the relevant provisions of the Civil Code, a person who has provided substantial care to the deceased despite having no statutory obligation to do so may be entitled to an appropriate share of the estate. In Case No. 3 of this batch, the party involved, Xu, is a person with a disability and has no parents, spouse, or children as heirs. Yan provided both daily care during Xu’s lifetime and handled the funeral arrangements after Xu’s death. The people’s court duly recognized Yan’s right to claim the insurance proceeds left by Xu upon his passing, thereby contributing to the vigorous promotion of the core socialist values.

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