JC Master Legal News Issue 1134

Key Takeaways for This Issue

The Shanghai Stock Exchange has formulated the “Three-Year Action Plan for Enhancing the Quality of ESG Information Disclosure by Listed Companies on the Shanghai Market (2024–2026)” and is soliciting public comments on the Guidelines for Preparing Sustainability Reports by Listed Companies.
The Shanghai Stock Exchange recently finalized the “Three-Year Action Plan for Enhancing the Quality of ESG Information Disclosure by Listed Companies on the Shanghai Market (2024–2026).”
The Ministry of Public Security has released five typical cases of financial crimes.
On November 6, the Ministry of Public Security published five typical cases of financial crimes on its website, involving illegal business operations, insurance fraud, obstruction of credit card management, loan fraud, as well as the theft, purchase, and unlawful provision of credit card information.
The Ministry of Finance plans to standardize corporate financial accounting practices following the implementation of the new Company Law.
The Ministry of Finance has issued the “Notice on Public Solicitation of Comments on the ‘Ministry of Finance Notice on Corporate Financial Treatment Issues Following the Implementation of the New Company Law and the Foreign Investment Law,’” with the deadline for submitting feedback set for December 1, 2024.
The Supreme People’s Procuratorate has prioritized the promotion of 25 big-data legal supervision models for handling ordinary criminal cases.
Recently, the Supreme People’s Procuratorate has finalized 25 big-data legal supervision models for handling ordinary criminal cases and issued a notice requiring procuratorial organs at all levels to, in light of their specific supervisory and case-handling practices, effectively implement these priority‑promoted models, conduct thorough verification of leads, and provide guidance in handling relevant cases, thereby ensuring that “every case is handled with high quality and efficiency.”
Finance & Capital Markets
The Shanghai Stock Exchange has formulated the “Three-Year Action Plan for Enhancing the Quality of ESG Information Disclosure by Listed Companies on the Shanghai Market (2024–2026)” and is soliciting public comments on the Guidelines for Preparing Sustainability Reports by Listed Companies.
To implement the new development philosophy, accelerate the comprehensive green transformation of economic and social development, advance the five major financial initiatives, and enhance the quality of ESG information disclosure by listed companies, the Shanghai Stock Exchange recently finalized the “Three-Year Action Plan for Enhancing ESG Information Disclosure Quality among Shanghai‑listed Companies (2024–2026)” (hereinafter referred to as the “Action Plan”).
Sustainable development is the golden key to addressing today’s global challenges; only shared progress constitutes true development, and only sustainable development is sound development. As the world’s second-largest economy, China is a key practitioner and driver of global sustainable development. In recent years, Shanghai‑listed companies have aligned with international trends, grounded themselves in their own realities, and actively integrated ESG principles and requirements into their business models and management systems. They have continuously explored a Chinese model for ESG implementation, enriched the Chinese dimension of ESG standards, and sought to forge an ESG development path that both adheres to international sustainability principles and reflects China’s unique characteristics.
First, greater emphasis is being placed on environmental protection to support the goals of peaking carbon emissions and achieving carbon neutrality. Key elements such as energy conservation and emission reduction, the circular economy, and co‑creation across supply chains have been integrated into companies’ core operating principles. In 2023, a total of 1,896 Shanghai‑listed companies established environmental protection‑related mechanisms, accounting for over 80% of the total; their combined environmental protection expenditures exceeded RMB 200 billion, and they achieved a reduction in carbon dioxide equivalent emissions of more than 800 million tons.
Second, we have placed greater emphasis on rural revitalization and actively worked to consolidate the achievements of poverty alleviation. Leveraging our unique resource endowments and the specific characteristics of our industries, we have implemented a range of measures—including financial assistance, consumption‑driven support, industrial development initiatives, employment‑oriented programs, talent‑building efforts, agricultural loans, re‑lending and rediscount facilities for agriculture and small businesses—to foster the sustainable, high‑quality growth of local industries. In 2023, our total investment exceeded RMB 100 billion.
Third, we will place greater emphasis on supply chain security and build a co‑created, win‑win ecosystem. By leveraging the leading role of key enterprises, we will fully integrate ESG considerations into supplier selection criteria, conduct on‑site assessments, and implement tiered management to ensure steady improvements in both supply‑chain resources and product quality. With a focus on developing green supply chains, we will drive carbon reduction across the value chain, fostering a more sustainable and resilient supply‑chain system.
The Shanghai Stock Exchange’s companies have undertaken valuable explorations in ESG practices, providing a wealth of empirical evidence for the development of China-specific ESG disclosure standards and serving as an important factor in investors’ assessments of Chinese enterprises. According to statistics, in 2023, 1,187 companies listed on the Shanghai Stock Exchange issued ESG reports, sustainability reports, or social responsibility reports, with a disclosure rate exceeding 52%—up more than 5 percentage points year over year—and both the number of disclosures and the disclosure rate reaching new record highs. In terms of ratings, among the 241 companies that were included in MSCI’s ESG ratings for two consecutive years, 69 saw their ratings upgraded; the number of companies rated A or higher increased from 15 to 38. On the investment front, as of the end of June 2024, the number of domestically managed ESG‑focused public mutual funds had reached 273, with total assets under management surpassing RMB 260 billion. A virtuous cycle has thus begun to take shape in the Shanghai market, characterized by mutually reinforcing ESG disclosure, evaluation, and investment.
The Shanghai Stock Exchange has formulated an Action Plan aimed at effectively implementing the relevant requirements of the “Shanghai Stock Exchange Self-Regulatory Guidance No. 14 for Listed Companies—Sustainability Reporting (Trial)” (hereinafter referred to as the “Guidance”), leveraging disclosure to enhance corporate governance, encouraging listed companies to elevate their ESG governance standards, and guiding them to better embrace and advance the principles of sustainable development.
First, we will enhance listed companies’ ESG disclosure capabilities and the effectiveness of regulatory oversight. We will continue to refine the ESG disclosure framework, actively introduce digital tools and training services to provide a comprehensive “toolkit” for preparing ESG reports, and regularly highlight exemplary cases and distinctive achievements to showcase leading practices. Second, we will strengthen capital support for green transformation. We will keep innovating ESG‑related financial services and products, expand the range of ESG index offerings, encourage the issuance of various ESG‑themed funds, and actively promote the application of CSI Index Company’s ESG ratings across financial products. We will also facilitate access to financing for listed companies with high ESG ratings, guiding more capital toward sustainable development. Third, we will sustain efforts to raise awareness among listed companies and foster international exchanges and cooperation. We will vigorously support listed companies in aligning with global standards, leveraging platforms such as the World Federation of Exchanges (WFE), international conferences, forums, and investor roadshows to share Chinese enterprises’ initiatives and accomplishments in the ESG space, and to tell compelling ESG stories from China. Fourth, we will accelerate the digitalization of ESG. By harnessing big data technologies and artificial intelligence algorithms, we will develop an ESG database for listed companies, promote the application of ESG data across diverse use cases, and support CSI Index Company in expanding its suite of ESG data products, including climate transition assessments, thereby providing valuable reference for sustainable investing.
To continuously refine the ESG disclosure framework, the Shanghai Stock Exchange has concurrently drafted the “Shanghai Stock Exchange Self-Regulatory Guidance No. 4 for Listed Companies: Preparation of Sustainability Reports (Exposure Draft)” and the “Shanghai Stock Exchange STAR Market Self-Regulatory Guidance No. 13 for Listed Companies: Preparation of Sustainability Reports (Exposure Draft)” (hereinafter collectively referred to as the “Guidances”), and has opened them for public consultation. These Guidances provide listed companies with a comprehensive “toolkit” and a “compendium of best practices” to enhance their sustainability governance structures and operational processes, identify material issues, and assess sustainability‑related risks and opportunities. At the same time, they further elaborate the relevant disclosure requirements set out in the “Guidelines,” breaking them down into specific disclosure highlights and offering detailed interpretive guidance to facilitate the preparation of sustainability reports by listed companies.
Going forward, the Shanghai Stock Exchange will work closely with all market participants to actively accelerate the comprehensive green transformation of economic and social development. By refining its institutional framework, strengthening guidance, and enhancing its services, the Exchange will encourage listed companies to become both practitioners and leaders of ESG principles. In the interplay between global trends and China’s unique realities, it will continue to forge a Chinese‑style path for ESG development, improve the quality of listed companies, and contribute to the high‑quality growth of the capital market.

The Shanghai Stock Exchange, the Deutsche Börse, and the China Europe International Exchange have signed a special memorandum of understanding on cooperation in the cross‑border depositary receipt business.
On November 6, 2024, the Shanghai Stock Exchange signed a special Memorandum of Understanding on mutual market access for depositary receipt business with Deutsche Börse Group (hereinafter referred to as Deutsche Börse) and the China Europe International Exchange (hereinafter referred to as CEINEX). This marks an important step taken by the Shanghai Stock Exchange to actively advance high-standard, institutionalized two-way opening-up of the capital market and further deepen cooperation between the Chinese and German securities markets. It also signifies that cooperation between Shanghai and Frankfurt in areas such as the development of cross‑border depositary receipt products, information exchange, and personnel exchanges has entered a new stage of development.
The Shanghai Stock Exchange has long maintained strong cooperation and exchanges with the Deutsche Börse. In 2015, with the support and recognition of the regulatory authorities and governments of China and Germany, the SSE, together with the China Financial Futures Exchange and the Deutsche Börse, established the China Europe International Exchange (CEINEX) in Frankfurt, dedicated to providing more convenient financial services to Chinese and European enterprises as well as international investors. In 2022, the China Securities Regulatory Commission refined the mechanism for cross‑border securities market interconnectivity through depositary receipts, bringing the German market within its scope. In 2023, the third China–Germany High-Level Financial Dialogue further endorsed the inclusion of the interconnectivity depositary receipt business in the list of deliverables. At present, the rules, operations, technology, and market infrastructure for interconnectivity of depositary receipts between Shanghai and Frankfurt are fully in place. Under the terms of the memorandum, the two exchanges will continue to advance broader and closer cooperation, while leveraging CEINEX’s unique advantage in linking the two markets to jointly support the issuance and listing of both Chinese and global depositary receipts under the interconnectivity framework.
In recent years, under the unified planning and guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange has been committed to deepening connectivity between domestic and international securities markets and steadily advancing institutional opening-up of the capital market. Looking ahead, the Shanghai Stock Exchange will continue to strengthen exchanges and cooperation with overseas stock exchanges, leverage the positive contributions of existing, well-established connectivity mechanisms, explore innovative models for collaboration between domestic and international capital markets, and effectively promote high‑level two-way opening-up of China’s capital market.

Continuously Promoting Innovation, Openness, and Shared Benefits from China’s High-Quality Economic Development—The 2024 Shanghai Stock Exchange International Investors Conference Successfully Held
On November 7, the “2024 Shanghai Stock Exchange International Investors Conference” opened in Shanghai. Li Ming, Vice Chairman of the China Securities Regulatory Commission; Xie Dong, Vice Mayor of Shanghai; and Qiu Yong, Chairman of the Shanghai Stock Exchange, delivered opening remarks, while Cai Jianchun, General Manager of the Shanghai Stock Exchange, presided over the ceremony. This year’s conference is themed “Innovation, Openness, and High-Quality Development.” Members of the CSRC’s International Advisory Committee attended and spoke, and more than 160 representatives from domestic and international investment institutions registered to participate.
This year marks the sixth consecutive year that the Shanghai Stock Exchange has hosted its International Investors Conference, with an increasingly diverse array of participating institutions, a significantly expanded footprint of foreign investors, and steadily growing influence. The event has welcomed high‑profile, internationally influential guests, including former officials from overseas regulatory bodies, senior executives of sovereign wealth funds, and top leaders from globally renowned financial institutions and foreign stock exchanges. In addition, representatives from foreign‑invested institutions—including sovereign wealth funds, pension funds, commercial banks, asset management offices, and hedge funds—hailing from more than 20 overseas markets across North America, Europe, the Asia‑Pacific region, the Middle East, and South America, have registered to attend.
At the conference, industry experts from global capital markets and relevant leaders from the China Securities Regulatory Commission engaged in in-depth discussions on advancing the high‑level opening-up of China’s capital market. Senior executives from foreign‑invested institutions shared their optimistic views on the long-term prospects for China’s economic development. Meanwhile, renowned scholars and researchers from domestic and international think tanks, along with representatives from Shanghai‑listed companies, securities offices, asset management institutions, and other market participants, debated topics such as the global allocation of Chinese assets, sustainable development, and the Asian economy. Participants generally agreed that China’s capital market is resilient and brimming with potential; Shanghai‑listed companies saw marginal improvements in third‑quarter performance, returning to growth; technological innovation continues to yield significant breakthroughs; and a series of policy measures have recently been implemented, underpinning an overall positive economic outlook and abundant, diversified investment opportunities. The event also featured active outreach and promotion aimed at international investors, highlighting the SSE’s achievements in steadily advancing the STAR Market, refining its product offerings, and enhancing the market ecosystem.
In recent years, the Shanghai Stock Exchange has resolutely implemented the important directives of the CPC Central Committee and the State Council on the development of the capital market. First, it has served the growth of new‑type productive forces by continuously refining its institutional framework and leveraging the capital market’s functions to support the development of “hard‑tech” enterprises. Second, it has diversified its product offerings, enhanced the quality and investment appeal of listed companies, provided investors with a broader range of investment options, and fostered a more favorable investment environment. Third, it has actively advanced high‑quality opening-up of the capital market, continually optimizing connectivity mechanisms, promoting cross‑border index‑based investing, and elevating the level of services for international investors. Looking ahead, the Shanghai Stock Exchange will continue to harness the capital market’s role, sustain innovation and openness, better serve the development of Shanghai as an international financial center and the nation’s strategy of opening up, build a world‑class exchange, and contribute to China’s high‑quality economic development.

The Shenzhen Stock Exchange has launched a public consultation on the Guidelines for Preparing Sustainability Reports.
To implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, and the new “Nine Measures for National Financial Reform,” and to fully, accurately, and comprehensively apply the new development philosophy while enhancing the quality of listed companies, the Shenzhen Stock Exchange on November 6 issued the “Shenzhen Stock Exchange Self-Regulatory Supervision Guide No. 3—Preparation of Sustainability Reports (Draft for Comments)” and the “Shenzhen Stock Exchange ChiNext Listed Companies Self-Regulatory Supervision Guide No. 3—Preparation of Sustainability Reports (Draft for Comments)” (hereinafter collectively referred to as the “Guides”), and opened them to public consultation.
The Guidelines refine the relevant provisions of the Shenzhen Stock Exchange’s Self‑Regulatory Guidance No. 17 for Listed Companies—Sustainability Reporting (Trial) (hereinafter referred to as the “Guidance”), further standardizing sustainability information disclosure by listed companies, strengthening the foundation for such disclosure, and supporting listed companies in embracing the concept of sustainable development. First, the Guidelines promote a practice‑driven approach to enhance listed companies’ awareness of sustainability. In line with the requirements of the Guidance, they identify and recommend exemplary practices, aiming to help listed companies improve corporate governance, strengthen management, and raise their sustainability consciousness. Second, the Guidelines serve primarily as a reference tool, without imposing additional mandatory disclosure obligations. Built upon the framework of the Guidance, they do not introduce new, standalone mandatory disclosure requirements, thereby avoiding any added reporting burden on listed companies. Third, the Guidelines highlight key issues and challenges, providing tailored guidance to assist listed companies. They offer specific, detailed recommendations on critical areas such as refining the sustainability governance structure, conducting dual materiality assessments, and applying the four‑element disclosure framework. Fourth, adhering to a systems‑thinking approach, the Guidelines seek to steadily advance and完善 the institutional framework. Initially, Chapter One, “General Requirements and Disclosure Framework,” and Chapter Two, “Addressing Climate Change,” have been established; going forward, other priority topics will be developed in an orderly manner based on market needs, gradually achieving full coverage of the Guidance’s core content and continuously enhancing the overall system for sustainability‑related information disclosure.
Following the aforementioned drafting approach, the Guidelines currently comprise two chapters. Chapter One, “General Requirements and Disclosure Framework,” provides a detailed exposition of the principled provisions governing sustainability reporting, as well as methodologies for identifying and analyzing material issues. It clarifies the disclosure requirements and illustrative examples for the four key elements—governance, strategy, management of impacts, risks, and opportunities, and metrics and targets—and offers an overarching framework for sustainability reporting. Chapter Two, “Addressing Climate Change,” outlines methods for assessing the materiality of the “addressing climate change” issue—including both impact‑related and financial materiality—provides practical guidance and examples on climate adaptation and scenario analysis, greenhouse gas emissions accounting, and disclosures related to climate transition plans, and elaborates on all the disclosure requirements set forth in the Guidelines for this topic.
In accordance with the unified deployment of the China Securities Regulatory Commission, the Shenzhen Stock Exchange will actively solicit views and suggestions from market participants, thoroughly examine and incorporate reasonable input, and promptly communicate implementation details to the market. Moving forward, the Exchange will also draw on practical experience related to other key issues to continuously enrich and refine the content of the Guidelines, further enhancing the sustainable‑development regulatory framework and supporting the development of a low‑carbon, sustainable market ecosystem.

The Shenzhen Stock Exchange and the Deutsche Börse have signed a memorandum of understanding on cooperation to advance connectivity between the Chinese and German capital markets.
To implement the outcomes of the Third China–Germany High-Level Financial Dialogue, on November 7, 2024, in accordance with the unified deployment of the China Securities Regulatory Commission, the Shenzhen Stock Exchange (hereinafter referred to as the SZSE) signed a Memorandum of Understanding on mutual market access for depositary receipts with Deutsche Börse Group (hereinafter referred to as Deutsche Börse) and the China Europe International Exchange Corporation (hereinafter referred to as CEINEX), jointly advancing the smooth launch of the SZSE–Deutsche Börse cross‑border depositary receipt business. Key officials from the SZSE and Thomas Book, a member of the Executive Board of Deutsche Börse, attended the signing ceremony. This follows the successful implementation of the SZSE–Switzerland and SZSE–London cross‑border depositary receipt initiatives, marking another significant step by the SZSE in fostering connectivity between the Chinese and European capital markets and deepening mutually beneficial cooperation.
Under the memorandum, the two parties will strengthen communication and cooperation in areas such as mutual product listing, market promotion, and information sharing, jointly striving to enhance the effectiveness and attractiveness of the Shenzhen–Germany Connect Depositary Receipt program. They aim to establish this initiative as a key platform for fostering connectivity between the Chinese and German capital markets and supporting the global expansion of enterprises, thereby providing businesses in both countries with broader development opportunities and prospects, while also offering global investors additional investment avenues.
Going forward, the Shenzhen Stock Exchange will thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, and the requirements of the new “Nine Measures for National Capital Markets,” and, under the unified leadership of the China Securities Regulatory Commission, continue to optimize and enhance the effectiveness of cross-border cooperation and connectivity mechanisms. The Exchange will support listed companies in leveraging both domestic and international markets and resources in a lawful and compliant manner to strengthen their competitiveness, accelerate the development of a world-class exchange, and continuously improve the capital market’s capacity to allocate global resources and serve the real economy, thereby better contributing to the establishment of a new development paradigm and the pursuit of high-quality development.

Six departments have revised the administrative measures, lowering the investment threshold for foreign investors in listed companies.
The Ministry of Commerce, the China Securities Regulatory Commission, and four other departments have jointly revised and issued the Measures for the Administration of Strategic Investments by Foreign Investors in Listed Companies, which will take effect on December 2, 2024.
The revised Measures lower the investment threshold in five respects: First, they permit foreign natural persons to make strategic investments. Second, they moderately reduce the asset‑size requirements for non‑controlling shareholders who are foreign investors. Third, they introduce tender offers as a form of strategic investment, allowing foreign investors to undertake such investments through this mechanism. Fourth, for strategic investments executed via private placements or tender offers, they permit the use of shares of non‑listed overseas companies as consideration. Fifth, they appropriately relax the requirements regarding shareholding ratios and lock‑up periods: the shareholding ratio requirement for strategic investments made through private placements is eliminated, and the minimum lock‑up period for foreign investors is shortened from no less than three years to no less than twelve months.

Commercial & Corporate
The State Council has issued a major policy document, laying out plans for the trillion-yuan ice-and-snow economy market.
The “Several Opinions of the General Office of the State Council on Boosting the Vitality of the Ice and Snow Economy through High-Quality Development of Ice and Snow Sports,” released on November 6, sets out plans to raise the total size of the ice and snow economy to RMB 1.2 trillion by 2027 and to RMB 1.5 trillion by 2030.
The “Opinions” set forth a series of measures across eight key areas. First, continue to promote the development of ice and snow sports. Second, strengthen and refine the ice and snow economy’s industrial chain. Third, improve infrastructure and supporting services. Fourth, foster and expand market players in the ice and snow economy, cultivate a number of well-known brands and leading enterprises in the sector, and nurture a cohort of specialized, sophisticated, distinctive, and innovative small and medium-sized enterprises. Fifth, stimulate and broaden ice and snow consumption. Sixth, reinforce the supply of key factors for the ice and snow economy by increasing credit support for ice and snow businesses and by facilitating the listing and refinancing of eligible companies, as well as their issuance of bonds and asset securitization. Seventh, deepen international cooperation in the ice and snow economy. Eighth, enhance service and support mechanisms.

The Ministry of Industry and Information Technology plans to issue an action plan to promote the high-quality development of the new‑type energy storage manufacturing sector.
On November 6, the website of the Ministry of Industry and Information Technology published the “Public Consultation on the Action Plan for High-Quality Development of the New Energy Storage Manufacturing Industry (Draft for Comments),” with the deadline for submitting feedback set for November 11.
The Action Plan comprises eight key areas and 25 specific measures, proposing initiatives to advance innovation in next-generation energy storage technologies, foster coordinated industrial development, drive industrial transformation and upgrading, expand demonstration application scenarios, improve the industry’s ecosystem, and elevate its international competitiveness. The Plan also calls for guiding Chinese new‑energy‑storage enterprises to enhance the quality of their intellectual property (IP) creation, accelerating the cultivation and strategic deployment of a portfolio of high‑value, original, foundational patents in critical areas such as key materials, energy‑storage batteries, and power‑electronic devices, strengthening capabilities related to standard‑essential patents, exploring innovative mechanisms to support the synergistic development of patents and standards, reinforcing IP protection, and prohibiting the abusive use of IP rights to exclude or restrict competition.

All supporting events of the 7th China International Import Expo are now in full swing.
On November 6, the seventh China International Import Expo hosted a series of events, with all supporting activities fully underway. Notably, the Trade and Investment Matchmaking Session of the seventh CIIE officially opened, featuring more than 40 promotional events and 50 investment‑promotion activities. Nearly 2,500 domestic buyers engaged in efficient negotiations and precise matchmaking with close to 1,000 overseas exhibitors.
At the concurrently held China–Europe Business Leaders Conference, nearly 600 Chinese and European entrepreneurs, including representatives from Fortune Global 500 companies, engaged in discussions on topics such as artificial intelligence and digital transformation, and reached multiple cooperation agreements in areas like green development and low-carbon initiatives.

The National Railway Administration plans to issue the “Measures for the Supervision and Administration of Work Safety in Railway Construction Projects.”
On November 5, the website of the National Railway Administration published the “Notice on Soliciting Public Comments on the Measures for the Supervision and Administration of Work Safety in Railway Construction Projects (Draft for Comments),” with a deadline for submitting feedback set for December 5.
The Measures comprise nine chapters and eighty-two articles, clearly defining the safety responsibilities of construction entities, survey and design entities, construction contractors, supervisory and other relevant entities, as well as provisions on work safety supervision and management, emergency rescue and investigation of accidents, and legal liabilities.

The National Railway Administration plans to issue the “Administrative Measures for the Completion Acceptance of Railway Construction Projects.”
On November 4, the website of the National Railway Administration published the “Notice on Soliciting Public Comments on the ‘Administrative Measures for Completion Acceptance of Railway Construction Projects (Draft for Comments)’,” with a deadline for submitting feedback set for December 4.
The Measures consist of five chapters and thirty-seven articles, stipulating that the project owner shall, no later than five days prior to the commencement of the completion acceptance, submit in writing to the regional railway supervision administration or the local railway regulatory authority responsible for overseeing the project information on the schedule, venue, organizing body, and procedures for each stage of the railway construction project’s completion acceptance; any changes to such details must be reported promptly.

The State Administration for Market Regulation has issued the Interim Provisions on the Administration of Reference Material Review Experts.
On November 6, the website of the State Administration for Market Regulation published the “Notice on Issuing the Provisional Regulations on the Management of Reference Material Review Experts.”
The Regulations comprise twenty-two articles, stipulating that review experts shall sign an expert commitment, uphold commitments regarding impartiality and confidentiality, and truthfully disclose any direct interests or competitive relationships with the applying entity or the reference materials under review. Failure to make such disclosures shall entail corresponding liabilities. Furthermore, review experts are required to conduct independent reviews of the reference materials they assess, and their review opinions shall be free from interference by any organization or individual.

The State Administration for Market Regulation has issued 31 national metrological technical specifications.
On November 6, the website of the State Administration for Market Regulation published the “Announcement on the Release of 31 National Metrological Technical Specifications, Including the ‘Verification System Table for Terahertz Radiation Power Measuring Instruments.’”
The national metrological technical specifications released this time comprise a total of 31 items, including the “Verification System Table for Terahertz Radiation Power Measuring Instruments,” the “Verification Procedure for Bell‑Jar Gas Flow Standard Devices,” the “Verification Procedure for Heat Meters,” the “Verification Procedure for Milliwatt‑Level Standard Ultrasonic Power Sources,” the “Calibration Specification for Raman Spectrometers,” the “Outline for Type Evaluation of Heat Meters,” the “Calibration Specification for Zero‑Gas Generators,” and the “Calibration Specification for Laser Confocal Microscopes,” among others.

The People’s Bank of China convened a symposium with foreign-funded financial institutions.
On November 6, the People’s Bank of China convened a symposium with foreign-funded financial institutions to solicit their views and suggestions and to examine measures for further improving the business environment and advancing high-standard opening-up in the financial sector.
At the symposium, Pan Gongsheng, Secretary of the Party Committee and Governor of the People’s Bank of China, provided an in-depth explanation of China’s current monetary policy stance and the considerations underlying adjustments to the monetary policy framework. He also outlined progress on high‑level financial sector opening-up and a package of additional financial policies, listened to views and suggestions, and engaged in exchanges to address issues of concern to various institutions.

The Ministry of Commerce is seeking public input on the 11th Meeting of the China-Japan Intellectual Property Working Group.
To strengthen China–Japan economic and trade cooperation, the 11th Meeting of the China–Japan Intellectual Property Working Group will be held in Tokyo, Japan, in mid-January 2025, as agreed by both sides. The Working Group aims to exchange information on developments in intellectual property legislation, enforcement, and judicial practices in both countries, and to facilitate the resolution of IP-related issues encountered by businesses from both sides in the course of trade and investment. To this end, the Ministry of Commerce is soliciting from relevant departments, enterprises, and individuals any IP-related problems or challenges experienced in Japan, along with related opinions and suggestions. The deadline for submitting feedback is November 15.

The National Health Commission has issued a document to promote the enhancement of geriatric medical service capabilities.
On November 4, the National Health Commission website published the “Notice on Enhancing Geriatric Medical Service Capabilities.”
The Notice comprises six key areas and sets forth the goal of ensuring that, by the end of 2027, 80% of general hospitals at or above Level II will have established standardized geriatric medicine departments. It also stipulates the need to refine the first-contact responsibility and referral systems, streamline green‑channel pathways for upward and downward referrals, and provide older adults with continuous, integrated services encompassing disease prevention, personalized treatment, rehabilitation nursing, and palliative care. Furthermore, it encourages primary healthcare institutions to offer home‑based medical, nursing, and rehabilitation services to elderly individuals in genuine need, through mechanisms such as contracted care and mobile clinics. The document calls for vigorous development of continuing care, “Internet plus nursing services,” home‑visit nursing, and specialized geriatric nursing services.

Two departments have issued a document to coordinate the sharing of information on medical assistance recipients.
On November 7, the National Healthcare Security Administration website released the “Notice on Further Improving Information Sharing for Medical Assistance Recipients.”
The Notice sets forth work measures in six areas: First, strengthen the management of information sharing for medical assistance. Second, standardize the time limits for enjoying medical assistance benefits. Specifically, it clarifies that any adjustments—whether increases or reductions—in the eligibility of medical assistance recipients shall take effect from the month following the date of the change in status; for periods during which benefits were not received due to timing discrepancies, manual settlement is permitted. Third, improve the mechanisms for information-sharing. Fourth, assign and enforce responsibilities for information sharing. Fifth, enhance monitoring and verification of basic information. Sixth, ensure seamless coordination in the implementation of information-sharing efforts.

The Beijing Institute of Certified Public Accountants has released the “Operational Manual for the Bank Conofficeation Blockchain Service Platform.”
The Industry Informationization Construction Committee of the Beijing Institute of Certified Public Accountants has compiled and issued the “Operational Manual for the Bank Conofficeation Blockchain Service Platform” for reference by accounting offices in their day-to-day work.
The Operation Manual provides an overview of the bank’s electronic conofficeation platform, including introductions to the platform’s interface, user roles, conofficeation workflows, format‑completion guidelines, and a section on frequently asked questions and their solutions.
Regarding whether the “Conofficeation Completed” status displayed after submitting a conofficeation request on the bank conofficeation blockchain service platform indicates a successful conofficeation, the Operations Manual clarifies that both a successful and an unsuccessful response signify the conclusion of the conofficeation process. If the response is successful, the project’s acceptance personnel must verify the result and download the conofficeation document. If the response fails, users can click “View” under the “Actions” column to access the “Operation Log,” identify the specific cause of the failure, and cross‑check the feedback against the Banking Business Rules. Once any discrepancies are resolved, the conofficeation may be resubmitted.

The Measures of Beijing Municipality for the Implementation of the Law of the People’s Republic of China on the Promotion of Private Education are slated for revision.
On November 5, the Beijing Municipal Government website published the “Notice on Public Solicitation of Comments on the ‘Measures for the Implementation of the Law of the People’s Republic of China on the Promotion of Private Education in Beijing (Draft Amendment for Public Comment)’,” with the deadline for submitting feedback set for December 4.
The draft revision of the Measures comprises twenty-four articles, organized without chapters, and stipulates that, in matters of asset and financial management, private schools shall establish a system for disclosing transactions with related parties and refine mechanisms for price‑setting justification and accountability. It also clarifies that the establishment of off‑campus training institutions must comply with the requirements of the “Double Reduction” policy. Furthermore, it mandates that relevant government departments at all levels strengthen the joint law‑enforcement and inspection mechanism for off‑campus training; in cases of unauthorized off‑campus training activities, the education authorities, in coordination with the science and technology, culture and tourism, and sports departments, shall refer leads to the market supervision and administration authorities, which will then handle such violations in accordance with the law.

Jiangsu Issues Compliance Guidelines for Third-Party Evaluations to Curb False and Misleading Assessment Practices.
Recently, the Jiangsu Provincial Administration for Market Regulation issued the “Jiangsu Province Guidelines on Compliance for Third-Party Evaluation,” which will take effect on December 1.
The Guidelines comprise 10 provisions and provide tailored compliance guidance to various stakeholders involved in third-party evaluations, including ordinary bloggers, advertisers, e‑commerce operators, service providers for online live‑stream marketing, internet platform operators, and inspection and testing institutions, based on their respective roles and conduct in evaluation activities. They require any organization or individual engaged in third-party evaluations who promotes goods or services through methods such as knowledge sharing, experience reviews, or consumer assessments, and includes purchase links or other purchasing mechanisms, to clearly label such content as “advertisement” and fulfill the obligations of an advertiser.

The low-altitude economy continues to receive policy support.
According to a notice posted on the website of the Ministry of Industry and Information Technology on November 5, the ministry recently convened the first plenary meeting of the Leading Group for the Development of the Low-Altitude Industry to deliberate and outline key tasks aimed at promoting the high-quality development of the low-altitude sector.
The meeting emphasized the need to focus on key enterprises, fostering more leading companies in the low‑altitude industry as well as specialized, refined, distinctive, and innovative “little giant” offices; and to prioritize flagship products by vigorously developing unmanned, electric, and intelligent low‑altitude systems, while leveraging next‑generation information and communication technologies, digital technologies, artificial intelligence, and other cutting‑edge innovations to comprehensively empower the low‑altitude industrial ecosystem.
Shandong Province has unveiled the “Three-Year Action Plan for High-Quality Development of the Low-Altitude Economy (2025–2027),” which sets out to cultivate more than 10 leading enterprises in the industry chain and over 100 technology-based SMEs by 2027, with the low-altitude economy reaching a scale of RMB 100 billion. Meanwhile, Shenzhen has also released the “Detailed Implementation Rules (Draft for Public Comment) of the Shenzhen Municipal Transportation Bureau’s ‘Several Measures to Support the High-Quality Development of the Low-Altitude Economy,’” with the deadline for feedback set for December 5, 2024.

The draft amendment to the Maritime Law has been submitted for deliberation, aiming to refine the rules governing the application of law in foreign-related matters.
Recently, the draft amendment to the Maritime Law was submitted to the 12th Meeting of the Standing Committee of the 14th National People’s Congress for deliberation.
The draft amendment, submitted for consideration at this Standing Committee session, comprises 16 chapters and 311 articles. Its principal revisions include: first, harmonizing the legal regime applicable to both domestic and international carriage of goods by sea, thereby better integrating the domestic and international markets; second, making appropriate adjustments to the rights and obligations of parties involved in maritime commercial activities; third, providing institutional safeguards to support the digital transformation of the shipping sector; fourth, strengthening the systems for protecting the marine ecological environment; and fifth, refining the rules governing the application of law in matters involving foreign elements. In addition, the draft amendment revises and improves the existing Maritime Law in such areas as ship finance‑lease registration, ownership of ships under construction, the definition of contracts for the carriage of passengers by sea, the legal status and rule‑application of member‑based mutual aid organizations, general average, and the statute of limitations for maritime claims.

The third draft of the Energy Law has been submitted for deliberation.
Recently, the third draft of the Energy Law was submitted to the 12th Meeting of the Standing Committee of the 14th National People’s Congress for deliberation.
According to reports, the third draft of the bill proposes the following key amendments: First, it adds a provision stipulating that the state shall establish and improve an energy standards system. Second, it introduces a requirement for energy users to actively participate in “energy demand response” and to expand the consumption of green energy. Third, it provides that the state shall vigorously promote market‑based energy‑saving services. Fourth, it specifies that the state shall implement tiered pricing, time‑of‑use pricing, and other such mechanisms. Fifth, it strengthens the obligations of energy supply enterprises by explicitly prohibiting the unlawful imposition of fees and by introducing corresponding legal liabilities. Sixth, it mandates that the State Council’s energy authority, in coordination with relevant departments of the State Council, shall enhance guidance and coordination for inter‑provincial emergency energy management. Seventh, it refines the coordination mechanism through which the energy regulatory authorities resolve energy‑related disputes.

The third draft of the revised Anti-Money Laundering Law seeks to strengthen protection for customers’ legitimate financial activities and information security.
Recently, the third draft of the revised Anti-Money Laundering Law was submitted to the 12th Meeting of the Standing Committee of the 14th National People’s Congress for deliberation.
The third‑reading draft proposes the following key amendments: First, it further clarifies the conditions under which financial institutions may implement anti‑money‑laundering risk‑management measures, so as not to unduly impede customers’ legitimate financial activities. Second, it adds a provision requiring that the sharing of anti‑money‑laundering information among entities within a financial institution or between group members comply with applicable laws on information protection. Third, it refines the mechanism for handling objections to anti‑money‑laundering risk‑management measures, stipulating that financial institutions must promptly address objections concerning customers’ basic and essential financial services. Fourth, it separately sets out the legal liabilities for entities and individuals that fail to adopt the prescribed special preventive measures against money laundering. Fifth, it establishes corresponding legal liabilities for certain non‑financial institutions and their relevant practitioners.

The Ministry of Public Security has released five typical cases of financial crimes.
On November 6, the Ministry of Public Security published five typical cases of financial crimes on its website, involving illegal business operations, insurance fraud, obstruction of credit card management, loan fraud, as well as the theft, purchase, and unlawful provision of credit card information.
In Case One, since October 2022, the suspect Zhang Moupeng has organized and recruited dozens of individuals—specializing in technology development, app operations, and traffic generation within the illicit “black‑gray” economy—to form a professional criminal syndicate engaged in illegal lending. With the aim of illicit profit through usury, the group developed and operated 26 online‑lending apps overseas, illegally providing loan services to mainland China and charging exorbitant weekly interest rates of 30% to 35% on borrowed amounts. By the time the case was uncovered, they had cumulatively extended unlawful loans totaling RMB 560 million to more than 50,000 individuals. In August this year, the investigating authorities launched a coordinated crackdown, arresting 22 suspects led by Zhang Moupeng.

As of the end of 2023, the total assets of state-owned enterprises amounted to RMB 371.9 trillion.
On November 5, the State Council’s comprehensive report on the management of state-owned assets for 2023 was submitted to the Twelfth Meeting of the Standing Committee of the 14th National People’s Congress for deliberation.
The report released the overall status of various types of state-owned assets as of the end of 2023: total assets of state-owned enterprises amounted to RMB 371.9 trillion, with total equity of state capital standing at RMB 102 trillion; total equity of state‑owned financial capital reached RMB 30.6 trillion, corresponding to total assets of financial institutions of RMB 445.1 trillion; total assets of administrative and public‑service‑related state‑owned assets totaled RMB 64.2 trillion, with net assets of RMB 51.4 trillion; the total area of state‑owned land was 523.714 million hectares, and the total water resources for the year amounted to 257.825 billion cubic meters.

Two departments have issued a document to deploy credit-based regulatory work in the field of intellectual property.
On November 5, the website of the National Intellectual Property Administration published the “Notice on Strengthening Credit-Based Regulation in the Field of Intellectual Property.”
The Notice comprises three sections and ten items, with six key areas of work outlined: (1) Strengthening the foundational work of collecting credit information in the intellectual property field; (2) Establishing and improving a credit commitment system in the intellectual property sector; (3) Promoting tiered and categorized regulatory approaches in the intellectual property domain; (4) Carrying out credit-based constraints and incentives in accordance with laws and regulations; (5) Effectively managing the rectification of credit information; and (6) Enhancing credit supervision at critical stages.

The Ministry of Housing and Urban–Rural Development has issued the standard for electronic certificates of construction enterprise qualifications.
On November 6, the website of the Ministry of Housing and Urban–Rural Development issued the “Notice on the Issuance of Standards for Electronic Certificates of Construction Enterprise Qualifications.”
The Notice sets forth the general requirements, information elements, cataloging standards, format specifications, and management and application guidelines for electronic certificates of construction enterprise qualifications, and applies to the generation, processing, sharing, exchange, and utilization of such electronic certificates.

The Ministry of Ecology and Environment has issued the “Implementation Plan for the Comprehensive Implementation of the Pollutant Discharge Permit System.”
On November 4, the website of the Ministry of Ecology and Environment published the “Notice on Issuing the Implementation Plan for the Comprehensive Implementation of the Pollutant Discharge Permit System.”
The Implementation Plan aligns with the principle of “comprehensiveness,” focusing on the goal of improving ecological and environmental quality, emphasizing control over pollutant emissions, and advancing the full implementation of the pollutant discharge permitting system. It proposes the following four key areas of work: first, to continue deepening reform of the pollutant discharge permitting system; second, to implement a regulatory framework for stationary pollution sources centered on the permit system; third, to fully roll out “one-permit” management for stationary pollution sources; and fourth, to strengthen the institutional and infrastructural foundations supporting the pollutant discharge permitting system.

Taxation
The Ministry of Finance plans to standardize corporate financial accounting practices following the implementation of the new Company Law.
The Ministry of Finance has issued the “Notice on Public Solicitation of Comments on the ‘Ministry of Finance Notice on Corporate Financial Treatment Issues Following the Implementation of the New Company Law and the Foreign Investment Law,’” with the deadline for submitting feedback set for December 1, 2024.
The Ministry of Finance has reviewed the provisions in the new Company Law of the People’s Republic of China and the Foreign Investment Law of the People’s Republic of China that require further clarification through corporate financial regulations, and has provided explicit guidance on three specific issues: the use of capital reserves to offset losses, contributions in kind of non-monetary assets, and the treatment of balances in reserve funds, enterprise development funds, and employee reward and welfare funds of foreign-invested enterprises. With respect to the use of capital reserves to offset losses, the Ministry has clarified both the scope of capital reserves eligible for such purposes and the procedures for utilizing them to cover losses.

LITIGATION & ARBITRATION
The Shanghai Financial Court has released 10 typical cases of judicial review of financial arbitration.
The official WeChat account of the Shanghai Financial Court has published a selection of typical cases involving judicial review of financial arbitration at the court.
This batch of typical cases comprises a total of 10, primarily addressing issues such as the determination of the validity of various arbitration clauses in bond issuance documents; the ascertainment of foreign law in international arbitration agreements; the legal effect of an arbitral applicant’s waiver of a jurisdictional objection during arbitral proceedings; the validity of an arbitration clause contained in the master agreement governing bond‑pledge repurchase transactions; consolidated arbitration of related contracts arising from the same transaction; the reasonable interpretation of the true intent of the parties to an arbitration agreement; the assessment of the expansive application of arbitration clauses and the modification of contracts; and the recognition and enforcement of foreign arbitral awards containing clerical errors.

The Supreme People’s Procuratorate has prioritized the promotion of 25 big-data legal supervision models for handling ordinary criminal cases.
Recently, the Supreme People’s Procuratorate has finalized 25 big-data legal supervision models for handling ordinary criminal cases and issued a notice requiring procuratorial organs at all levels to, in light of their specific supervisory and case-handling practices, effectively implement these priority‑promoted models, conduct thorough verification of leads, and provide guidance in handling relevant cases, thereby ensuring that “every case is handled with high quality and efficiency.”
The head of the Department of Ordinary Criminal Prosecution at the Supreme People’s Procuratorate stated that procuratorial organs often analyze individual cases, distill rules applicable to similar cases, and develop big-data‑driven legal supervision models, thereby better safeguarding judicial fairness. All local ordinary criminal prosecution units are required to earnestly implement the Party Group of the Supreme People’s Procuratorate’s directives on comprehensively strengthening the “three types of management,” focusing their primary efforts on the core responsibilities of legal supervision, on the fundamental tasks of performing duties and handling cases, and on the pursuit of high‑quality, efficient case handling. In the process of prioritizing the promotion and application of big‑data legal supervision models, they must, with the goal of effectively enhancing supervisory and investigative capabilities and improving the quality and efficiency of case handling, place greater emphasis on follow‑up guidance and collaborative coordination after the referral of leads, ensuring that each case is handled with high quality and efficiency.

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