JC Master Legal News Issue 1131

Key Takeaways for This Issue

Effective immediately, the People’s Bank of China has officially launched the Securities, Funds, and Insurance Companies Swap Facility (SFISF) operations.
Recently, the People’s Bank of China established the Securities, Funds, and Insurance Companies Swap Facility (SFISF). To ensure the smooth implementation of this facility, on October 18, the People’s Bank of China and the China Securities Regulatory Commission jointly issued the “Notice on Doing a Good Job in Matters Related to the Securities, Funds, and Insurance Companies Swap Facility (SFISF),” clarifying for all parties involved the business procedures, operational requirements, and the rights and obligations of the transacting parties.
The People’s Bank of China has established a relending facility for share buybacks and additional share purchases to support the stable functioning of the capital market.
On October 18, the People’s Bank of China, together with the National Administration of Financial Regulation and the China Securities Regulatory Commission, issued the “Notice on Matters Relating to the Establishment of a Stock Repurchase and Increase‑Holding Re‑lending Facility,” establishing a re‑lending program to encourage and guide financial institutions to extend loans to eligible listed companies and their major shareholders, thereby supporting their stock repurchases and increases in shareholdings.
The National Administration of Financial Regulation has strengthened oversight of syndicated loan activities.
The National Administration of Financial Regulation has issued the Measures for the Administration of Syndicated Loan Business, which will take effect on November 1, 2024.
The Supreme People’s Procuratorate and the Ministry of Ecology and Environment have jointly issued guidelines to strengthen the coordination between ecological and environmental damage compensation and public interest litigation by the procuratorial organs.
The Supreme People’s Procuratorate and the Ministry of Ecology and Environment recently jointly issued the “Opinions on Strengthening the Coordination between Compensation for Ecological and Environmental Damage and Public Interest Litigation by the Procuratorial Organs,” which clarifies the mechanisms for mutual notification and intervention between the procuratorial organs and the ecological and environmental authorities in carrying out work related to compensation for ecological and environmental damage.
Finance & Capital Markets
Effective immediately, the People’s Bank of China has officially launched the Securities, Funds, and Insurance Companies Swap Facility (SFISF) operations.
Recently, the People’s Bank of China established the Securities, Funds, and Insurance Companies Swap Facility (SFISF). To ensure the smooth implementation of this facility, on October 18, the People’s Bank of China and the China Securities Regulatory Commission jointly issued the “Notice on Doing a Good Job in Matters Related to the Securities, Funds, and Insurance Companies Swap Facility (SFISF),” clarifying for all parties involved the business procedures, operational requirements, and the rights and obligations of the transacting parties.

The People’s Bank of China has entrusted designated primary dealers in the open market operations—China Credit Enhancement Corporation—to conduct swap transactions with securities, fund, and insurance institutions that meet the requirements of the relevant industry regulators. The swap term is one year, with the possibility of extension depending on circumstances. Swap rates are determined through a bidding process among participating institutions. Eligible collateral includes bonds, equity ETFs, constituents of the CSI 300 Index, and publicly offered REITs, with haircut rates set in tiers based on the risk characteristics of each type of collateral. Funds obtained through this instrument may be deployed exclusively in the capital markets, for investments in equities and equity ETFs, as well as for market-making activities.

At present, 20 securities and fund companies have been approved to participate in the swap‑facility operations, with the initial application quota already exceeding RMB 200 billion. Effective immediately, the People’s Bank of China will formally launch these operations in response to the needs of participating institutions, thereby supporting the stable development of the capital market.

The People’s Bank of China has established a relending facility for share buybacks and additional share purchases to support the stable functioning of the capital market.
To implement the decisions and arrangements of the Third Plenary Session of the 20th CPC Central Committee on “establishing a long-term mechanism to enhance the intrinsic stability of the capital market,” further safeguard the stable functioning of the capital market, boost market confidence, and consolidate and strengthen the momentum of economic recovery and improvement, on October 18, the People’s Bank of China, together with the National Administration of Financial Regulation and the China Securities Regulatory Commission, issued the “Notice on Matters Concerning the Establishment of a Stock Repurchase and Share‑Increase Relending Facility.” Under this initiative, a stock repurchase and share‑increase relending facility has been established to incentivize and guide financial institutions to extend loans to eligible listed companies and their major shareholders, thereby supporting their repurchases and increases in holdings of listed company shares.

The initial tranche of the relending facility amounts to RMB 300 billion, with an annual interest rate of 1.75% and a one-year term, renewable upon appropriate assessment. The stock‑repurchase and share‑increase relending policy applies to listed companies across all forms of ownership. In accordance with relevant policies, 21 nationwide financial institutions—including the China Development Bank, policy banks, state-owned commercial banks, the Postal Savings Bank of China, and joint-stock commercial banks—will extend loans to support listed companies in conducting share repurchases and increasing their shareholdings.

Twenty-one financial institutions shall independently determine whether to extend loans, set loan terms appropriately, and assume the associated risks; in principle, loan interest rates shall not exceed 2.25%. Loan funds shall be used exclusively for their designated purposes and managed on a closed‑loop basis. With respect to stock repurchase and share‑increase loans disbursed by these 21 financial institutions in accordance with the provisions of this notice, any deviations from relevant regulatory requirements—such as the prohibition on channeling credit funds into the stock market—shall be exempted; all other credit funds shall comply with existing regulatory provisions.

Share buyback and share‑increase loans are disbursed on a quarterly basis. Effective immediately, 21 financial institutions may extend such loans to eligible listed companies and major shareholders for the purposes of share repurchases and additional share acquisitions. Following disbursement, these institutions shall apply to the People’s Bank of China for reloans in the first month of the subsequent quarter. For eligible loans, the People’s Bank of China will provide reloans equal to 100% of the loan principal.

The Shenzhen Stock Exchange has launched a dedicated zone for sustainable financial services.
Enhancing the Efficiency of Sustainable Financial Services
To thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, the Central Financial Work Conference, and the CPC Central Committee and the State Council’s “Opinions on Accelerating the Comprehensive Green Transformation of Economic and Social Development,” and to fulfill the policy requirements set forth in the “Guiding Opinions on Further Strengthening Financial Support for Green and Low-Carbon Development” jointly issued by the China Securities Regulatory Commission and six other departments, the Shenzhen Stock Exchange recently launched a dedicated section on its official website for sustainable financial services, further enhancing the efficiency of such services.
Market participants can access a dedicated section via the “Market Services” menu on the SZSE official website, enabling one-stop access to Shenzhen Stock Exchange–related sustainable development information resources. The section is organized into five categories: Listed Company Practices, Sustainable Finance Products, Regulatory Documents, International Exchanges, and Training Materials. Specifically, the Listed Company Practices category provides access to sustainability reports of Shenzhen‑listed companies, case studies on sustainable development, and CSI ESG ratings; the Sustainable Finance Products category allows users to consult details and public announcements for various sustainable finance instruments, including fixed‑income securities, infrastructure REITs, funds, and indices; the Regulatory Documents category features relevant policy documents issued by the China Securities Regulatory Commission, the SZSE, the Green Bond Standards Committee, and other authorities; the International Exchanges category highlights the SZSE’s efforts to deepen international cooperation in sustainable finance; and the Training Materials category offers training courses, research reports, and reference materials such as overseas sustainable finance standards.
For years, the Shenzhen Stock Exchange has steadfastly implemented its sustainable development strategy, working to build a sustainable financial market ecosystem and establish itself as a benchmark for sustainable exchanges, thereby contributing to the goals of peaking carbon emissions and achieving carbon neutrality. First, it has supported the clustered development of green industries. Driven by reforms to the registration-based IPO system, the Exchange has deepened institutional innovation, enabling green and low‑carbon sectors to achieve rapid growth through capital market platforms. To date, nearly 400 listed companies in the green and low‑carbon space are active on the Shenzhen market, with a combined market capitalization exceeding RMB 6 trillion—accounting for 20% of the total market cap of all Shenzhen‑listed offices. Second, it has guided listed companies and bond issuers to embrace the principles of sustainable development. The Exchange has issued guidelines on sustainability reporting, special‑purpose corporate bond frameworks, and asset‑backed securities tailored to specific categories, clearly defining disclosure requirements for sustainability reports and for environmental and social impacts associated with green, low‑carbon transition, and rural revitalization fixed‑income products. So far this year, a total of 935 Shenzhen‑listed companies have released their 2023 corporate social responsibility or ESG reports, representing an overall disclosure rate of approximately 35%. Third, it has continuously expanded the supply of sustainable finance products. As of the end of September 2024, cumulative issuance of green, low‑carbon transition, and rural revitalization fixed‑income products reached RMB 219.127 billion; sustainable‑development‑themed ETFs totaled RMB 21.608 billion; the nation’s first infrastructure REITs focused on clean energy were listed; and 71 single‑dimensional sustainability indices covering ESG, environmental, social, and governance factors have been launched. Fourth, it has actively participated in global governance on sustainable development issues. The Exchange has supported leading green and low‑carbon enterprises in raising capital overseas through GDRs and other channels, hosted a Global Investor Conference for four consecutive years with a dedicated sustainable investment track, and organized multiple overseas roadshows and promotional events for Shenzhen‑listed companies in the green and low‑carbon sectors, thereby strengthening domestic and international exchanges and practical cooperation in sustainable finance.
The Shenzhen Stock Exchange will remain guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, adhere to the overarching principle of seeking progress while maintaining stability, make significant strides in green finance, continuously improve its sustainable‑development information‑disclosure framework, expand and strengthen sustainable investment‑and‑financing products, integrate the concept of green and low‑carbon development into its own operations and management, spare no effort to build a robust sustainable‑development brand, and actively advance the construction of a sustainable‑finance system, thereby mobilizing more patient capital to support sustainable development.

The National Administration of Financial Regulation has strengthened oversight of syndicated loan activities.
The National Administration of Financial Regulation has issued the Measures for the Administration of Syndicated Loan Business, which will take effect on November 1, 2024.
The Measures comprise seven chapters and sixty-one articles, covering general provisions, syndicate members, the initiation and structuring of syndicated loans, syndicated loan contracts, syndicated loan management, syndicated loan transfer transactions, and supplementary provisions. They further clarify regulatory guidance, diversify syndication models, refine distribution ratios and secondary‑market transfer rules, standardize the principles and methods for syndicate fees, and set forth more systematic requirements for the management of syndicated loans.

Four departments have issued a document to promote the development of green finance.
The People’s Bank of China, the Ministry of Ecology and Environment, the National Administration of Financial Regulation, and the China Securities Regulatory Commission have jointly issued the “Opinions on Leveraging Green Finance to Support the Building of a Beautiful China,” outlining 19 key measures across four areas.
The Opinions clearly stipulate that a number of landmark major projects should be strategically planned and coordinated, with enhanced alignment to secure financing support; green financial products such as green bonds and green asset-backed securities should be developed to strengthen green financing; and efforts to innovate green financial products should be intensified, focusing on key links and areas including carbon markets, resource and environmental factors, and eco‑environmentally‑oriented development (EOD) projects. The Opinions also call for the improvement of supporting institutional frameworks, the establishment of a unified green finance standards system, and the refinement of carbon accounting standards and methodologies; furthermore, they encourage financial institutions and market participants to explore the implementation of environmental, social, and governance (ESG) assessments.

The People’s Bank of China and the Ministry of Science and Technology have issued directives to strengthen financial services for science and technology in key regions.
Recently, the People’s Bank of China and the Ministry of Science and Technology jointly issued the “Notice on Strengthening Financial Services for Science and Technology in Key Regions,” providing guidance and promoting the delivery of science-and‑technology‑focused financial services in regions with a high concentration of technological resources, such as Beijing, the Yangtze River Delta, and the Guangdong–Hong Kong–Macao Greater Bay Area.
The Notice sets forth seven key requirements: First, integrate various policy resources to support the development of science and technology finance, and refine mechanisms for assessing enterprises’ science‑and‑technology innovation attributes, facilitating investment‑financing matchmaking, and sharing and compensating risks. Second, strengthen the intensity and level of financial support by making full and effective use of structural monetary policy tools such as reloans for technological innovation and technological upgrading, and expand credit provision to science‑and‑technology enterprises within the jurisdiction. The underwriting and investment in bonds issued by science‑and‑technology enterprises will be incorporated into the evaluation of the effectiveness of science‑and‑technology financial services, thereby boosting the issuance scale of science‑and‑technology‑related notes. Third, in line with the needs of building a center for scientific and technological innovation, enhance financial support for science‑and‑technology enterprises, key technology projects, and priority manufacturing industry chains and clusters within the jurisdiction. Fourth, explore new models of science‑and‑technology finance, focusing on key areas such as “loans plus external direct investment,” M&A financing, and technology insurance, unblock bottlenecks in these lines of business, and improve service efficiency. Fifth, establish platforms for exchange and cooperation among financial institutions, technology intermediary service organizations, universities, research institutes, and other relevant entities. Sixth, build a data‑sharing platform for science‑and‑technology finance and encourage credit‑information agencies to develop innovative value‑added credit products tailored to the sector. Seventh, put in place a sound mechanism for evaluating the effectiveness of regional science‑and‑technology financial services.

Commercial & Corporate
The Ministry of Ecology and Environment has issued the “Framework for the Technical Standards System on Environmental Risk Assessment and Management of Chemical Substances.”
On October 16, the website of the Ministry of Ecology and Environment published the “Notice on Issuing the Framework of the Technical Standards System for Environmental Risk Assessment and Management of Chemical Substances (2024 Edition).”
The Framework specifies that the technical standards system for environmental risk assessment and management of chemical substances comprises three components: first, the sub‑system of technical standards for screening chemical substance environmental risks; second, the sub‑system of technical standards for assessing chemical substance environmental risks; and third, the sub‑system of technical standards for managing environmental risks associated with emerging pollutants.

The State Administration for Market Regulation has issued a document to advance the traceability of product quality and safety in key industries.
On October 15, the website of the State Administration for Market Regulation published the “Implementation Opinions on Promoting Traceability of Product Quality and Safety in Key Industries.”
The Implementation Opinions set the following targets: by the end of 2024, quality and safety traceability will be implemented for key industrial products subject to production licensing and mandatory certification, including wire and cable, gas appliances, electric bicycles, and cold‑rolled ribbed steel bars. By the end of 2025, quality and safety traceability will cover all products under production licensing and mandatory certification. By the end of 2027, quality and safety traceability will be extended to key industrial products—beyond those subject to production licensing and mandatory certification—that involve human health and the safety of life and property and are governed by mandatory national standards.

The State Administration for Market Regulation has conducted supervisory inspections of administrative licensing and appraisal review institutions for special equipment.
On October 17, the website of the State Administration for Market Regulation published the “Notice on Conducting Supervisory Inspections of Administrative Licensing and Appraisal Review Institutions for Special Equipment.”
The Notice clarifies that, effective immediately and lasting until the end of November 2024, the Special Equipment Bureau of the State Administration for Market Regulation will conduct supervisory inspections of the administrative licensing appraisal and review bodies entrusted by the Administration. On-site inspections will primarily verify documentation related to the appraisal and review bodies’ resource conditions and the establishment and operation of their quality management systems, as well as assess the standardization of appraisal and review procedures and the accuracy and compliance of their conclusions.

New Zealand plans to amend the Overseas Investment Act to attract foreign investment.
The New Zealand government announced that it will relax investment regulations to attract more foreign capital and boost productivity growth. Previously, the OECD had ranked New Zealand’s foreign direct investment rules among the strictest of all developed economies.
David Seymour, New Zealand’s Deputy Minister of Finance, stated on the same day that attracting more foreign investment is a key component of the government’s economic strategy. However, New Zealand’s Overseas Investment Act currently faces numerous obstacles. The New Zealand government plans to revise the Act by 2025 to lower barriers to foreign investment in the country. The amended legislation will retain the original scope of review but streamline the assessment process, ensuring that investment projects are approved unless they are deemed to pose a risk to New Zealand’s national interests.

The State Administration for Market Regulation has launched a pilot program to open credit supervision data to platform enterprises.
Recently, the State Administration for Market Regulation has launched a pilot program in Haidian District, Beijing, to open up credit‑regulation data to platform enterprises.
The pilot program will run for two years. The Haidian District Market Supervision Administration has selected three to five platform enterprises as pilot entities and, in a secure and effective manner, will grant them access to data from the National List of Abnormal Operations and the List of Seriously Illegal and Dishonest Entities under market supervision. This pilot initiative will help address the asymmetry of credit information between platform enterprises and their merchant partners, encourage platforms to establish and refine credit profiles for business entities, ensure that they fulfill their responsibilities for credit compliance, strengthen integrated online‑offline regulation, and foster a positive social environment in which trustworthiness is rewarded and dishonesty is sanctioned.

The 67th batch of new-energy vehicle models eligible for vehicle and vessel tax incentives is slated for release.
Recently, the Ministry of Industry and Information Technology has publicly announced the proposed contents of the “Announcement on Road Motor Vehicle Manufacturers and Products” (Batch No. 388) and the “Catalogue of Energy-Saving and New-Energy Vehicle Models Eligible for Vehicle and Vessel Tax Reductions or Exemptions” (Batch No. 67).
A total of 651 vehicle manufacturers submitted applications for new‑product approval in this batch, including 487 automobile manufacturers, 162 motorcycle manufacturers, and 2 three‑wheeler manufacturers. A total of 549 models from 194 enterprises were declared for new‑energy vehicle products. Additionally, 851 vehicle manufacturers applied for product change or extension approvals. In this batch, 33 automobile models from 26 automobile manufacturers were submitted for rectification.

The Ministry of Commerce responded to the China–EU negotiations on electric vehicle tariffs, stating that significant differences remain in the talks.
On the afternoon of October 17, the Ministry of Commerce held a press conference, during which its spokesperson addressed the progress of China–EU negotiations on tariffs on electric vehicles.
The spokesperson stated that, to date, the Chinese side has demonstrated the utmost sincerity and flexibility, and both sides have made significant progress in certain areas. However, as the European side has yet to respond positively to issues of core concern to the Chinese and European business communities, substantial differences remain in the consultations. China has formally invited the European technical team to visit China at the earliest opportunity to continue the next phase of talks, and has made all necessary preparations, now awaiting a response from the European side.

The upgraded arrangement for China’s characteristic professional work visa under the China–New Zealand Free Trade Agreement has officially come into effect.
On October 14, the upgraded arrangement for five categories of China Special Work Visas under the China–New Zealand Free Trade Agreement entered into force.
This arrangement has streamlined the original China–New Zealand Free Trade Agreement’s work visa provisions for Chinese nationals seeking employment in New Zealand in occupations with Chinese characteristics, covering five major categories: traditional Chinese medicine practitioners, Chinese‑cuisine chefs, Chinese‑language teaching assistants, Chinese martial‑arts instructors, and Chinese tourism specialists. Following the upgrade, the annual quotas for the highly sought‑after positions of Chinese‑language teaching assistant and Chinese tourism specialist have been increased to 300 and 200, respectively, while the eligibility requirements for applying for work visas in the two latter categories—Chinese tourism specialists and Chinese‑cuisine chefs—have been relaxed.

Shanghai has introduced a one-time job expansion subsidy policy.
Recently, the Shanghai Municipal Human Resources and Social Security Bureau published on its website the “Notice on Implementing Relevant Work Related to the 2024 One-Time Employment Expansion Subsidy Policy.”
The Notice clarifies that the policy applies to enterprises that, between January 1 and December 31, 2024, enter into labor contracts with ordinary college graduates of the 2024 class or with unemployed college graduates who have been out of school for no more than two years, as well as with registered unemployed youth aged 16 to 24 residing in this city, and that pay unemployment, work‑injury, and employee pension insurance premiums for these individuals for a period of at least three months. Eligible enterprises will receive a subsidy of RMB 1,500 for each person they hire, with funding drawn from the unemployment insurance fund. The policy also includes special provisions for labor dispatch agencies, requiring them to allocate the subsidy in accordance with regulations and disburse it to the actual employing units within 15 days of receipt.

Tianjin Releases an Action Plan for the High-Quality Development of the Human Resources Services Industry
On October 14, the website of the Tianjin Municipal Human Resources and Social Security Bureau released the “Tianjin Action Plan for the High-Quality Development of the Human Resources Services Industry (2025–2027).”
The Action Plan focuses on the “Ten Initiatives” for high-quality development, with the goal that by 2027, the city will have 3,500 human resources service agencies, more than 30,000 employees, and annual revenues reaching RMB 230 billion.
The plan emphasizes fostering and strengthening market entities, bolstering leading enterprises, cultivating backbone offices in a tiered manner, and expanding the scale of industry‑related institutions. At the same time, it seeks to enhance momentum for innovation and development, comprehensively elevate digitalization, support the growth of new business forms and models, and unleash the innovative vitality of market players. In addition, the plan calls for promoting high‑quality, full employment, deepening human resource services in the manufacturing sector, reinforcing market‑based talent recruitment mechanisms, and advancing coordinated regional development.
In building platforms for agglomeration‑driven development, the plan proposes optimizing the spatial layout of industrial parks and developing a high‑level talent market. It also aims to enhance the level of opening up, promote the open development of industries, and establish an export base for human resource services. Furthermore, it seeks to foster a favorable development environment by improving the business climate and strengthening oversight of market order.

Anhui Promotes High-Quality Development of Enterprise Annuities for Talents
On October 16, the website of the Anhui Provincial Department of Human Resources and Social Security issued the “Notice on Deepening the Implementation of the Talent-Driven Development Initiative for Anhui and Accelerating the High-Quality Development of Enterprise Annuities.”
The Notice comprises four components: expanding the scope and enhancing the effectiveness of enterprise annuities for talent, introducing innovative policies, optimizing service delivery, and strengthening organizational support.
In terms of expanding coverage and enhancing effectiveness, state-owned enterprises will serve as model entities, supporting private offices and social organizations in establishing pension plans for high‑level talent, guiding public institutions to set up such plans for non‑tenured personnel, and exploring the establishment of pension schemes by labor dispatch agencies and industrial parks. On the policy‑innovation front, entities will be permitted to establish pension plans with low contribution thresholds, clear stipulations on subsidies for talent‑pension contributions will be put in place, mechanisms for enterprises to conduct independent talent assessments will be refined, and talent‑related policies will be integrated.
In terms of building the service system, a pooled corporate annuity scheme will be established under the unified management of provincial or municipal authorities, with efforts to cultivate talent in the pension‑finance sector. Leveraging the policy advantages of the human resources and social security departments, this initiative will promote the development of the pension insurance system and encourage corporate annuity fund‑management institutions to provide supportive services. Regarding organizational safeguards, it calls for strengthening leadership, interdepartmental coordination, and centralized publicity efforts.

Fujian Province has launched an action plan to bring public employment services down to the grassroots level.
On October 17, the Fujian Provincial Department of Human Resources and Social Security published the “Action Plan for Bringing Public Employment Services Down to the Grassroots Level” on its website.
The Action Plan’s core objectives include ensuring the effective implementation of employment support policies for priority groups, upgrading and optimizing the public employment service system, and fostering coordinated progress in safeguarding workers’ rights and interests. Key tasks encompass establishing convenient, accessible grassroots employment service centers; supporting these centers in delivering targeted employment services; enhancing the standardization of grassroots public employment services; and strengthening and refining the workforce providing these services at the community level.
The Action Plan proposes innovative working mechanisms, including the implementation of an “employment voucher” service model, the promotion of market‑based delivery of public employment services, and the advancement of digital and intelligent transformation in this sector. The supporting measures emphasize strengthening organizational leadership, bolstering financial resources, and refining the performance‑evaluation system. The plan’s implementation will help enhance the quality and efficiency of grassroots public employment services in Fujian Province, better meeting the needs of both workers and employers.

Ministry of Finance: Adjustments to Tax Policies for Ordinary and Non-Ordinary Residential Properties Take Three Factors into Account
At a press conference held by the State Council Information Office on October 17, Assistant Minister of Finance Song Qichao outlined the Ministry of Finance’s arrangements for abolishing the tax policy that linked ordinary and non‑ordinary residential housing standards.
Song Qichao stated that the Ministry of Finance is expeditiously studying and clarifying tax policies to align with the abolition of the criteria distinguishing ordinary and non‑ordinary residential properties, primarily focusing on value-added tax and land appreciation tax. The overarching considerations encompass three key aspects: first, coordinating the pace of real estate regulation in relevant cities with local fiscal revenue conditions to ensure a well‑grounded and rational policy framework; second, granting local authorities a degree of autonomy to uphold policy stability and fairness; and third, effectively reducing the financial burden on real estate enterprises and homebuyers to help stabilize and reverse the downturn in the housing market. The specific policy measures are currently undergoing the necessary procedural steps at the Ministry of Finance and will be promptly announced to the public upon approval.
In addition, Minister of Housing and Urban–Rural Development Ni Hong stated that specific plans have been put in place to renovate an additional one million urban villages and dilapidated urban housing units, with policy measures including tax and fee incentives.

The General Office of the State Council: Effective immediately, it is soliciting leads on issues related to fair competition and measures to help businesses alleviate difficulties.
On October 15, the General Office of the State Council issued the “Notice on Soliciting Leads and Issues for the 2024 Comprehensive Supervision by the State Council on Promoting High-Quality Development,” with plans to launch the supervisory work in November.
According to the Notice, effective immediately, the General Office of the State Council is soliciting leads on the following issues: In the area of market access, whether certain local authorities and entities have imposed, or indirectly imposed, barriers to entry through measures such as filing requirements, registration, annual inspections, or mandates to establish branch offices; In the realm of fair competition, whether certain local authorities and entities have failed to treat enterprises of different ownership structures equally and impartially, granted operators franchise rights without conducting a fair competitive process, or issued policies that contain local protectionism, market segmentation, or designated transactions—thereby hindering the development of a unified market and fair competition; In the context of supporting businesses and alleviating their difficulties, whether certain local authorities and entities engage in multiple, redundant, arbitrary, or frequent inspections of enterprises, or pursue law enforcement practices that yield benefits in other jurisdictions.

Tianjin has lifted its housing purchase restrictions and further refined its real estate policies.
On October 16, the Tianjin Municipal Government published on its website the “Notice on Several Measures to Further Optimize Real Estate Policies and Better Meet Residents’ Reasonable Housing Needs.”
The Notice comprises three key components: it explicitly abolishes restrictive measures on the purchase and transfer of newly built and existing residential properties in Tianjin; ceases to impose price caps on new-home sales; and removes the distinction between ordinary and non‑ordinary housing. In addition, commercial individual mortgage loans will no longer differentiate between first‑ and second‑home purchases, with a uniform minimum down payment ratio of at least 15%; commercial banks are encouraged to carry out the bulk adjustment of existing mortgage rates in a prudent and orderly manner; and, in accordance with the law, lending to projects on the real estate “whitelist” will be stepped up, among other measures.

Beijing has issued the “Administrative Measures for the Paid Auction Allocation and Buyback of Carbon Emission Quotas in the Carbon Emissions Trading Market.”
Recently, the Beijing Municipal Government website published the “Notice on Issuing the Measures for the Paid Auction Allocation and Buyback of Carbon Emission Allowances in the Beijing Carbon Emissions Trading Market.”
The Measures consist of four chapters and twenty-four articles, setting forth specific provisions regarding the paid auction-based allocation of carbon emission allowances and the repurchase of such allowances. Under these measures, trading participants include key carbon‑emitting entities as well as entities that voluntarily participate in trading. The municipal ecological and environmental authority shall issue a notice on the paid auction‑based allocation of carbon emission allowances in advance and organize the registration and record‑keeping institutions and the trading platform to conduct the necessary review. The quantity of allowances that any single key carbon‑emitting entity may apply to bid for shall not exceed 15% of the total volume offered in that particular auction; likewise, the quantity that any single entity participating voluntarily in trading may apply to bid for shall not exceed 3% of the total volume offered in that auction.

The Ministry of Housing and Urban–Rural Development has released the overall planning framework for the development of “Digital Housing and Urban–Rural Development.”
On October 12, the website of the Ministry of Housing and Urban–Rural Development released the “Overall Layout Plan for the Construction of ‘Digital Housing and Urban–Rural Development.’”
The Plan specifies that “Digital Housing and Urban–Rural Development” will be planned and implemented within an overarching framework of “2+2+N+3.” The first “2” refers to establishing the two foundational pillars: a robust digital infrastructure and a comprehensive data‑resource system. The second “2” denotes the two supporting systems: an information‑security assurance framework and a policy‑and‑standardization framework. “N” signifies the prioritized deployment of N key applications, including digital housing, digital construction projects, smart cities, and digital villages and towns. Finally, the “3” represents three overarching objectives: collaborative governance of large‑scale systems, intelligent governance powered by big data, and citizen‑centric services.

The National Energy Administration has issued the “Guidelines for Preparing Power Safety Accident Investigation Reports.”
On October 15, the website of the National Energy Administration issued the “Notice on the Issuance of the ‘Guidelines for Preparing Power Safety Accident Investigation Reports.’”
The Guidelines specify that an accident investigation report shall comprise 12 components: items 1 and 2 are the cover page and table of contents, respectively; items 3 through 11 constitute the main body of the report, including the introductory section and determination of the nature of the accident, basic information on the entities involved, pre-accident operating conditions, the sequence of events leading to, escalating, and responding to the accident, the accident’s impacts and consequences, an analysis of the causes, issues exposed by the accident, preventive and corrective measures, and recommendations for disciplinary actions against relevant responsible individuals and organizations; item 12 is the appendices.

The ITU World Telecommunication Standardization Assembly was held.
On October 15, the World Telecommunication Standardization Assembly (WTSA‑24) of the International Telecommunication Union convened in New Delhi, India, to deliberate and set the direction for standard‑development activities during the ITU’s 2025–2028 study cycle, to appoint chairs of study groups, and to host the Fifth Global Symposium on Standards.
The Chinese side stated that the Chinese government attaches great importance to the innovation, development, and application of emerging technologies such as artificial intelligence and the metaverse. It is vigorously advancing a new type of industrialization, strengthening research on policies, technologies, and standards, and promoting the high-end, intelligent, and green transformation of industries. Furthermore, China has put forward the Global Initiative on AI Governance, enhancing international cooperation across multiple dimensions—including standards, technology, talent, and industry—to foster the inclusive, equitable, and beneficial development of artificial intelligence and other emerging technologies.

The Ministry of Industry and Information Technology has publicly announced the recommended national standard “General Specification for the Cascade Utilization of End-of-Life Photovoltaic Modules.”
On October 9, the website of the Ministry of Industry and Information Technology published a public notice on the draft of the recommended national standard “General Specifications for the Cascade Utilization of End-of-Life Photovoltaic Modules,” with the deadline for submitting comments set for October 16.
The Standard specifies the general requirements for the cascade utilization of end-of-life photovoltaic modules, as well as requirements related to collection, cascade use, nameplates, packaging, and management. It applies to the cascade utilization of retired crystalline silicon photovoltaic modules; other types of photovoltaic modules shall be used by reference.

The National Healthcare Security Administration has issued the “Administrative Measures for Designating Long-Term Care Insurance Service Providers.”
On October 14, the National Healthcare Security Administration website published the “Notice on Issuing the Provisional Measures for the Designation and Management of Long-Term Care Insurance Service Providers.”
The Measures consist of seven chapters and fifty-two articles, clearly defining provisions related to the designation of designated long-term care service institutions, their operational management, and the administration of agency‑based services. Under the Measures, if a designated long-term care service institution causes substantial losses to the long-term care insurance fund or otherwise generates serious adverse social repercussions, its legal representative, principal person in charge, or de facto controller shall be prohibited from engaging in the management of such institutions for a period of five years. Other relevant personnel shall have their eligibility to receive payments from the long-term care insurance fund suspended for a period of three to twelve months; in cases of severe misconduct, they shall be barred from providing long-term care insurance services for one to three years. Where the conduct constitutes a crime, criminal liability shall be pursued in accordance with the law.

The Ministry of Ecology and Environment plans to issue the “Technical Specifications for Soil Environmental Monitoring.”
On October 15, the website of the Ministry of Ecology and Environment published the “Notice on Public Solicitation of Comments on the National Ecological and Environmental Standard ‘Technical Specification for Soil Environmental Monitoring (Draft for Comments)’,” with a deadline for submitting feedback set for November 12.
The Standard specifies the technical requirements for soil environmental monitoring, covering aspects such as the development of monitoring plans, selection of monitoring parameters and frequency, site layout, sample collection, sample preparation, sample handling, sample storage, analytical procedures, and quality assurance and quality control. It applies to all types of soil environmental monitoring, including regional soil monitoring, monitoring of soils surrounding pollution sources, monitoring of soils around drinking water sources, and monitoring of soil contamination incidents.

The Shanghai Administration for Market Regulation has clarified matters related to the application process for temporary import permits for special food products by exhibitors at the China International Import Expo.
On October 16, the Shanghai Administration for Market Regulation published on its website the “Notice on Matters Related to Applications by Exhibiting Enterprises for Temporary Permits for Imported Special Food Products at the 7th China International Import Expo.”
The Notice clarifies that the Shanghai Administration for Market Regulation exercises registration and approval authority over imported infant formula products, imported foods for special medical purposes (excluding specific complete nutritional formulas), imported health foods, and other such products exhibited and sold by participating enterprises within the exhibition area of the 7th China International Import Expo, and issues temporary permits accordingly.

Taxation
The State Taxation Administration has released the 2024 revised edition of the “Tax Guidance for Enterprises Going Global.”
On October 17, the State Taxation Administration released the “Tax Guidance for Enterprises Going Global (2024 Revised Edition).”
The 2024 revised edition of the “Guidance” systematically compiles and organizes relevant tax policies encountered by outbound taxpayers overseas, as well as tax treaties covering 114 countries and regions. Drawing on four dimensions—tax policies, tax treaties, administrative regulations, and service initiatives—it identifies and summarizes 120 common tax-related issues, with the underlying policy documents current as of June 30, 2024.

The pilot program to replace water resource fees with a tax has been fully implemented.
On October 15, the Ministry of Finance published on its website the “Notice on Issuing the Measures for the Pilot Implementation of Water Resources Tax Reform,” which will take effect on December 1, 2024.
The Measures set forth specific provisions regarding key elements of the water resources tax system, including taxpayers, the tax base, tax rates, and tax incentives. The water resources tax is levied at differentiated rates based on factors such as the state of water resources, the type of water withdrawal, and the level of economic development. The Measures uniformly establish minimum average tax rates for water resources taxes across provinces, autonomous regions, and municipalities directly under the central government, with the specific applicable rates to be determined by each respective jurisdiction. At the same time, the Measures require that higher tax rates be applied to groundwater withdrawals and to water use in areas experiencing severe water shortages or over‑exploitation. Furthermore, the Measures stipulate that, following the full implementation of the pilot program to replace water resource fees with a tax, all revenue from the water resources tax will be allocated to local governments (whereas previously, water resource fee revenues were shared between the central and local governments in a 1:9 ratio), thereby appropriately enhancing local governments’ fiscal autonomy.

Litigation & Arbitration
The Supreme People’s Procuratorate and the Ministry of Ecology and Environment have jointly issued guidelines to strengthen the coordination between ecological and environmental damage compensation and public interest litigation by the procuratorial organs.
The Supreme People’s Procuratorate and the Ministry of Ecology and Environment recently jointly issued the “Opinions on Strengthening the Coordination between Compensation for Ecological and Environmental Damage and Public Interest Litigation by the Procuratorial Organs,” which clarifies the mechanisms for mutual notification and intervention between the procuratorial organs and the ecological and environmental authorities in carrying out work related to compensation for ecological and environmental damage.
The “Opinions” comprise 13 articles that clarify existing coordination issues in practice. Specifically, when local ecological and environmental authorities discover or receive leads concerning cases of ecological and environmental damage compensation and decide to file a case and initiate the claims process, they shall, within fifteen days from the date of such decision, notify the procuratorial organ at the same level. Upon receiving leads for civil public interest litigation involving ecological and environmental matters, if the procuratorial organ determines that the conditions for ecological and environmental damage compensation are met, it may, at the time of public notice, inform the corresponding-level ecological and environmental authority. If the ecological and environmental authority fails to submit a written response within the procuratorial organ’s notification period, it shall be deemed to have declined to file a case and initiate the claims process, and the procuratorial organ may, in accordance with the law, bring a civil public interest lawsuit concerning ecological and environmental matters, among other provisions.

The Jiangsu High People’s Court has released typical cases of corporate disputes from Jiangsu courts in 2024.
On October 16, the Jiangsu High People’s Court released its 2024 list of typical corporate dispute cases, covering several common types of corporate litigation encountered in practice, including forms of shareholders’ capital contributions, determination of shareholder status, exercise of pre-emptive rights, liability for liquidation, and criteria for judicial dissolution of companies.
In Case One, the court held that when funds contributed by a shareholder to the company were neither recorded as “investment capital” nor as “capital contribution,” and the company’s accounting records do not reflect such amounts as capital contributions, those funds constitute merely a creditor’s claim of the shareholder against the company. Such a shareholder’s claim may not be set off against the shareholder’s unfulfilled capital contribution obligations once the company becomes insolvent—measured by the criteria for bankruptcy—and the shareholder remains liable to make the required capital contribution.

Nanjing Courts Release Typical Cases of Bankruptcy Protection for Small and Micro Enterprises
The Nanjing Intermediate People’s Court held a press conference to release typical cases of bankruptcy protection for small and micro enterprises handled by Nanjing courts.
This batch of typical cases comprises nine instances. Among them, Case No. 1 is a quintessential example of accurately identifying the reorganization value of small and micro enterprises to facilitate their swift recovery. The Nanjing Intermediate People’s Court, taking into account the relevant qualifications of a certain tourism company and the growth prospects of the cultural‑tourism sector in which it operates, determined that the company possessed reorganization value. When assessing the value of assets subject to operating‑license requirements, the court reasonably established their worth by referencing market conditions, industry outlook, and the opinions of competent authorities, industry associations, or qualified professionals, thereby enabling the enterprise’s rapid revival, significantly improving the creditor repayment rate, and effectively mitigating debt risks for upstream and downstream small and micro‑enterprise creditors.

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