JC Master Legal News Issue 1133

Key Takeaways for This Issue

Securities offices are piloting participation in the launch of the Guangdong–Hong Kong–Macao Greater Bay Area’s “Cross-Border Wealth Management Connect” scheme, helping to advance financial market interconnectivity within the region.
On November 1, the Guangdong and Shenzhen branches of the People’s Bank of China, together with the Guangdong and Shenzhen bureaus of the China Securities Regulatory Commission, jointly announced that 14 securities offices—China Merchants Securities, GF Securities, Guosen Securities, Ping An Securities, CICC Wealth, SDIC Securities, CITIC South China, Guotai Junan, Huatai Securities, CITIC Securities, Galaxy Securities, Sinolink Securities, Zhongtai Securities, and Industrial Securities—have been designated as the first batch of pilot participants in the Cross-Border Wealth Management Connect scheme.
The Shenzhen Stock Exchange convened a symposium on the high-quality development of the ChiNext Board.
On October 30, 2024, the ChiNext Board celebrated its fifteenth anniversary. The Shenzhen Stock Exchange convened a symposium on the high-quality development of the ChiNext Board to review the past fifteen years of reform and development, and to solicit extensive views and suggestions on pressing market issues, including how to further deepen reforms and better leverage the board’s functions. Senior officials of the Shenzhen Stock Exchange, along with heads of 11 securities offices and 4 listed companies, attended the meeting.
China Banking and Insurance Regulatory Commission: Vigorously develop commercial annuity insurance.
The website of the National Administration of Financial Regulation has issued the “Notice on Matters Concerning the Vigorous Development of Commercial Insurance Annuities,” outlining ten specific measures across five key areas.
The Supreme People’s Court has released the second batch of typical cases demonstrating how people’s courts have substantively resolved administrative disputes.
Recently, the Supreme People’s Court has officially released, in two batches, ten typical cases demonstrating how people’s courts have effectively resolved administrative disputes, and on October 30, it published the second batch of such typical cases.
Finance & Capital Markets
Securities offices are piloting participation in the launch of the Guangdong–Hong Kong–Macao Greater Bay Area’s “Cross-Border Wealth Management Connect” scheme, helping to advance financial market interconnectivity within the region.
On November 1, the Guangdong and Shenzhen branches of the People’s Bank of China, together with the Guangdong and Shenzhen bureaus of the China Securities Regulatory Commission, jointly announced that 14 securities offices—China Merchants Securities, GF Securities, Guosen Securities, Ping An Securities, CICC Wealth, SDIC Securities, CITIC South China, Guotai Junan, Huatai Securities, CITIC Securities, Galaxy Securities, Sinolink Securities, Zhongtai Securities, and Industrial Securities—have been designated as the first batch of pilot participants in the Cross-Border Wealth Management Connect scheme.

To implement the national strategic plan for building the Guangdong–Hong Kong–Macao Greater Bay Area and to deepen financial cooperation among the three regions, in accordance with the institutional optimization arrangements set forth in the “Pilot Implementation Rules for the Cross-Border Wealth Management Connect” in the Guangdong–Hong Kong–Macao Greater Bay Area, the China Securities Regulatory Commission, together with the People’s Bank of China, the National Administration of Financial Regulation, and the Securities and Futures Commission of Hong Kong, has worked closely to steadily advance the participation of securities offices in the pilot program. Following systematic assessment and acceptance, 14 securities offices have completed the necessary business and system preparations, becoming the first batch of securities companies authorized to conduct the “Cross-Border Wealth Management Connect” pilot. These 14 offices will collaborate with institutions approved by the Hong Kong Securities and Futures Commission to meet the cross-border investment needs of residents in the Greater Bay Area, thereby contributing to the further integration of financial markets across Guangdong, Hong Kong, and Macao.

Going forward, the China Securities Regulatory Commission will work with relevant authorities to closely monitor and assess the pilot program’s outcomes, further refine the “Cross-Border Wealth Management Connect” initiative for securities offices, enhance service quality, and continue to deepen financial cooperation within the Guangdong–Hong Kong–Macao Greater Bay Area.

The Shenzhen Stock Exchange convened a symposium on the high-quality development of the ChiNext Board.
On October 30, 2024, the ChiNext Board celebrated its fifteenth anniversary. The Shenzhen Stock Exchange convened a symposium on the high-quality development of the ChiNext Board to review the past fifteen years of reform and development, and to solicit extensive views and suggestions on pressing market issues, including how to further deepen reforms and better leverage the board’s functions. Senior officials of the Shenzhen Stock Exchange, along with heads of 11 securities offices and 4 listed companies, attended the meeting.
In 2009, the ChiNext Board was launched with the mission of fostering innovation. Over fifteen years of reform and development, its regulatory framework has grown increasingly inclusive and adaptable, with a markedly stronger emphasis on innovation and distinct growth characteristics. High‑quality technology offices in three key sectors—advanced manufacturing, the digital economy, and green, low‑carbon industries—have steadily clustered there, while nine major strategic emerging industries, including next‑generation information technology and new energy, have expanded and matured. A wave of industry leaders, driving innovation and commanding globally leading positions, has emerged, turning the ChiNext into a hub for high‑growth, top‑tier technology companies, a source of cutting‑edge innovation, and a stronghold for high‑quality private enterprises. As of October 30, 2024, the ChiNext hosts 1,358 listed companies, with a combined market capitalization exceeding RMB 12 trillion; roughly 90% of these offices are recognized as high‑tech enterprises, and nearly 70% belong to strategic emerging industries.
Participants unanimously agreed that the ChiNext Board has consistently served innovative, fast-growing enterprises, with its service capabilities and market influence steadily strengthening. Over the past fifteen years, the ChiNext market has been distinguished by its emphasis on “innovation” and “growth,” with an increasingly完善 institutional framework, markedly enhanced market vitality, a gradually optimized investor base, and a richer array of investment products. It has played a vital role in fostering the formation of innovation‑driven capital, guiding industrial transformation and upgrading, accelerating the shift from old to new growth drivers, and cultivating new‑type productive forces. At the same time, attendees put forward specific suggestions and recommendations for further comprehensively deepening the reform of the ChiNext Board and enhancing its market‑service functions.
A responsible official from the Shenzhen Stock Exchange stated that the Exchange will thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, and the meeting of the CPC Central Politburo held on September 26. Under the unified leadership of the China Securities Regulatory Commission, the Exchange will prioritize robust regulation, risk prevention, and high-quality development, while strengthening fundamentals and rigorous oversight. It will reform and improve foundational systems, continuously enhance market functions, bolster investor confidence, and better support the growth and strengthening of new‑type productive forces. First, the Exchange will further enhance its inclusiveness and adaptability toward high‑quality technology enterprises, intensify targeted support, and refine institutional mechanisms related to issuance and listing, refinancing, mergers and acquisitions, and ongoing supervision. This will foster innovative development among a more diversified cohort of leading technology offices and guide greater allocation of advanced production factors to the technology sector. Second, the Exchange will fully implement the “Six Measures on M&A,” reinforce the role of M&A and restructuring, improve the efficiency of review processes, bring a number of landmark cases to fruition, and support listed companies in consolidating around strategic emerging industries and future‑oriented sectors, thereby helping traditional industries achieve transformation and upgrading through restructuring. Third, the Exchange will focus on elevating the quality of listed companies by tightening oversight of information disclosure and corporate governance—ensuring rigor within legal boundaries—and urging all market participants to fulfill their respective roles and responsibilities. This will help listed companies enhance their intrinsic value and deliver better returns to investors. Fourth, the Exchange will fully leverage the role of intermediary institutions, hold them accountable as “gatekeepers,” strengthen industry self‑regulation, and encourage market players to raise their professional standards, expertise, and service levels. By providing objective and impartial professional opinions, these institutions will effectively perform their functions of verification and gatekeeping. Fifth, the Exchange will work to build a vibrant innovation ecosystem, advance the construction of the Science and Technology Exchange Center with high quality, optimize the functionality of the Sci‑Fin‑Connect platform, deepen cooperation between the Shenzhen and Hong Kong markets, and promote the healthy circulation of innovation capital.

The Shenzhen Stock Exchange hosted the China (Shenzhen)–UAE Industrial and Investment Cooperation Symposium.
On October 30, 2024, the Shenzhen Stock Exchange (hereinafter referred to as the SZSE) and the UAE Ministry of Investment co-hosted the “China (Shenzhen)–UAE Industrial and Investment Cooperation Symposium” in Shenzhen, exploring opportunities for industrial and investment cooperation as well as capital market collaboration between China and the UAE, deepening communication and exchanges, and fostering mutually beneficial cooperation. Key officials from the SZSE, H.E. Mohammad Al Hawi, Deputy Minister of the UAE Ministry of Investment, and H.E. Mariam Alshamsi, Consul General of the United Arab Emirates in Guangzhou, attended the event. More than 200 participants were present, including representatives from UAE government agencies and chambers of commerce, leading domestic and international investment institutions such as Abu Dhabi Development Holding Company, CICC, and Jianxin Trust, as well as representatives from listed companies.
The conference featured a series of thematic presentations and roundtable discussions on topics such as financial pathways for China–UAE two-way investment, the UAE’s investment climate, and the investment and operational practices of listed companies in the UAE. Representatives from 19 listed companies spanning advanced manufacturing, the digital economy, energy and chemicals, and biopharmaceuticals engaged in one‑on‑one roadshow sessions with seven Emirati institutions, sharing insights into their business operations, addressing key concerns, and exploring potential avenues for cooperation.
In recent years, the Shenzhen Stock Exchange has actively advanced pragmatic cooperation with the UAE’s capital markets, signing memoranda of understanding on collaboration with the Abu Dhabi Securities Exchange and the Dubai Financial Market. It has explored multi‑faceted cooperation, including cross‑listing of financial products, investment‑financing matchmaking, and market development and promotion. Furthermore, it has established regular two‑way coordination mechanisms with UAE government agencies and sovereign wealth funds to address industrial and investment‑related needs, and organized roadshows in the UAE featuring representative A‑share listed companies, thereby showcasing the innovation and growth potential of Chinese enterprises and attracting Middle Eastern capital to invest in China.
Going forward, the Shenzhen Stock Exchange will, in accordance with the China Securities Regulatory Commission’s directives, continue to deepen connectivity with overseas markets, refine cross-border capital market service mechanisms, attract long-term foreign capital, and advance high-standard, institutionalized opening-up of the capital market, thereby better supporting economic and trade cooperation under the Belt and Road Initiative and contributing to high-quality economic development.

The Shenzhen Stock Exchange hosted a series of industry exchange events titled “Shenzhen Market M&A: Revitalizing Quality” in Xi’an, Shaanxi.
To implement the spirit of the Central Politburo meeting and the new “Nine Measures for the Capital Market,” and to fully leverage the policy‑guiding role of the “Six Measures on Mergers and Acquisitions” in invigorating the M&A and restructuring market, on October 25, the Shenzhen Stock Exchange, together with the Financial Office of the Shaanxi Provincial Party Committee and the Shaanxi Securities Regulatory Bureau, hosted a series of industry exchange events titled “Shenzhen Market: Revitalizing M&A with Quality” in Xi’an, Shaanxi Province.
This event marks the third M&A and restructuring-themed forum hosted by the Shenzhen Stock Exchange since the release of the “Six Measures on M&A.” Leveraging Shaanxi Province’s industrial strengths and its concentration of universities, the forum focuses on the high-end equipment manufacturing sector, providing a platform for listed companies on the Shenzhen market, pre‑IPO enterprises, university‑incubated startups, and venture capital offices to exchange insights and discuss how M&A and restructuring can drive the development of new‑type productive forces.
The participants unanimously agreed that mergers and acquisitions (M&A) and corporate restructuring are crucial tools for enterprises to achieve “overtaking on a curve” and to channel more resources and factors of production toward new‑type productive forces. The issuance of the “Six Measures on M&A” is timely and well‑targeted, addressing market concerns such as cross‑industry acquisitions and the acquisition of non‑profitable assets, thereby effectively boosting the confidence and expectations of market players. Companies in attendance noted that the Shenzhen Stock Exchange has already seen several cases aligned with regulatory policies, such as JieJie Microelectronics’ share‑issuance‑based acquisition of an unprofitable company. There is widespread hope that a number of exemplary cases will soon emerge, creating a positive demonstration effect for the market.
Going forward, under the guidance of the China Securities Regulatory Commission, the Shenzhen Stock Exchange will continue to deepen reforms of the M&A and restructuring institutional framework, remove bottlenecks hindering the M&A and restructuring market, effectively communicate relevant policies, expedite the implementation of high-quality cases, and work with all stakeholders to foster a vibrant and well-ordered market environment.

The China Futures Association plans to revise the Measures for the Administration of Intermediaries of Futures Companies, adding prohibitive conduct for intermediaries.
On October 25, the website of the China Futures Association issued an announcement soliciting public comments on the “Administrative Measures for Intermediaries of Futures Companies (Draft for Comments),” with a deadline for feedback set for November 8, 2024.
This revision encompasses five key areas: First, it further refines the requirements for futures companies engaging in intermediary cooperation, clarifying that intermediaries may now enter into intermediary contracts with only one futures company, rather than the previous maximum of three. Second, it more explicitly defines prohibited conduct for intermediaries, adding provisions that prohibit them from soliciting clients through internet marketing accounts that have not been reported to the futures company or through third-party accounts. Third, it strengthens ongoing oversight of intermediaries conducting business via the internet. Fourth, it enhances the monitoring requirements for client trading and operational activities under an intermediary’s name. Fifth, it improves the mechanism for an intermediary’s withdrawal.

China Banking and Insurance Regulatory Commission: Vigorously develop commercial annuity insurance.
The website of the National Administration of Financial Regulation has issued the “Notice on Matters Concerning the Vigorous Development of Commercial Insurance Annuities,” outlining ten specific measures across five key areas.
First, clarify the concept of commercial insurance annuities—products developed by commercial insurers that provide retirement risk management and facilitate the prudent accumulation of long-term funds, including eligible annuity insurance, endowment insurance, and commercial pension plans. Second, put forward policy measures and regulatory requirements to promote the development of commercial insurance annuities, and conduct research to formulate regulatory rules that align with the business characteristics and risk-management needs of these new‑type products. Third, optimize the supply of individual pension products. Fourth, support the creation of innovative product offerings. Fifth, establish and improve a robust statistical reporting system.

Sichuan: Actively fostering and developing REITs, and implementing relevant tax policies for asset disposals and other related transactions.
The General Office of the People’s Government of Sichuan Province recently issued the “Implementation Plan for Promoting High-Quality Development of the Capital Market,” outlining 17 specific measures across seven key areas.
The Plan proposes actively fostering and developing real estate investment trusts (REITs). Taking state-owned assets as the driving force, it calls for urging and guiding state-owned enterprises at all levels to systematically identify a portfolio of core, high-quality, mature, and stable underlying assets. It also seeks to strengthen support for key factors of production and ensure the effective implementation of relevant tax policies in stages such as asset disposals. Furthermore, the Plan emphasizes reinforcing policy implementation by duly applying tax‑incentive measures—consistent with the law—in areas including equity‑based incentives for listed companies, medium- and long-term funding, and private equity and venture capital funds.

Commercial & Corporate
Three departments: Encourage local governments to introduce supporting policies to bolster the development of new-materials big-data centers.
On October 30, the website of the Ministry of Industry and Information Technology issued the “Notice from the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Data Administration on the Issuance of the ‘Overall Construction Plan for the New Materials Big Data Center,’” which sets forth that by 2035, the new materials big data center system will be fully established and operating stably.
The Plan specifies that the New Materials Big Data Center has six core functions, including establishing standards for materials data aggregation and a unified access platform, developing and applying materials‑data products, and providing public‑interest services related to materials data. With regard to supporting measures, the Plan underscores the need to strengthen policy support by leveraging existing policy‑funding channels and major scientific‑technological infrastructure resources to back the construction of the big data center and its participation in relevant projects; it also encourages local authorities to introduce complementary policies and enhance support for data‑resource nodes.

Two departments have issued the “Measures for Calculating the Amount of Illegal Business Operations in Trademark Infringement Cases.”
On October 30, the State Administration for Market Regulation published on its website the “Notice on Issuing the Measures for Calculating the Amount of Illegal Business Operations in Trademark Infringement Cases.”
The Measures comprise nineteen articles, systematically collating and distilling the valuable experience and practices accumulated over the years in calculating the illegal turnover in trademark infringement cases. They provide detailed provisions on the definition of illegal turnover, the general criteria for its calculation, the specific standards applicable to complex infringement scenarios, the handling of cases where the actual illegal turnover cannot be verified, special circumstances excluded from the calculation of illegal turnover, and the methods for determining illegal turnover in reverse referral cases.

The United States has issued the final rule on investment restrictions targeting China, and the Ministry of Commerce has released a statement.
On October 29, the U.S. Department of the Treasury issued its final rule on investment restrictions targeting China. The Ministry of Foreign Affairs commented on the matter and fielded questions from reporters.
The Ministry of Commerce stated that China officely opposes the U.S. side’s issuance of the final rule imposing investment restrictions on China, has lodged a solemn protest with the U.S. side, and reserves the right to take further measures. The U.S. restrictions cover areas such as semiconductors, artificial intelligence, and quantum computing; yet the vast majority of industries related to these fields do not involve national security and will nonetheless be subject to U.S. prohibitions. Such measures will disrupt normal economic and trade cooperation between Chinese and U.S. enterprises and harm the interests of businesses on both sides. China calls on the U.S. side to respect the principles of the market economy, clearly define the boundaries of national security in the economic and trade sphere, cease politicizing and weaponizing economic and trade issues, and create a conducive environment for China–U.S. economic and trade cooperation.

The State Council has approved the upgrading of four provincial-level development zones to national-level economic and technological development zones.
On October 30, the Chinese Government Website published the General Office of the State Council’s reply approving the upgrade of four provincial-level development zones, including the Guangzhou Huadu Economic Development Zone, to national-level economic and technological development zones.
The “Reply” explicitly approves the upgrading of four provincial-level development zones—Guangzhou Huadu Economic Development Zone, Jiangxi Guixi Economic Development Zone, Chongqing Fuling Industrial Park, and Shenyang Financial and Commercial Development Zone—to national-level economic and technological development zones. These zones will be renamed, respectively, Guangzhou Huadu Economic and Technological Development Zone, Guixi Economic and Technological Development Zone, Fuling Economic and Technological Development Zone, and Shenyang Financial and Commercial Economic and Technological Development Zone. The document stipulates that priority should be given to industrial land use, that land‑use control indicators for industrial projects and the systems of tendering, auction, and listing for land transfer must be strictly enforced, that commercial real estate development is prohibited, and that construction shall proceed on the premise of conserving and intensively utilizing land resources.

From January to September 2024, China’s total foreign investment inflows reached RMB 640.6 billion, down 30.4% year on year.
Recently, the Ministry of Commerce released statistics on foreign investment. The data show that from January to September 2024, 42,108 new foreign-invested enterprises were established nationwide, up 11.4% year on year; meanwhile, the actual amount of foreign capital utilized totaled RMB 640.6 billion, down 30.4% compared with the same period last year.
By sector, the manufacturing industry attracted RMB 179.24 billion in actual foreign investment, while the services sector drew RMB 446.13 billion. High‑tech manufacturing recorded RMB 77.12 billion in actual foreign investment, accounting for 12% of the national total—up 1.5 percentage points from the same period last year. Specifically, the medical instruments and equipment manufacturing, professional technical services, and computer and office equipment manufacturing sectors saw increases of 57.3%, 35.3%, and 29.2%, respectively, in actual foreign investment.

General Administration of Customs: In the first three quarters, imports and exports in China’s free trade pilot zones grew by 11.99%.
Recently, the General Administration of Customs released economic data for the first three quarters of the year pertaining to China’s free trade pilot zones. The figures show that, during this period, the total import and export value of these zones reached RMB 6.09 trillion, up 11.99% year on year.
In the first three quarters, the national free trade pilot zones recorded exports of RMB 2.74 trillion, up 16.10% year on year, and imports of RMB 3.35 trillion, up 8.83% year on year. Currently, the 22 free trade pilot zones collectively host 71 customs special regulatory areas, achieving full coverage of such zones within the pilot areas. Notably, Tianjin Customs has proactively explored a new model for bonded‑leasing supervision, helping the Tianjin Free Trade Pilot Zone become the world’s second-largest hub for aircraft bonded leasing after Ireland. In the first three quarters of 2024, the value of leased goods under customs supervision reached RMB 67.128 billion, an increase of 5.59% year on year.

The State Administration for Market Regulation has issued the “Work Plan for Cultivating and Building Quality‑Strong Counties (Districts, Towns)”
On October 30, the website of the State Administration for Market Regulation published the “Notice on Issuing the Work Plan for Cultivating and Building Quality‑Strong Counties (Districts, Towns).”
The Work Plan outlines the following key tasks: (1) Promote high‑quality, efficiency‑driven economic development; (2) Strengthen the quality‑based competitiveness of industries; (3) Elevate the quality of products, projects, and services; (4) Build a high‑level quality infrastructure; (5) Enhance the quality of green development; (6) Reinforce robust safeguards for quality and safety; and (7) Advance whole‑society governance of quality.

Effective November 1, 13 national cybersecurity standards will come into force.
On October 31, the website of the State Administration for Market Regulation announced that, effective November 1, 13 national cybersecurity standards, including “Cybersecurity Technology—Information Technology Security Evaluation Criteria,” will come into force.
This batch of national standards, which will take effect starting in November, includes the following: “Cybersecurity Technology—Information Technology Security Assessment Methods,” “Cybersecurity Technology—Security Technical Requirements for Wireless LAN Clients,” “Cybersecurity Technology—Zero Trust Reference Architecture,” “Cybersecurity Technology—Security Requirements for the Software Supply Chain,” “Cybersecurity Technology—Requirements for Crowdsourced Cybersecurity Testing Services,” and “Cybersecurity Technology—Methods for Evaluating the Security of Open-Source Code in Software Products,” among others.

The Cyberspace Administration of China has launched a special campaign to address issues related to information and content in local community sections.
Recently, the Cyberspace Administration of China issued a notice to launch a two-month nationwide special campaign titled “Qinglang: Rectification of Information and Content Issues in Local Community Sections.”
This special campaign covers city‑level (local) rankings, sections, columns, and channels on social media, short‑video platforms, live‑streaming services, news portals, e‑commerce sites, search engines, group‑buying and review platforms, dating and matchmaking apps, map‑navigation apps, travel‑booking platforms, local‑life services, weather‑calendar apps, and fitness‑and‑health applications—along with all mobile internet apps that deliver location‑based local information or services. The campaign will focus on addressing five major problem areas: first, the spread of online hostility; second, the creation and dissemination of online rumors and false information; third, the presentation of pornographic or vulgar content; fourth, the facilitation of illegal activities within the same city; and fifth, the provision of paid online “water army” services.

The United States has added several Chinese entities to its export control list; the Ministry of Commerce stated that it will take necessary measures.
Recently, the U.S. Department of Commerce, citing ties to the military and Iran, announced the addition of several Chinese entities to export control sanction lists, including the Entity List and the Unverified List. The Ministry of Commerce has issued a statement commenting on this development.
The Ministry of Commerce stated that China is strongly dissatisfied and officely opposes this. For a long time, the U.S. side has broadened the concept of national security and abused export control measures to suppress and contain enterprises from other countries, including China, thereby seriously undermining the legitimate rights and interests of businesses and jeopardizing the security and stability of global industrial and supply chains. China urges the U.S. side to immediately cease its wrongful practices and will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises.

The China Internet Finance Association has issued the “Initiative on the Compliance and Secure Application of Data Elements in the Financial Sector.”
Recently, during the 2024 Financial Street Forum Annual Conference, the China Internet Finance Association issued the “Initiative on the Compliance and Secure Application of Data Elements in the Financial Sector.”
The “Initiative” comprises ten sections—data ethics and data processing, data security and technological innovation, algorithm and model management, data governance and administration, data sharing and trading, anti‑unfair competition and antitrust, protection of financial consumers’ rights and interests, cross‑border and international cooperation, inclusion and management of data resources on corporate balance sheets, as well as innovation, governance, and sustainable development. It aims to strengthen ethical and legal compliance in data processing within the financial sector, enhance data security technologies, ensure the equitable use of data, promote transparency in data sharing and trading, safeguard consumer rights, and foster cross‑border data cooperation and innovation, thereby achieving the efficient utilization of data resources and sustainable development.

The National Technical Committee for Data Standardization plans to draft or revise 37 key standards.
Recently, the National Data Administration released the “List of Priority Standard Projects Proposed for Development and Revision by the National Data Standardization Technical Committee for 2024–2025.”
The list comprises 37 key standard‑development and revision projects slated for 2024–2025, primarily focusing on priority areas such as data governance, data circulation and utilization, digital transformation, data technologies, and data infrastructure. These include the “High‑Quality Dataset Format Specification,” “Data Infrastructure Reference Architecture,” “Integrated Monitoring and Scheduling for Computing Power Networks,” “Data Service Capability Assessment—Part 2: Capability Assessment Model for Circulation and Trading,” “Implementation Guide for Public Data Resource Registration,” and “General Technical Requirements for Data Registration Platforms,” among others.

Guangdong Issues Compliance Guidelines for Online Transaction Operators on Anti-Unfair Competition
On October 24, Guangdong’s market regulation authorities held a publicity and implementation event on online anti-unfair competition, during which they released the “Guangdong Province Guidelines for Compliance with Anti-Unfair Competition by Online Transaction Operators.”
The Guidelines comprise six chapters and forty articles, providing guidance and recommendations to online transaction operators conducting business within the administrative territory of Guangdong Province on strengthening compliance management in the area of anti‑unfair competition. The provisions cover general principles, identification of compliance risks related to online unfair competition, obligations to cooperate with investigations into unfair competition and other legal liabilities, establishment of an anti‑unfair competition compliance management system, operation of such a system, and supplementary provisions.

The European Commission has decided to impose definitive anti-subsidy duties on Chinese electric vehicles, according to a response from China’s Ministry of Commerce.
On October 29, local time, the European Commission announced that it had concluded its anti-subsidy investigation and decided to impose a five-year definitive anti-subsidy duty on electric vehicles (BEVs) imported from China.
The countervailing duties will officially take effect on the 31st. The sampled Chinese exporters will be subject to the following rates: BYD, 17.0%; Geely, 18.8%; SAIC Group, 35.3%; and other cooperating companies, 20.7%. Following a request for an individual review, Tesla will be assessed a duty of 7.8%. All other non‑cooperating companies will face a duty of 35.3%. The provisional duties imposed on July 4, 2024, on electric vehicles imported from China will not be applied.
On October 30, China’s Ministry of Commerce stated that China will continue to take all necessary measures to officely safeguard the legitimate rights and interests of Chinese enterprises. At present, technical teams from both sides are engaged in a new round of consultations, with the hope of reaching a mutually acceptable solution as soon as possible to prevent an escalation of trade tensions.

The National Intellectual Property Administration has issued the “Guidance on the Filing Procedures for Trademark Use Licenses.”
On October 29, the National Intellectual Property Administration published on its website the “Guidance on the Filing Procedures for Trademark Use Licenses,” to help business entities understand the relevant legal provisions and procedural requirements governing the filing of trademark use licenses.
The Guidelines clarify the types of trademark licensing, the procedures for filing trademark license registrations, and other related matters. They also set forth specific provisions regarding changes to the names of licensors and licensees, the withdrawal of trademark license filings, the early termination of trademark license registrations, modifications to the terms of the trademark license, and other relevant considerations, such as cross‑licensing of trademarks in co‑branding arrangements.

The National Intellectual Property Administration has issued the “Guidance on Trademark Cancellation Procedures.”
On October 29, the National Intellectual Property Administration published on its website the “Guidance on Trademark Cancellation Procedures,” to help business entities understand and properly apply the trademark cancellation process.
The Guidelines clarify that if a registered trademark has not been used for three consecutive years without justifiable reason, any entity or individual may file an application to revoke the trademark. Idle trademarks, having remained unused for an extended period, may at any time face the legal consequence of revocation. With respect to trademarks that violate relevant provisions of the Trademark Law, or that were registered through deceptive or other improper means, interested parties may request their invalidation. The National Intellectual Property Administration may also, on its own initiative, declare such improperly registered trademarks invalid. Furthermore, in cases involving malicious trademark applications, applicants shall be subject to penalties such as warnings and fines, and information on these penalties will be publicly disclosed in accordance with the law via the National Enterprise Credit Information Publicity System.

Beijing has outlined 15 key tasks across four priority areas to promote the high-quality development of digital finance.
On October 28, the Beijing Municipal Bureau of Financial Regulation published on its website the “Notice on Issuing the ‘Opinions of the Municipality of Beijing on Promoting the High-Quality Development of Digital Finance.’”
The “Opinions” outline 15 key tasks across four priority areas, focusing on fostering market players in the digital finance sector, supporting research and innovation in digital technologies, encouraging the application of digital technologies such as large-scale models in the financial field, promoting the implementation of practical use cases, guiding the digital transformation of financial institutions, enhancing the level of technology‑driven financial services, strengthening the foundations for green finance development, expanding the reach and scale of inclusive finance, enriching the development of elderly‑focused financial products and services, supporting the construction of digital financial infrastructure, establishing mechanisms for data openness and sharing, cultivating digital finance talent, intensifying international cooperation in digital finance, building a robust digital finance security framework, and improving the governance mechanisms for digital finance.

The Ministry of Industry and Information Technology is launching a call for exemplary cases of the deep integration between the real economy and the digital economy for 2024.
On October 29, the website of the Ministry of Industry and Information Technology published the “Notice on Organizing the Collection of Typical Cases of Deep Integration between the Real Economy and the Digital Economy in 2024.”
The Notice clarifies that the 2024 call for exemplary cases of deep integration between the real economy and the digital economy is primarily aimed at addressing the needs of such integrated development. Focusing on four key areas—general-purpose tools and products for digital transformation, innovative flagship applications of industrial internet platforms, best practices from digitally leading enterprises, and digital supply-chain ecosystems—the initiative seeks to identify a set of exemplary cases characterized by strong innovation, broad applicability, and extensive coverage, thereby providing guidance and reference for more regions and enterprises as they leverage next-generation information technologies to strengthen and enhance the real economy.

The Ministry of Commerce has released an overview of China’s e-commerce development for the first three quarters of 2024.
On October 28, the Ministry of Commerce website released an overview of China’s e-commerce development for the first three quarters of 2024.
Data show that in the first three quarters, nationwide online retail sales totaled RMB 10.9 trillion, up 8.6% year on year. Among them, online retail sales of physical goods reached RMB 9.1 trillion, an increase of 7.9%. Sales of digital products such as AI learning devices and smartphones grew by 127.9% and 15.4%, respectively, while online tourism and online catering boosted consumption of digital services by 19.2%. In September, sales of household appliances—including range hoods, assembled computers, and air conditioners—rose by 157.6%, 91.8%, and 17.9%, respectively. Meanwhile, the pilot zones for “Silk Road E‑Commerce” cooperation have achieved 10 new institutional openness outcomes, including cross‑border data flows, and pioneered four groundbreaking initiatives, such as cross‑border electronic invoicing and payments. According to preliminary estimates by the General Administration of Customs, cross‑border e‑commerce imports and exports expanded by 11.5% in the first three quarters, with new drivers of trade accelerating their release.

The Ministry of Transport has issued a document to implement the Regulations on Urban Public Transportation.
On October 29, the website of the Ministry of Transport published the “Notice on Implementing the Regulations on Urban Public Transportation.”
The Notice clarifies that the Regulations establish a dedicated chapter that, covering planning, infrastructure development, land‑use guarantees, financial support, pricing mechanisms, subsidies and compensation, and priority access, sets out a comprehensive package of legal requirements to ensure the sustainable development of urban public transport. Transportation authorities at all levels are required to benchmark against the Regulations, promptly review and map out the status of local policies and regulations governing urban public transport, and, in light of local conditions, expedite the formulation or revision of relevant policies and rules to ensure full alignment with the content and spirit of the Regulations. Guided by the Regulations, they should develop specific policy measures to prioritize the development of urban public transport, amplify the synergistic effects of policy implementation, and accelerate the establishment of a robust system of local statutes, administrative rules, and policy frameworks for urban public transport, thereby ensuring the effective application of all provisions of the Regulations.

The State Administration for Market Regulation has issued a document to guide online trading platforms in supporting the development of small, medium, and micro-sized business entities.
On October 29, the website of the State Administration for Market Regulation published the “Opinions on Guiding Online Trading Platforms to Leverage Their Traffic in a Positive Way and Support the Development of Small and Micro Business Entities.”
The “Opinions” comprise six areas and 18 specific measures, guiding platforms to establish open, transparent, fair, and impartial traffic‑allocation rules; to determine traffic‑distribution mechanisms through reasonable procedures; and to leverage their digital and information‑technology capabilities as well as big‑data advantages to provide quantifiable, visualized traffic data. The document also encourages platforms to offer traffic support through various means, such as setting up dedicated channels for newly registered merchants, labeling new entrants or new products, and issuing traffic vouchers and advertising coupons.

The National Data Administration has launched the development of key demonstration scenarios.
On October 28, a meeting was held to deploy work on the development and utilization of public data resources, during which the National Data Administration announced the launch of the “Key Pilot Scenarios for the National Data Administration” initiative.
At the conference, 14 government departments—including the National Defense Science, Technology and Industry Bureau, the National Healthcare Security Administration, and the Ministry of Culture and Tourism—along with local authorities from Anhui, Guangdong, and other regions, officially unveiled the first batch of 18 demonstration scenarios. These include initiatives such as “Integrating Civil and Commercial Satellite Data to Support Disaster Prevention and Mitigation,” “Innovating Healthcare Coverage through ‘Payment + Underwriting + Regulation,’” “Facilitating Park Entry and Monitoring Tourist Flows at Scenic Spots,” and “Leveraging Data to Drive Multi‑Sectoral Development in the Low‑Altitude Economy.”

Taxation
The “Shuilutong” One-Year Anniversary Government–Enterprise Exchange Event Was Held in Shanghai.
On October 29, under the unified guidance of the State Taxation Administration, the “Shuilutong” one-year anniversary government‑enterprise exchange event was successfully held in Shanghai, hosted by the Shanghai Municipal Tax Service of the State Taxation Administration and co-organized by the tax services of Zhejiang, Jiangsu, Anhui, Ningbo, and other provinces and municipalities.
This exchange event, themed “Tax Connectivity in the Yangtze River Delta, Co‑Creating a New Future,” has established a platform for government–enterprise dialogue to promote the high‑quality development of cross‑border business entities and better support China’s pursuit of high‑level opening-up. Officials from the Private Sector Bureau of the National Development and Reform Commission, the Foreign Investment Department of the Ministry of Commerce, and the Development Research Department of the China Council for the Promotion of International Trade, along with relevant experts from the European Union Chamber of Commerce in China and representatives from several multinational corporations, attended the event.
In her address at the event, Meng Yuying, Director-General of the International Taxation Department of the State Taxation Administration, stated that building the “Shuilutong” brand is a concrete measure by the tax authorities to earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, focus on the needs of multinational enterprises, and strive to create a market‑oriented, law‑based, and internationally competitive tax business environment. Over the past year, the development of the “Shuilutong” brand has yielded a series of practical results: all 36 provincial tax authorities nationwide have established distinctive sub‑brands, forming a comprehensive brand matrix. Under this matrix, local tax authorities have actively expanded communication channels with multinational enterprises, developed a range of public‑information products, leveraged multi‑stakeholder resources to provide country‑specific tax policy guidance, and continuously enhanced the quality and efficiency of cross‑border tax services.
During the Q&A session, representatives from companies such as Jushi Group Co., Ltd. and Air Liquide (China) Investment Co., Ltd. shared their experiences in cross-border investment and offered policy recommendations on issues including supporting foreign-invested enterprises, enhancing tax certainty, and fostering the development of the private sector. Meanwhile, the National Development and Reform Commission, the Ministry of Commerce, the China Council for the Promotion of International Trade, and the State Taxation Administration each outlined specific measures to support the growth of cross-border business entities.
Chen Hong, Tax Director of Air Liquide (China) Investment Co., Ltd., stated that the series of service initiatives introduced by China’s tax authorities have provided a stable and favorable business environment for enterprises engaged in cross-border operations, further bolstering their confidence in investing in China. Ding Chengche, Vice President and Chief Financial Officer of Jushi Group Co., Ltd., noted during his remarks that the “Shuilutong” service team has offered timely and precise tax guidance to companies expanding into Egypt, helping them navigate Egyptian tax policies, enhance bilateral tax certainty, and secure a steady path for their overseas ventures.
This event featured a dedicated session on European market dynamics, during which the Chair of the Tax and Fiscal Affairs Working Group of the Chinese‑EU Chamber of Commerce, along with relevant tax and fiscal experts, provided an in-depth overview of the investment climate and tax systems across European countries. The session offered valuable guidance to Chinese enterprises planning to invest in Europe, helping them stay abreast of local tax policy developments and mitigate cross‑border tax risks.
During the event, the tax authorities of the three provinces and two municipalities in the Yangtze River Delta presented their distinctive approaches to developing the “Shuilutong” sub‑brand, and jointly signed the Framework Agreement on Cooperation for Enhancing International Tax Certainty in the Yangtze River Delta. The agreement explicitly commits to strengthening collaboration in areas such as joint learning and co‑construction, treaty‑based treatment administration, coordinated services for the headquarters economy, tax‑related cooperation, and joint talent development, with the aim of jointly optimizing the tax‑related business environment and enhancing international tax certainty across the region.
Cheng Junfeng, Secretary of the Party Committee and Director of the Shanghai Municipal Tax Service Bureau, stated that the bureau will, in strict accordance with the State Taxation Administration’s directives, continue to strengthen cross‑regional cooperation with tax authorities in the Yangtze River Delta, provide higher‑quality tax and fee services to cross‑border enterprises, and contribute the tax sector’s efforts to better support high‑level opening-up.

The Ministry of Finance has strengthened the management of general accounting and introduced additional detailed accounting accounts.
According to the Ministry of Finance’s website on October 29, the Ministry recently issued the “Notice on Further Strengthening the Management of General Accounting in the Fiscal System,” which will take effect on January 1, 2025.
The Notice clarifies that certain detailed accounting sub‑accounts are to be added. First, financial accounting sub‑accounts are being established, including the addition of the following sub‑accounts under “Other Payables”: “Social Insurance Contributions Pending Transfer,” “Recovery of Existing Funds,” “Funds for Centralized Treasury Payments Pending Settlement,” and “Other.” Under “Receivables from Local Government Bond Re‑loans—Principal Receivable,” sub‑accounts such as “Principal Not Yet Due” and “Principal Already Due” are also being introduced. Second, budgetary accounting sub‑accounts are being added. Under the account “Fund Balances—Balances Pending Processing,” sub‑accounts are being established for “Revenue Balances Pending Processing,” “Expenditure Balances Pending Processing,” “Funds for Centralized Treasury Payments Pending Settlement,” and “Other Matters Pending Processing.”

The General Administration of Customs has issued the new Measures for the Administration of Taxation on Import and Export Goods.
On October 28, the General Administration of Customs promulgated the Measures for the Administration of Taxation on Import and Export Goods of the People’s Republic of China, which will take effect on December 1, 2024.
The Measures apply to the administration of the collection of import and export tariffs and customs‑collected taxes at the import stage, and comprise eight chapters and eighty-four provisions, covering general provisions, the calculation and assessment of duties, the collection of duties in special circumstances, the conofficeation of tax amounts, the refund, supplementary collection, and recovery of taxes, tax guarantees, and compulsory tax enforcement. The Measures stipulate that if a taxpayer or a withholding agent fails to pay the due tax and late payment penalties within ten days from the date of service of the Customs’ notice of demand, and has no justifiable reason, the Customs may, upon approval, impose compulsory enforcement measures, including: issuing written notices to banking and financial institutions to debit deposits or remittances held by the taxpayer in an amount equivalent to the tax liability; and sealing up or seizing goods or other property belonging to the taxpayer or the withholding agent whose value is equivalent to the tax liability.

The General Office of the State Council: Establish systems such as maternity subsidies and increase the tax deduction for individual income tax.
According to a report on the Chinese government website on October 28, the General Office of the State Council issued the “Several Measures for Accelerating the Improvement of the Policy System Supporting Childbearing and Promoting the Development of a Child‑Friendly Society,” outlining thirteen specific measures across five key areas.
The “Several Measures” stipulate the establishment of systems such as a childbirth subsidy. It calls for the formulation of implementation plans and management standards for the childbirth subsidy scheme, guiding local authorities to ensure policy coherence and to carry out implementation in a proactive yet prudent manner. The special additional deductions for childcare expenses and children’s education under the individual income tax system will be fully implemented, with enhanced tax‑deduction benefits. Support policies for inclusive childcare will be further refined. Local governments are required to effectively implement measures such as tax and fee concessions for childcare services, as well as the application of residential‑rate pricing to water, electricity, gas, and heating used by childcare institutions.

LITIGATION & ARBITRATION
The Supreme People’s Court has released the second batch of typical cases demonstrating how people’s courts have substantively resolved administrative disputes.
Recently, the Supreme People’s Court has officially released, in two batches, ten typical cases demonstrating how people’s courts have effectively resolved administrative disputes, and on October 30, it published the second batch of such typical cases.
According to the Supreme People’s Court, the second batch of cases comprises five matters, primarily focusing on how people’s courts have substantively resolved administrative disputes through various means, including issuing judicial recommendations, conducting model litigation, resolving civil disputes in a bundled manner, collaborating with specialized mediation organizations to facilitate settlement, and rendering substantive judgments. In Case No. 2, the “Xinmogang” project is one of the region’s large-scale commercial complexes; nearly a thousand sold retail units have been entrusted to a third-party operator. The owners comprise numerous groups from ten provinces and municipalities. Subsequently, these owners successively lodged complaints with district, municipal, and provincial letters-and-visits bureaus, as well as relevant central ministries and commissions, alleging issues such as fictitious partitioning of premises, false advertising, and failure to pay rents as agreed, filing close to one hundred civil lawsuits. Meanwhile, Xu Molei and others brought more than 300 administrative lawsuits against departments including natural resources and planning, and housing and urban–rural development, challenging administrative actions related to government information disclosure, administrative licensing, and real estate registration. The first- and second-instance courts dismissed Xu Molei’s claims on the grounds that he lacked standing to sue, thereby rejecting both his initial suit and his appeal. Xu Molei then applied for a retrial. After consultation with the local Political and Legal Affairs Commission and relevant authorities, the court formulated a mediation plan, assessed changes in market conditions, and tempered the owners’ excessive expectations. It adopted a solution whereby the local government would repurchase the retail units at a discount based on their original purchase price, while simultaneously addressing the civil disputes arising from the third-party operator’s inability to pay rents. Ultimately, this approach led all owners of the “Xinmogang” project to sign a comprehensive settlement agreement covering the repurchase of their units and other related matters, resulting in the withdrawal of all pending administrative and civil lawsuits by the parties involved.

Two departments have issued the “Measures for Calculating the Amount of Illegal Business Operations in Trademark Infringement Cases.”
On October 30, the State Administration for Market Regulation published on its website the “Notice on Issuing the Measures for Calculating the Amount of Illegal Business Operations in Trademark Infringement Cases.”
The Measures comprise nineteen articles, systematically collating and distilling the valuable experience and practices accumulated over the years in calculating the illegal turnover in trademark infringement cases. They provide detailed provisions on the definition of illegal turnover, the general criteria for its calculation, the specific standards applicable to complex infringement scenarios, the handling of cases where the actual illegal turnover cannot be verified, special circumstances excluded from the calculation of illegal turnover, and the methods for determining illegal turnover in reverse referral cases.

JC Master Law Office
Address: 9th Floor, National Water Resources Building, No. 70 Qingjiang South Road, Nanjing City
Postal Code: 210036
Phone: 025-84503333
Fax: 025-84505533
Website: www.jcmaster.com
This legal notice is provided solely for informational purposes and does not constitute legal advice or a legal analysis of any specific case. The transmission of this legal notice does not establish an attorney–client relationship between JC Master Law Office and the user or viewer. JC Master Law Office assumes no responsibility for any third-party content accessible via the internet. If you do not wish to receive this legal notice, please notify us by email at jcm@jcmaster.com.
The copyright of this legal information is owned by JC Master Law Office ©. Without written permission, no organization or individual may reproduce, publish, or cite it in any form.