JC Master Legal News Issue 1137

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued eight financial industry standards, including the “Classification and Codes for Industry Statistics of Listed Companies.”
Recently, the China Securities Regulatory Commission issued eight financial industry standards, including the “Classification and Codes for Industry Statistics of Listed Companies,” the “Inter‑Chain Technical Specifications for Regional Equity Markets,” the “Inter‑Chain Data Specifications for Regional Equity Markets,” the “Inter‑Chain Authentication and Security Specifications for Regional Equity Markets,” the “Communication Guidelines for Blockchain‑Based General Infrastructure in Regional Equity Markets,” the “Guidelines for Information Technology Architecture Management in the Securities and Futures Industry,” the “Data Standards Attribute Framework for the Securities and Futures Industry,” and the “Maturity Standards for Operations and Maintenance Automation Capabilities of Securities and Fund Management Institutions.”
The National Administration of Financial Regulation has strengthened oversight of financial services for small and micro enterprises provided by banking financial institutions.
The National Administration of Financial Regulation has revised the “Measures for the Regulatory Evaluation of Financial Services for Small and Micro Enterprises by Commercial Banks (Trial)” to produce the “Measures for the Regulatory Evaluation of Financial Services for Small and Micro Enterprises by Banking Financial Institutions,” which were publicly released on November 27.
The CPC Central Committee and the State Council have issued the “Action Plan for Effectively Reducing Logistics Costs Across Society.”
On November 27, the Chinese Government Website released the “Action Plan for Effectively Reducing Logistics Costs Across Society,” outlining twenty measures.
The Supreme People’s Court has, for the first time, issued a specialized guiding case on maritime adjudication.
On November 26, the Supreme People’s Court website released the 41st batch of guiding cases (Cases No. 230–236) to mark the 40th anniversary of the establishment of the Maritime Courts.
Finance & Capital Markets
Two projects of the Shanghai Stock Exchange have been awarded the 2023 Fintech Development Award.
Recently, the People’s Bank of China announced the list of winners of the 2023 Fintech Development Awards. The Shanghai Stock Exchange (SSE) was awarded first prize for its “Construction of a New Bond Trading System” and second prize for its “Multi-Cloud, Multi-Chip Capital Market Core Information Disclosure Platform.”

“The New Bond Trading System Construction” is a next-generation critical information infrastructure project developed by the Shanghai Stock Exchange. Through lightweight architectural upgrades, the system has eliminated its reliance on mainframe hardware and closed‑source operating systems. At the same time, it has undergone domestic substitution and been integrated into disaster recovery sites, while leveraging a unified control and monitoring platform to enhance system operations and technological regulatory capabilities. Since its launch, the system has continuously provided real-time trading services to more than 200 market institutions and over 300 million investor accounts, and has introduced a series of innovative initiatives, including extended trading hours, adjustments to price‑cage mechanisms, and modifications to order‑submission quantities.

“The Multi-Cloud, Multi-Chip Capital Market Core Information Disclosure Platform” is the statutory information disclosure platform for the capital market, built and maintained by the Shanghai Stock Exchange. Constructed on a cloud‑based infrastructure and leveraging an integrated hybrid cloud architecture that combines cloud services with robust security, the platform supports multi‑cloud, multi‑chip hybrid operations while ensuring autonomous control over its underlying environment. By developing a suite of core capabilities—including automated disclosure, big‑data processing models, and an intelligent search engine—the platform fully supports technology‑driven regulatory oversight, unlocks the value of cloud‑native technologies, and, through the creation of a dedicated “one‑stop service” portal, enables users to handle all matters through a single online gateway.

The “Fintech Development Award” is the only ministerial-level science and technology award in China’s financial sector. Established by the People’s Bank of China in 1992, it aims to recognize outstanding technological innovations within the country. For the 2023 edition, the award selected 257 winning projects from a pool of 621 submissions across the financial industry, covering areas such as digital transformation, technology-driven empowerment, and cybersecurity risk management.

Looking ahead, under the strong leadership of the China Securities Regulatory Commission, the Shanghai Stock Exchange will accelerate the integration of financial technology with the capital market, enhance its digital and intelligent capabilities, better fulfill its role as a critical infrastructure of the capital market, and promote the high-quality development of the capital market in serving the real economy.

The Shanghai Stock Exchange hosted a training program on industrial investment cooperation with Qatar.
Recently, the Shanghai Stock Exchange (hereinafter referred to as SSE), in collaboration with the Qatar Investment Promotion Agency, hosted the “Qatar Industrial Investment Cooperation Training Program” in Shanghai. Representatives from 44 main‑board and STAR Market–listed companies across sectors including information technology, manufacturing, materials, finance, and healthcare attended the event. The conference focused on Qatar’s investment climate and relevant policies, as well as the practical needs and concerns of Chinese enterprises operating in Qatar, exploring potential pathways for long-term capital to invest in Shanghai‑listed companies. The initiative significantly enhanced participating offices’ understanding of the Middle East and Qatar, providing valuable insights and guidance for future industry‑finance cooperation between the two sides.
This training session marks the Shanghai Stock Exchange’s first-ever Middle East–focused event held in Shanghai, and it represents a well‑orchestrated extension of the Exchange’s series of initiatives this year to bring listed companies to the Middle East for promotional outreach. In recent years, the SSE has consistently leveraged its role as a capital‑market platform and hub, steadily deepening and expanding exchanges and cooperation with a wide range of overseas investment institutions. Held on the sidelines of the International Investors Conference and the China Securities Regulatory Commission’s International Advisory Committee meeting, the training achieved positive results, showcasing the high‑quality development of China’s leading listed companies and their commitment to internationalization. It also translated the SSE’s support for listed offices into concrete actions, enhanced the quality and effectiveness of communication between Chinese listed companies and overseas investors, and bolstered China–Qatar cooperation in the capital markets.
Going forward, the Shanghai Stock Exchange will continue to explore ways to optimize cross-border capital market service mechanisms, strengthen two-way connectivity between overseas investment institutions and Shanghai‑listed companies, enhance the internationalization capabilities of market participants, effectively communicate the story of China’s capital market, advance high‑level, institution‑based opening-up of the capital market, and support high‑quality economic development.

The China Securities Regulatory Commission has issued eight financial industry standards, including the “Classification and Codes for Industry Statistics of Listed Companies.”
Recently, the China Securities Regulatory Commission issued eight financial industry standards, including the “Classification and Codes for Industry Statistics of Listed Companies,” the “Inter‑Chain Technical Specifications for Regional Equity Markets,” the “Inter‑Chain Data Specifications for Regional Equity Markets,” the “Inter‑Chain Authentication and Security Specifications for Regional Equity Markets,” the “Communication Guidelines for Blockchain‑Based General Infrastructure in Regional Equity Markets,” the “Guidelines for Information Technology Architecture Management in the Securities and Futures Industry,” the “Data Standards Attribute Framework for the Securities and Futures Industry,” and the “Maturity Standards for Operations and Maintenance Automation Capabilities of Securities and Fund Management Institutions.” These standards shall take effect from the date of their publication.
The standard “Industry Classification and Codes for Listed Companies” is a revision of the previously published standard “Classification and Codes for Listed Companies.” This revised standard aligns with the latest edition of the “National Economic Industry Classification,” specifying the hierarchical levels and principles for classifying industries of listed companies, clarifying the coding rules for industry classification, and establishing the industry classification structure and code table for listed companies. The promulgation and implementation of this standard will provide a more scientifically sound basis for the statistical compilation, evaluation, analysis, and index construction of industry information related to listed companies, enabling market participants to conduct analysis and make decisions more efficiently, and laying a solid foundation for building a high-quality, digital capital market.
The financial industry standard “Technical Specification for Cross-Chain Interoperability in Regional Equity Markets” defines the application environment for cross-chain integration between the regulatory chain and local business chains, as well as the fundamental requirements for storing business data during cross-chain interconnection. It also specifies the coding of business data objects, the format definitions for data headers and bodies, and the full‑lifecycle management of data objects, thereby providing a practical and feasible technical framework for cross-chain interoperability between regulatory chains and local business chains in the securities and futures sectors. The development and implementation of this standard will help guide industry participants in building local business‑chain systems or operating related services within regional equity markets, and will facilitate the effective deployment of cross-chain integration between regulatory chains and local business chains.
The financial industry standard “Inter‑Chain Data Specification for Regional Equity Markets” clarifies the data specifications for cross‑chain interoperability between regulatory chains and local business chains, providing definitions and detailed data format specifications for nine categories of data objects: entities, accounts, products, transfer reports, registration, fund settlement, information disclosure, finance, and supervision. The development and implementation of this standard will help establish a unified inter‑chain data framework for regional equity markets and enhance the quality of cross‑chain data reporting from local business chains.
The financial industry standard “Security Specifications for Cross-Chain Authentication in Regional Equity Markets” sets forth security requirements covering cryptographic algorithms, business data, local business chains, local business systems, cross-chain mechanisms, cross-chain channel transmission, and cross-chain data in the process of interconnecting regulatory chains with local business chains. It provides securities and futures institutions with a practical and feasible set of technical security specifications for such cross-chain integration. The development and implementation of this standard will help mitigate cross-chain security risks and enhance overall security protection capabilities and standards.
The financial industry standard “Communication Guidelines for the Blockchain‑Based Universal Infrastructure of Regional Equity Markets” specifies communication protocols between a universal financial infrastructure built on a dual‑layer architecture—comprising a regulatory chain and local business chains—and the existing systems of regional equity markets. It defines the systems, key data objects, business scenarios, and operational commands associated with six categories of communication protocols: user registration, asset registration, fund mapping, asset mapping, transfer management, and settlement management. The development and implementation of this standard will help fully leverage the dual‑layer blockchain architecture of “regulatory chain–local business chain” to support existing business systems and facilitate their transformation and integration.
The “Guideline for Information Technology Architecture Management in the Securities and Futures Industry,” a financial industry standard, specifies the principles, organizational structure, management mechanisms, and update procedures for managing information technology architecture in the securities and futures sector. It applies to industry institutions in their overall planning, design and implementation, institutional framework development, and ongoing updates and upgrades of IT architecture management. The formulation and implementation of this standard help reduce security risks and costs associated with IT architecture management, standardize industry‑wide architecture management processes, and effectively enhance the overall level of IT architecture governance across the sector.
The “Data Standards Attribute Framework for the Securities and Futures Industry,” a financial industry standard, establishes an attribute‑description system tailored to data standards in the securities and futures sector. It defines distinct attribute structures and associated content for both foundational data standards and indicator‑based data standards, and specifies the requirements and constraints for completing attributes across business, technical, and management domains. The development and implementation of this standard will help standardize the definition and description of data attributes within the securities and futures industry, enhance the level of industry‑wide data governance, and facilitate data sharing among institutions in the sector, thereby yielding significant benefits.
The financial industry standard “Specification for the Maturity of Operations and Maintenance Automation Capabilities of Securities and Fund Management Institutions” defines the framework and tiered classification for operations and maintenance automation capabilities, as well as the methods and requirements for assessing capability maturity. It also sets out specific evaluation criteria for capability maturity in areas such as security and risk management, tool and platform development, organizational governance, and process management. The formulation and implementation of this standard provide clear guidance and methodological frameworks for building operations and maintenance automation capabilities within securities and fund management institutions, thereby helping these entities enhance their automation capabilities and overall operational‑maintenance standards.
Going forward, the China Securities Regulatory Commission will continue to advance the informatization and digitalization of the capital market, focusing on developing foundational standards, technical management frameworks, and financial technology standards. It will also promote the development of standards in both general‑purpose foundational areas and information technology, thereby steadily strengthening the foundation for technology‑driven regulatory oversight.

The National Administration of Financial Regulation has strengthened oversight of financial services for small and micro enterprises provided by banking financial institutions.
The National Administration of Financial Regulation has revised the “Measures for the Regulatory Evaluation of Financial Services for Small and Micro Enterprises by Commercial Banks (Trial)” to produce the “Measures for the Regulatory Evaluation of Financial Services for Small and Micro Enterprises by Banking Financial Institutions,” which were publicly released on November 27.
The revised Measures: first, refine the evaluation content to encourage banking and financial institutions to expand their service offerings and optimize their credit structures; second, streamline indicator design and evaluation criteria, placing greater emphasis on assessing the tangible effectiveness of services; and third, enhance the evaluation mechanism by fully accounting for regional differences, strengthening regulatory coordination and collaboration, and granting provincial-level supervisory branches a degree of autonomy within the nationally unified evaluation framework.
According to the Measures, regulatory authorities will conduct an annual comprehensive assessment of banking financial institutions across several dimensions, including overall credit allocation to small and micro enterprises, cost and risk management, optimization of service structures, incentive and constraint mechanisms, compliance and internal controls, and support for the local economy.

Commercial & Corporate
The CPC Central Committee and the State Council have issued the “Action Plan for Effectively Reducing Logistics Costs Across Society.”
On November 27, the Chinese Government Website released the “Action Plan for Effectively Reducing Logistics Costs Across Society,” outlining twenty measures.
The Action Plan aims to reduce the ratio of total social logistics costs to GDP to around 13.5% by 2027. It seeks to achieve new breakthroughs in the reform of the integrated transport system, further optimize the structure of freight transport, and raise the shares of railway freight volume and railway freight turnover to approximately 11% and 23%, respectively, while ensuring continued rapid growth in intermodal container transport between rail and waterways at ports. The plan also calls for fostering a group of modern logistics enterprises with international competitiveness. In particular, it emphasizes strengthening the development of domestic port warehousing facilities to support exports of the “new three”—electric vehicles, lithium batteries, and photovoltaic products—and promoting efficient and convenient export operations.

The Ministry of Finance plans to issue the “Government Procurement Requirements Standard for Patent and Trademark Agency Services.”
On November 27, the Ministry of Finance’s website published the “Notice on Soliciting Public Comments on the ‘Government Procurement Requirements Standard for Patent and Trademark Agency Services (Draft for Comments)’,” with a deadline for submitting feedback set for December 6.
The Standard applies to government procurement projects for patent and trademark agency services procured using fiscal funds. It stipulates that procuring entities shall strengthen contract performance and acceptance management, conduct acceptance of the patent and trademark agency services provided by suppliers in accordance with the terms of the procurement contract, and refrain from delaying or withholding service fees in violation of contractual provisions. In cases where a supplier fails to provide the agreed‑upon patent and trademark agency services, the procuring entity shall pursue the supplier’s contractual liability in accordance with the law. When defining procurement requirements, procuring entities shall exercise due diligence; information that is not appropriate for public disclosure shall remain confidential.

The 2024 National WTO Work Conference was held.
From November 25 to 27, the 2024 National WTO Work Conference was held in Beijing.
The meeting emphasized the need to accurately assess both the challenges and opportunities facing China’s participation in WTO reform, and to steer the reform process in the right direction. It called for proactively aligning with high-standard international economic and trade rules, exploring the early implementation of the WTO Agreement on Trade Facilitation and the Agreement on Electronic Commerce, and leveraging high‑level opening-up to advance deep‑seated reforms and achieve high‑quality development. Furthermore, it urged making full use of the WTO platform to safeguard industrial interests, support enterprise development, and create a favorable environment for comprehensively advancing Chinese modernization.

The Ministry of Ecology and Environment plans to issue guiding opinions to strengthen environmental management of hazardous waste.
On November 28, the website of the Ministry of Ecology and Environment published the “Letter on Public Solicitation of Comments on the ‘Guiding Opinions on Strengthening Environmental Management of Hazardous Waste and Rigorously Preventing Environmental Risks (Draft for Comments)’,” with the deadline for submitting feedback set for December 7.
The Guiding Opinions call for enhancing the capacity to collect and treat hazardous waste, optimizing methods for its utilization and disposal, and improving the environmental management system for hazardous waste. They explicitly emphasize continuously raising the efficiency of standardized collection and transportation of hazardous waste, steadily strengthening the centralized treatment and disposal support system, further refining the collection and treatment model for medical waste, adjusting the structure of hazardous waste utilization and disposal, elevating the overall level of such activities, strictly regulating landfill disposal, deepening standardized environmental management of hazardous waste, and reinforcing information‑based environmental management to promote more refined and precise environmental oversight.

Shenzhen plans to introduce an action plan to promote the high-quality development of mergers and acquisitions and corporate restructuring.
On November 27, the Shenzhen Local Financial Regulatory Bureau published on its website a notice soliciting public comments on the “Action Plan for Promoting High-Quality M&A and Restructuring in Shenzhen (2025–2027) (Draft for Public Comment).” The deadline for submitting feedback is December 8.
The Action Plan sets forth twelve specific measures, including establishing a pool of target projects for M&A and restructuring by listed companies, supporting the transformation and upgrading of listed offices toward new‑type productive forces, continuously promoting high‑quality, standardized development of listed companies, connecting with the Hong Kong capital market to facilitate domestic–international M&A resource integration, encouraging listed companies to “go global” in their M&A activities, diversifying financing channels for M&A and restructuring, building world‑class service centers for M&A and restructuring, fostering and expanding specialized service institutions in this field, creating a hub for attracting top talent in M&A and restructuring, enhancing the Greater Bay Area’s influence as a regional center for M&A and restructuring, strengthening risk prevention and control over M&A and restructuring activities, and reinforcing the joint conference mechanism and supporting safeguards. These measures aim to encourage listed companies to leverage M&A and restructuring to transform and upgrade toward new‑type productive forces.

The General Administration of Customs has streamlined regulatory measures for cross-border e-commerce exports.
Recently, the General Administration of Customs officially issued the “Notice on Further Promoting the Development of Cross-Border E‑Commerce Exports,” which will take effect on December 15, 2024.
The Notice clarifies four measures to optimize regulatory procedures for cross-border e‑commerce exports: First, the requirement for enterprises operating overseas warehouses in cross‑border e‑commerce to file a record has been abolished. Second, the documentation‑submission process for export declarations has been streamlined. Third, the pilot program allowing “inspection before shipment” for consolidated‑shipment exports has been expanded, with a trial of a cross‑customs‑area return‑management model for cross‑border e‑commerce retail exports being launched at 20 directly affiliated customs offices, including those in Beijing, Tianjin, Dalian, Harbin, Shanghai, Nanjing, Hangzhou, Ningbo, Hefei, Fuzhou, Xiamen, Nanchang, Qingdao, Zhengzhou, Changsha, Guangzhou, Shenzhen, Huangpu, Chengdu, and Urumqi. Fourth, the cross‑customs‑area return‑management model for cross‑border e‑commerce retail exports is being promoted.

Seven departments have jointly issued the “Action Plan for Promoting the High-Quality Development of Digital Finance.”
On November 27, the People’s Bank of China published on its website the “Notice on Issuing the Action Plan for Promoting the High-Quality Development of Digital Finance.”
The Action Plan comprises six key areas and 23 specific measures, proposing to systematically advance the digital transformation of financial institutions by strengthening strategic planning and organizational management, bolstering digital technology support capabilities, solidifying the foundations of data governance and integrated application capabilities, building a digital financial services ecosystem, enhancing digital operations and management capabilities, improving the digital financial governance framework, reinforcing digital financial risk prevention, fortifying data and cybersecurity safeguards, tightening oversight of digital financial activities, elevating the level of digitalization in financial regulation, and perfecting mechanisms for protecting financial consumers.

The Ministry of Finance will impose stringent regulatory measures on entities in the certified public accountant (CPA) profession that have engaged in serious breaches of trust.
The Measures for the Administration of the List of Seriously Dishonest Entities in the Certified Public Accountant Industry were officially promulgated on November 26, 2024, and will take effect on January 1, 2025.
The Measures specify several circumstances that warrant inclusion on the list of seriously untrustworthy entities, including: a certified public accountant being subject to a 12-month suspension of practice or revocation of the CPA certificate; an accounting office being subject to a 12-month suspension of business operations or revocation of its practice license; a CPA or an accounting office being held criminally liable for unlawful professional conduct; failure to comply with penalties after the deadline in cases of serious misconduct; and engaging in CPA‑related activities without authorization.
The Measures stipulate that, in addition to the professional restrictions and other measures required by laws and administrative regulations, entities listed on the National Register of Seriously Dishonest Entities in the Certified Public Accountant Profession shall also be subject to three categories of measures: first, they shall be designated as key regulatory targets, with the proportion and frequency of random inspections appropriately increased and subject to strict oversight in accordance with the law; second, they shall be excluded from the application of the notification‑and‑commitment system; and third, they shall not be eligible for honorary titles or other forms of recognition and rewards conferred by the financial authorities.

Hunan: By the end of 2026, the province will facilitate 100 enterprises in completing the registration of their data assets on their balance sheets.
The General Office of the People’s Government of Hunan Province has issued the “Work Plan for Strengthening Data Asset Management in Hunan Province,” outlining 18 tasks across five key areas.
The Plan sets out that by the end of 2025, significant progress will be made in areas such as data‑asset registration and the inclusion of data assets on corporate balance sheets. By the end of 2026, it aims to have 100 enterprises complete the process of recording their data assets on the balance sheet, thereby substantially enhancing the visibility and value of data assets in corporate financial statements. The Plan further clarifies that, in line with the Accounting Law of the People’s Republic of China and the Interim Provisions on Accounting Treatment Related to Enterprise Data Resources, a number of enterprises will be encouraged to incorporate their data assets into their balance sheets, with due attention paid to the identification, valuation, measurement, and disclosure of these assets, while exploring applications such as pledging data assets, providing credit enhancements, valuing them for equity participation, and securitization. In addition, a data‑asset management platform will be established to offer end-to-end services covering data‑asset inventory, registration, balance‑sheet inclusion, operations, financing, statistical reporting, and regulatory oversight.

From January to October, the total profits of state-owned enterprises nationwide fell 1.1% year on year.
On November 26, the Ministry of Finance website released data on the economic performance of state-owned and state-controlled enterprises nationwide for January–October 2024.
Data show that from January to October, the total operating revenue of state-owned enterprises nationwide reached RMB 67,660.6 billion, up 0.9% year on year; total profits amounted to RMB 3,537.19 billion, down 1.1% year on year; taxes and fees payable totaled RMB 4,852.47 billion, down 0.4% year on year; and the asset-liability ratio stood at 64.9%, an increase of 0.1 percentage point.

The Ministry of Housing and Urban–Rural Development plans to issue the “2025 Work Plan for the Formulation of Engineering Construction Codes and Standards and Related Tasks.”
On November 26, the website of the Ministry of Housing and Urban–Rural Development published the “Notice on Soliciting Comments on the ‘2025 Plan for the Formulation of Engineering Construction Codes and Standards and Related Work (Draft for Public Comment)’,” with a deadline for submitting feedback set for December 31.
The Plan encompasses 58 national standard development and revision projects, including the “Technical Standards for Fiber Optic Device Factories,” the “Construction and Quality Acceptance Standards for Solar Cell Production Equipment Installation Projects,” the “Construction and Quality Acceptance Standards for LED Production Process Equipment Installation Projects,” the “Technical Standards for Rare Earth Mining and Metallurgy,” and the “Technical Standards for Tantalum–Niobium Metallurgy,” among others. It also includes 23 industry standards, such as the “Technical Standard for Leakage Detection of Impermeable Geomembranes in Municipal Solid Waste Landfills,” the “Technical Standard for Operation and Maintenance of Urban Heating Systems,” the “Technical Standard for Porous Asphalt Pavements,” and the “Design Standard for Urban Road Subgrades.”

Seven departments have jointly issued a document to promote mutual recognition of examination and test results among medical institutions.
On November 27, the National Health Commission’s website released the “Guiding Opinions on Further Promoting Mutual Recognition of Examination and Test Results Among Medical Institutions.”
The “Guiding Opinions” comprise five key areas and eleven specific measures, addressing strengthened institutional design, enhanced technological support, bolstered policy safeguards, and more vigorous implementation. They set out clear targets for 2025, 2027, and 2030, and further refine the tasks and requirements at the levels of closely integrated medical consortia, municipal regions, provincial regions, as well as the Beijing–Tianjin–Hebei, Yangtze River Delta, Chengdu–Chongqing, and national scales.

Three departments: Strengthen first-visit and referral services to enhance the continuity of medical care.
On November 27, the National Health Commission website published the “Notice on Strengthening First-Visit and Referral Services to Enhance the Continuity of Medical Care.”
The Notice sets forth the following key tasks: (1) Improve the first-contact responsibility system. For patients who require inter‑departmental referrals within the institution, whose conditions exceed the institution’s medical service capabilities, or who can continue treatment at a lower‑level medical facility, the attending physician, with the patient’s informed consent, shall upload the referral request to the institution’s functional department responsible for referral services and arrange for the referral. (2) Clarify referral service guidelines. Referral protocols shall be aligned with the tiered diagnosis and treatment framework, comply with the technical guidelines for tiered management of common and chronic diseases and the standards for two-way referrals, and safeguard the rights of both physicians and patients throughout the referral process. (3) Strengthen referral services and management across medical institutions. (4) Implement the two-way referral mechanism.

Twelve departments have issued the “Sail” Action Upgrade Plan for the Large-Scale Application of 5G.
On November 25, the website of the Ministry of Industry and Information Technology released the “Notice on Issuing the Upgraded Plan for the ‘Sail’ Initiative on the Large-Scale Application of 5G.”
The Plan comprises six key areas and calls for building a 5G‑A industrial ecosystem, continuously advancing research and trials in critical technologies such as uplink/downlink ultra‑broadband, integrated sensing and communication, passive IoT, high‑precision low‑power positioning, and network intelligence, while accelerating the R&D and industrialization of base stations, core networks, terminals, chips, and test instruments. It also seeks to deepen the integration of 5G and AI to drive intelligent transformation across industries, expedite the enhancement of 5G‑Beidou capabilities in positioning, timing, and other domains, and promote their widespread adoption, and foster deep convergence between 5G and edge computing, cloud computing, big data, and other technologies. Furthermore, it aims to strengthen R&D on 5G‑industry technology integration, encourage closer cross‑sector collaboration between supply and demand sides to co‑innovate, and refine the R&D framework for 5G‑based converged applications.

The National Medical Products Administration plans to issue the “Special Provisions on the Supervision and Administration of Traditional Chinese Medicine Production.”
On November 25, the website of the National Medical Products Administration (NMPA) published a notice soliciting public comments on the “Special Provisions for the Supervision and Administration of Traditional Chinese Medicine Production (Draft for Comments).” The deadline for submitting feedback is December 25.
The Regulations comprise seven chapters and fifty-six articles, stipulating that marketing authorization holders or manufacturing enterprises shall maintain relative stability in the origin, source, and suppliers of the Chinese medicinal materials they use, and shall fix the botanical origin where explicit requirements for it exist. In principle, the Chinese medicinal materials used in the production of traditional Chinese medicine injections shall comply with the Good Agricultural Practice (GAP) standards for Chinese medicinal materials; when wild‑harvested Chinese medicinal materials are employed, effective measures must be implemented to ensure a fixed botanical origin, stable quality, and effective control of risks associated with exogenous contaminant exposure.

The State Administration for Market Regulation and the National Energy Administration have established an interdepartmental collaborative regulatory mechanism.
On November 25, the State Administration for Market Regulation and the National Energy Administration convened a special meeting to establish a cross-departmental collaborative regulatory mechanism in the energy sector.
The meeting clarified that both sides will strengthen coordinated regulation and focus on implementing specific measures in five key areas: First, policy coordination—enhancing the alignment of market regulation and energy-sector regulatory policies, and reinforcing antitrust compliance guidance and fair‑competition reviews. Second, joint inspections—conducting joint inspections as needed, launching targeted special inspections in the energy sector when appropriate, and carrying out administrative guidance in a coordinated manner. Third, information sharing—intensifying the exchange of foundational data on market participants, market‑related data, administrative penalty information, and case examples in the energy sector. Fourth, referral of leads—strengthening enforcement cooperation by promptly referring any illegal leads identified during enforcement activities that fall within the other party’s regulatory jurisdiction. Fifth, training and exchanges.

The CPC Central Committee and the State Council have issued the “Action Plan for Food Conservation and Against Food Waste.”
On November 25, the Chinese Government Website released the “Action Plan for Grain Conservation and Against Food Waste,” aiming to swiftly establish effective, long-term mechanisms for conserving grain and food and to intensify efforts to address grain loss and food waste.
The Action Plan comprises seven areas and 18 specific measures, outlining initiatives to promote grain conservation and reduce losses, raise public awareness of food-saving, combat food waste in the catering sector, and curb wasteful practices in institutional canteens. It also calls for strengthening statistical monitoring and surveys on loss and waste, and for guiding catering service providers to encourage customers to order appropriately according to their needs, clearly label and rationally size and portion dishes and staple foods, and strictly enforce price‑tagging requirements. Furthermore, it stipulates that food safety inspections and oversight in the catering industry will be conducted in tandem with efforts to prevent food waste, and that catering service operators who fail to comply with regulations on preventing food waste will, as prescribed, receive warnings, be summoned for talks, and be urged to make necessary rectifications.

Beijing has issued 27 measures across eight areas to promote the high-quality development of specialized, refined, distinctive, and innovative enterprises.
On November 25, the Beijing Municipal Government website published the “Notice on Issuing the ‘Several Measures of Beijing Municipality to Promote the High-Quality Development of Specialized, Sophisticated, Distinctive, and Innovative Enterprises.’”
The “Several Measures” comprise eight key areas and 27 specific items, proposing the effective utilization of central government fiscal funds to actively support the high-quality development of specialized, refined, distinctive, and innovative small and medium-sized enterprises. The measures call for the full implementation of structural tax and fee reduction policies, the launch of the “Spring Rain Nurtures Seedlings” special campaign, the provision of tailored tax administration services—“one policy per enterprise”—and the regular, precise delivery of detailed statements on tax and fee relief benefits, thereby ensuring that these incentives are swiftly and directly accessible. Specialized, refined, distinctive, and innovative enterprises will be encouraged to participate in government procurement projects. Districts are urged to offer financial rewards to enterprises newly certified as such. Eligible foreign trade enterprises will be supported in purchasing short-term export credit insurance. Insurance institutions are encouraged to develop insurance products tailored to these enterprises, covering areas such as R&D expense losses, intellectual property, digital assets, export credit, and commercial aerospace, while districts with the necessary resources are encouraged to establish premium subsidy mechanisms.

Ten departments have jointly issued a document to strengthen services and safeguards for rural migrant workers.
Recently, the Ministry of Human Resources and Social Security, together with nine other departments, issued the “Opinions on Further Strengthening Services and Guarantees for Rural Migrant Workers.”
The “Opinions” underscore a range of measures to safeguard the labor rights and interests of rural migrant workers. First, they call for standardizing enterprise employment management, ensuring that employers enter into labor contracts with rural migrant workers in accordance with the law, regulating the use of dispatched labor, and protecting the legitimate rights and interests of dispatched workers. Second, to protect wages and other entitlements, they propose improving the long-term mechanism for eradicating wage arrears, optimizing the operation of the national platform for reporting wage-arrear leads, and, with a focus on sectors such as construction, continuously launching special campaigns to eliminate wage arrears and prosecuting violations of wage‑payment laws in accordance with the law. In addition, they will establish expedited adjudication tribunals or teams for wage‑dispute cases involving rural migrant workers, implementing a long‑term mechanism of “fast filing, fast mediation, fast trial, and fast resolution” to enhance the efficiency of handling such disputes. At the same time, they will deepen the “Legal Aid Benefits People’s Livelihoods, Assisting Rural Migrant Workers” initiative, streamlining the “green channel” for legal aid to rural migrant workers and, in accordance with the law, waiving the requirement to verify financial hardship for applications seeking payment of wages or compensation for personal injury arising from work‑related accidents.

The Ministry of Public Security plans to amend the Regulations on the Application for and Use of Motor Vehicle Driver’s Licenses.
On November 4, the website of the Ministry of Public Security published the “Notice on Soliciting Public Opinions on the ‘Decision of the Ministry of Public Security to Amend the Regulations on the Application for and Use of Motor Vehicle Driver’s Licenses (Draft for Comments)’.”
This revision proposes amendments to five provisions, primarily as follows: First, the age requirements for applying for large and medium-sized passenger and freight vehicle driver’s licenses are adjusted. The upper age limit for obtaining such licenses is extended from 60 to 63 years. This change pertains to Article 14. Second, the age limits for operating large and medium-sized passenger and freight vehicles are also revised, with the upper age threshold raised from 60 to 63 years. This amendment applies to Article 65. Third, clear provisions are established regarding the extension of driving privileges for drivers of large and medium-sized passenger and freight vehicles who opt for flexible retirement arrangements. Fourth, the age thresholds for revoking driver’s licenses for wheeled special‑purpose machinery, trolleybuses, and trams are adjusted. Fifth, the age requirements for both initial application and license cancellation for school bus drivers are refined.

At the end of the third quarter of 2024, the total assets of the banking sector, denominated in both domestic and foreign currencies, amounted to RMB 439.5 trillion.
The website of the National Administration of Financial Regulation has released data on key regulatory indicators for the banking and insurance sectors for the third quarter of 2024.
Data show that as of the end of the third quarter of 2024, the outstanding balance of loans extended by banking financial institutions to small and micro enterprises—including loans to small and micro enterprises, individual business households, and owners of small and micro enterprises—stood at RMB 79.8 trillion. Among these, the balance of inclusive small and micro enterprise loans with a single‑borrower credit limit of RMB 10 million or less reached RMB 32.6 trillion, up 14.7% year on year. Meanwhile, commercial banks’ non‑performing loan balance totaled RMB 3.4 trillion, an increase of RMB 37.1 billion from the end of the previous quarter, while the non‑performing loan ratio remained virtually unchanged at 1.56%.

Taxation
In the first three quarters, the number of newly established tax-related business entities reached 12.578 million.
The vitality of economic and social development continues to strengthen.
According to the latest data released by the State Taxation Administration, during the first three quarters, the number of newly established tax‑related business entities nationwide reached 12.578 million, a year-on-year increase of 4%, reflecting the continued strengthening of business vitality and growing confidence in China’s economic development.
Newly established tax‑related business entities refer to those that have completed registration and, for the first time, engage with the tax authorities to obtain tax type identification, obtain invoices, file returns, and fulfill tax obligations. The number of such entities is one of the key indicators of economic vitality and market confidence. Since the beginning of this year, as tax and fee preferential policies have continued to take effect and the business environment has kept improving, the structure of newly established tax‑related business entities in the first three quarters has exhibited a number of positive changes.
— The number of newly established tax‑related entities has declined, while their quality has improved. In the first three quarters of this year, 7.216 million individual business households were newly registered, up 17.4% year on year, whereas 5.223 million enterprises were newly established, down 8.3% year on year. The decline in new enterprise registrations is largely attributable to the implementation this year of the revised Company Law, which shifted from a subscribed‑capital system to a paid‑in‑capital regime, thereby raising the threshold for business registration and weeding out “shell companies.” As a result, the overall quality of enterprise registration has been significantly enhanced.
— Tax‑related activity continues to strengthen. Assessing the actual development of business entities requires considering not only their numbers but also their quality and level of activity. Tax‑related data serves as the most reliable “thermometer” for gauging taxpayer dynamism. In the first three quarters, among newly established tax‑compliant business entities, 8.321 million—accounting for 66.2% of all new registrations—began using invoices and reporting taxable income in the year of establishment, up 5.8% year over year, a share that increased by 1.1 percentage points compared with the same period last year.
— Investment attraction in industrial parks has become more standardized, and the industrial structure has been further optimized. In the first three quarters, 1.001 million new tax‑related business entities were registered in high‑tech industrial parks nationwide, down 11.8% year on year. This decline was largely driven by a sharp drop—down 21.7% year on year—in entities operating in previously problematic sectors such as flexible‑employment platforms, waste‑material recycling, and online freight services. By contrast, businesses engaged in emerging industries like new materials and pharmaceutical manufacturing, which support the development of new‑type productive forces, increased by 3.8% year on year.
— Foreign investment enthusiasm remains robust. In the first three quarters, 47,000 new tax‑related business entities with foreign investment were established nationwide, up 4.5% year on year; among them, the number of newly established entities invested by countries along the Belt and Road increased by 26.2% compared with the same period last year.
According to statistics from the State Administration for Market Regulation, during the first three quarters of this year, newly established business entities in China maintained strong growth momentum, with a total of 20.696 million new entities registered nationwide. Among them, newly established enterprises, individual industrial and commercial households, and specialized farmer cooperatives all exhibited steady expansion. The growth trends of newly established business entities nationwide and newly registered tax‑related business entities are broadly aligned; however, what accounts for the observed discrepancies between these two sets of figures?
Fu Yangfan, Deputy Director-General of the Department of Tax Collection and Management and Science & Technology Development at the State Taxation Administration, explained that business entities undergo a process from registration to commencement of operations. During this period, no business activities or tax obligations have yet arisen, nor is there any need to use tax invoices; therefore, they are not required to handle tax-related matters with the tax authorities. Consequently, these entities are excluded from the statistical scope of newly established tax‑related business entities. Once this factor is accounted for, the two sets of figures are essentially aligned, and the growth in their numbers objectively reflects the further strengthening of China’s endogenous economic momentum, the continued optimization of its industrial structure, and the robust resilience and dynamism of the country’s economic development.
Fu Yangfan stated that the tax authorities will continue to effectively implement structural tax and fee reduction policies, foster the growth and development of newly established tax‑related business entities, and, guided by a problem‑oriented approach, introduce additional measures to make tax filing and payment more convenient. They will focus on delivering tangible results and alleviating public concerns, thereby bolstering market confidence, stabilizing market expectations, and better supporting high‑quality economic development.

Litigation & Arbitration
The Supreme People’s Court has, for the first time, issued a specialized guiding case on maritime adjudication.
On November 26, the Supreme People’s Court website released the 41st batch of guiding cases (Cases No. 230–236) to mark the 40th anniversary of the establishment of the Maritime Courts.
This batch of guiding cases comprises seven cases, covering such areas as contracts for the carriage of goods by sea, salvage at sea, liability for damage caused by ship collisions, the establishment of a fund for limitation of maritime liability, applications for recognition of civil judgments rendered by foreign courts, and the application of foreign law. These cases provide more authoritative and clearer guidelines for adjudicating similar matters. Among them, Case No. 1 clarifies that the actual shipper is not liable for costs or risks arising from the failure of any party at the port of destination to take delivery; Case No. 2 stipulates that, in cases of salvage between vessels owned by the same owner, the salvage remuneration awarded to the salvaging vessel shall not be revoked or reduced on the ground of the fault of the distressed vessel—also owned by the same party—in causing the maritime casualty; and Case No. 3 sets forth the criteria for determining whether the carrier has accurately annotated the apparent condition of the goods.

The Jiangsu High People’s Court has released typical cases of crimes involving refusal to enforce court judgments.
Recently, the Higher People’s Court of Jiangsu Province released a batch of typical cases involving the crackdown on crimes of refusing to enforce court judgments.
The eight cases released this time involve commonly encountered instances of refusal to enforce court orders in judicial practice, including mob‑led seizure of official documents, the production and dissemination of false videos to violently resist enforcement, legal counsel assisting in the transfer of creditor’s rights to evade execution, employers and companies helping employees conceal wages, transferring real estate at unreasonably low prices, transferring assets during settlement proceedings, and using third‑party accounts to collect payments in order to evade enforcement—among other scenarios.

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