JC Master Legal News Issue 1113

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued three financial industry standards, including the “Reference Model for Time-Series Data in Investment Research.”
Recently, the China Securities Regulatory Commission issued three financial industry standards—“Reference Model for Time-Series Data in Investment Research,” “Basic Data Element Specification for the Securities and Futures Industry, Part 1: Basic Data Elements,” and “Basic Data Element Specification for the Securities and Futures Industry, Part 2: Basic Codes”—which shall take effect from the date of their publication.
The China Securities Regulatory Commission has issued the Interim Measures for the Administration of Share Reductions by Shareholders of Listed Companies and the Rules on the Management of Shares Held by Directors, Supervisors, and Senior Management of Listed Companies and Their Changes.
To implement the State Council’s “Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Capital Market” and the “Opinions on Strengthening the Supervision of Listed Companies (Trial),” the China Securities Regulatory Commission today issued the Provisional Measures for the Administration of Share Reductions by Shareholders of Listed Companies and the Rules for the Administration of Shares Held by Directors, Supervisors, and Senior Management of Listed Companies and Their Changes, both of which shall take effect from the date of their promulgation.
The Shanghai Council for the Promotion of International Trade International Commercial Mediation Center Has Been Established.
The Shanghai Council for the Promotion of International Trade International Commercial Mediation Center was jointly initiated by the Shanghai International Chamber of Commerce, the Shanghai World Trade Center Association, the Shanghai International Economic and Trade Arbitration Commission (Shanghai International Arbitration Center), the Shanghai Federation of Enterprises, the Shanghai Financial Industry Association, and the Shanghai Foreign-Invested Enterprises Association. It is the first mediation organization in Shanghai to have been jointly approved by the Municipal Justice Bureau and the Municipal Civil Affairs Bureau.
The Supreme People’s Court has established the latest standard for compensation for deprivation of personal liberty.
Recently, the Supreme People’s Court issued a notice requiring that, effective May 20, 2024, when rendering decisions on state compensation, compensation for deprivation of personal liberty shall be calculated at 462.44 yuan per day.
Finance & Capital Markets
The China Securities Regulatory Commission has issued three financial industry standards, including the “Reference Model for Time-Series Data in Investment Research.”
Recently, the China Securities Regulatory Commission issued three financial industry standards—“Reference Model for Time-Series Data in Investment Research,” “Basic Data Element Specification for the Securities and Futures Industry, Part 1: Basic Data Elements,” and “Basic Data Element Specification for the Securities and Futures Industry, Part 2: Basic Codes”—which shall take effect from the date of their publication.

The Financial Industry Standard “Reference Model for Time-Series Data in Investment Research” specifies requirements for the master data framework of investment‑research time-series data, including standardized naming conventions for data metrics, data definitions, and data APIs. By classifying investment‑research master data and designing a dimensional modeling scheme, the standard establishes a reference model for time-series data metrics. The promulgation and implementation of this standard will enhance data quality in the investment‑research domain, facilitate cross‑institutional sharing of time-series data, and unlock the value of data applications.

The “Basic Data Element Specification for the Securities and Futures Industry,” a series of standards for the financial sector, comprises two parts: Part 1, “Basic Data Elements,” and Part 2, “Basic Codes.” Through steps such as tracing regulatory requirements, refining technical attributes, and enhancing constraint rules, this standardization series defines the names, meanings, classifications, types, and lengths of core, industry‑wide data elements, providing a reference framework for the development of subsequent domain‑specific data element standards. The promulgation and implementation of these standards will help improve the accuracy of industry‑wide foundational data, reduce data‑processing costs, and support the digital transformation of financial institutions.

Going forward, the China Securities Regulatory Commission will continue to advance the informatization and digitalization of the capital market, focus on developing foundational standards, promote the development of standards in the field of information exchange, and steadily strengthen the foundation for technology‑driven regulation.

The China Securities Regulatory Commission has issued the Interim Measures for the Administration of Share Reductions by Shareholders of Listed Companies and the Rules on the Management of Shares Held by Directors, Supervisors, and Senior Management of Listed Companies and Their Changes.
To implement the State Council’s “Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Capital Market” and the “Opinions on Strengthening the Supervision of Listed Companies (Trial),” the China Securities Regulatory Commission today issued the Interim Measures for the Administration of Share Reductions by Shareholders of Listed Companies (hereinafter referred to as the “Reduction Management Measures”) and the Rules for the Administration of Shares Held by Directors, Supervisors, and Senior Management of Listed Companies and Their Changes (hereinafter referred to as the “Shareholding Change Rules”), which shall take effect from the date of their promulgation.

The share‑reduction regime is a fundamental institutional pillar of the capital market. To implement the requirements set forth in recent documents to comprehensively refine the share‑reduction regulatory framework, strictly regulate share reductions by major shareholders—particularly controlling shareholders and de facto controllers—and resolutely prevent circumvention‑based reduction practices, the China Securities Regulatory Commission (CSRC) has drafted the Measures for the Administration of Share Reductions, building on the Several Provisions on Share Reductions by Shareholders, Directors, Supervisors, and Senior Management of Listed Companies (hereinafter referred to as the “Reduction Provisions”). At the same time, it revised the Rules on Changes in Shareholdings and, from April 12 to April 27, 2024, publicly solicited comments from the public. Stakeholders generally expressed support for the draft rules; the CSRC carefully reviewed each proposed amendment and improvement, thoroughly incorporated relevant feedback, and accordingly revised the regulations.

The Measures for the Administration of Share Reduction comprise 31 articles, broadly preserving the basic framework and core provisions of the former Regulations on Share Reduction. They elevate the previous normative documents to the level of formal regulations and refine relevant provisions in response to key concerns raised by the market: First, they impose strict oversight on share reductions by major shareholders. Specifically, controlling shareholders and persons exercising actual control are prohibited from reducing their holdings through centralized bidding or block trades under circumstances such as a stock price falling below its IPO price, trading below net asset value, or failing to meet dividend‑distribution requirements. A pre‑disclosure obligation has been added for major shareholders prior to conducting block‑trade sales, and concerted actors of major shareholders are required to comply with the same reduction limits. Second, they effectively prevent circumvention of reduction restrictions. The measures mandate a six‑month lock‑up period for transferees in agreement‑based transfers; clarify that, following the division of shares due to divorce, dissolution, spin‑off, or other similar events, all parties must continue to adhere to the reduction limits; specify that different reduction requirements apply depending on the method of disposal—such as judicial enforcement or the handling of defaults in margin financing and securities lending; and prohibit major shareholders from engaging in short‑selling or participating in derivative transactions whose underlying asset is the company’s own stock, as well as from lending restricted shares through securities‑lending programs or allowing restricted‑shareholders to engage in short‑selling. Third, they further detail liability provisions for violations. They stipulate that, in cases of unlawful share reduction, authorities may order the violator to repurchase the shares and remit the resulting price differential to the listed company, and enumerate specific scenarios subject to penalties. In addition, the obligations of listed companies and their board secretaries have been strengthened.

The revised Rules on Shareholding Changes incorporate and consolidate the requirements in the Regulations on Share Reductions regarding the standardized conduct of share reductions by directors, supervisors, and senior management, further clarifying that, following a divorce‑related division of shares, all parties must continue to comply with the original restrictions on share reductions. In addition, the blackout periods during which trading in shares is prohibited have been optimized, thereby supporting directors, supervisors, and senior management in increasing their shareholdings in accordance with the law.

Going forward, the China Securities Regulatory Commission will continue to strengthen oversight of share‑selling by shareholders, rigorously crack down on and impose severe penalties for violations of disclosure requirements, and safeguard market trading order.

The Shanghai Stock Exchange convened a symposium on rational investing, value investing, and long-term investing to systematically strengthen investor protection efforts.
To thoroughly study and implement the spirit of the Central Financial Work Conference and earnestly carry out the arrangements set forth in the new “Nine Measures for National Financial Reform,” the Shanghai Stock Exchange convened a symposium on “Rational, Value‑Based, and Long‑Term Investing in the Capital Market” on May 17. The event brought together industry institutions to jointly promote the adoption of the principles of rational, value‑based, and long‑term investing—hereinafter referred to as the “Three‑Investment” philosophy—while fostering and upholding a Chinese‑style financial culture and deeply putting into practice the “Five Musts and Five Nos.” Cai Jianchun, Deputy Secretary of the SSE Party Committee and General Manager, and Wang Hong, Member of the Party Committee and Deputy General Manager, attended the symposium. Leaders from ten market institutions—including bank wealth management offices, pension insurance providers, securities companies, public mutual funds, private equity funds, universities, and media outlets—delivered remarks at the event.
The heads of the participating institutions unanimously agreed that they must steadfastly uphold the political and people-centered nature of financial work, return to the industry’s fundamental purpose, and strike an appropriate balance between functionality and profitability. They emphasized the need to deeply embed the “customer‑centric” philosophy and translate the “three‑investment” principle into concrete actions. Many pointed out that the successful implementation of the “three‑investment” approach hinges on coordinated efforts at both the investment and financing ends. They recommended continuously refining policies, products, and service frameworks to better align with medium- and long-term funding needs; optimizing policy measures in areas such as accounting, fiscal and tax administration, and state‑owned asset performance evaluation; steadily expanding the range of products eligible for inclusion in the individual pension scheme; and vigorously promoting index‑based and indexed investing. These steps would help meet the policy, institutional, allocation, and risk‑control requirements for channeling long-term capital into the market, thereby fostering a positive dynamic of balanced development and constructive interaction between investment and financing.
Taking advantage of the “May 15 National Investor Protection Public Awareness Day,” under the unified deployment of the China Securities Regulatory Commission, the Shanghai Stock Exchange has undertaken a series of initiatives—including hosting symposiums, issuing appeals, promulgating rules, organizing events, conducting live broadcasts, and launching public awareness campaigns—to deepen industry-wide understanding, rally societal support, enhance institutional frameworks, build momentum, and maintain close engagement with the investing public, thereby advancing investor protection efforts in a systematic and coordinated manner.
First, we have vigorously promoted and publicized the “Three Investments” philosophy. In addition to holding symposiums, we publicly issued the “Initiative on Rational, Value‑Based, and Long‑Term Investing in the Capital Market” to all market participants, while also inviting institutions to co‑sign the initiative, thereby attracting more market players to join in and fostering a positive environment across the entire market for the active adoption of these three investment principles. At the same time, in collaboration with the Shanghai Securities News, we launched the preliminary phase of the fourth “SSE Cup” ETF Competition. Building on the success of the previous three editions, we have further intensified efforts to disseminate knowledge about indices and index‑based investing, thereby deepening the effective implementation of our “National Education” program. Over the three years since the launch of the “SSE Cup,” this flagship initiative has achieved a three‑tier leap—from Shanghai to the Yangtze River Delta region and then nationwide—engaging more than 1,500 students from over 1,000 universities across the country. In partnership with the China Fund News, we also organized a short‑video contest and exhibition on ETF‑related investor education, aiming to raise public awareness of index‑based investing and guide investors toward long‑term strategies through ETFs.
Second, we have streamlined channels for investors to voice their concerns. Earlier, in accordance with national laws and regulations as well as the China Securities Regulatory Commission’s rules, the SSE has integrated and established a unified platform for handling investor grievances, consolidating functions related to letters and visits, whistleblowing, complaints, inquiries, and suggestions into a single grievance-handling function. This enables “one‑stop service” via the hotline and “one‑stop online service” through the website. Building on this foundation, on May 15, the SSE issued three operational guidelines—the Measures for Handling Letters and Visits of the Shanghai Stock Exchange, the Measures for Handling Whistleblowing Reports of the Shanghai Stock Exchange, and the Measures for Operating the Investor Service Hotline of the Shanghai Stock Exchange—clarifying key matters such as the definition of grievances, the scope of accepted cases, and the procedures for their resolution. Upholding the “Fengqiao Experience” of the new era, the SSE has vigorously implemented the “Three Open Doors” initiative and the “Strengthening Foundations Year” campaign, ensuring consistent and effective handling of public concerns. On the same day, the SSE conducted the first Douyin livestream on its 4008888400 investor service hotline, fielding calls from investors, responding to questions in the online comment section, and providing focused answers to frequently asked questions received through the investor services hotline, thereby establishing a robust investor‑service presence on new media platforms.
Third, we have strengthened investor education and guidance to help investors better understand their rights, exercise those rights, and safeguard their interests. In collaboration with the Hebei Securities Regulatory Bureau, Caida Securities, and Hebei University, we launched the “Hebei Capital Market on Campus” series of investor‑education outreach events. The four parties signed a memorandum of understanding for the “National Education” project, and Dong Guoqun, a member of the SSE Party Committee and Deputy General Manager, attended the event. Notably, the “National Education” investor‑education initiative has been in practice for three years, achieving full coverage across all 36 securities regulatory jurisdictions nationwide. Its offline collaborative courses have reached more than 54 universities, benefiting over 100,000 students, and it has established the largest system‑wide national education curriculum framework. Marking the 10th anniversary of the “I Am a Shareholder” program, we initiated the 2024 “I Am a Shareholder” campaign, which brings the initiative into listed companies, along with a dedicated “Investor Services Week.” This effort sets an example for small and medium shareholders in exercising their shareholder rights. It is worth noting that the “I Am a Shareholder” program has now been running for a decade, having conducted approximately 1,600 visits to Shanghai‑listed companies. In 2023 alone, nearly one million investors participated in 327 online and offline events. Meanwhile, the “Investor Services Week,” a signature investor‑service model, has been implemented for two years. Anchored at the SSE’s five major market service hubs, it extends its reach to third- and fourth‑tier cities, covering 51 cities across 27 provinces—including 19 such cities for the first time—and hosting more than 220 events, providing face-to-face services to over 60,000 small and medium investors. In addition, in coordination with the China Securities Regulatory Commission, we organized the fifth National Anti‑Fraud Public Awareness Month, raising awareness about preventing illegal securities activities and protecting investors’ rights. Working closely with the China Securities Investor Service Center and drawing on the CSRC’s published typical cases of investor protection, we presented developments in investor protection efforts on the Shanghai Stock Exchange from the perspective of investors, further strengthening their awareness of rights protection.
“Keeping Investors at Heart, Acting Together—Promoting High-Quality Development and Boosting Investor Confidence.” Going forward, the Shanghai Stock Exchange will continue to officely uphold the people-centered nature of the capital market, maintain close ties with investors—especially the broad base of small and medium-sized investors—solicit their views, deepen dialogue, and forge concerted efforts to advance the high-quality development of the capital market.

The central bank has issued three major policy notices in succession, adjusting housing loan interest rates and down-payment ratios, among other measures.
On May 17, the People’s Bank of China published on its official website the “Notice on Adjusting the Policy for Commercial Individual Housing Loan Interest Rates,” the “Notice on Lowering the Interest Rate for Individual Housing Provident Fund Loans,” and the “Notice on Adjusting the Policy for the Minimum Down Payment Ratio for Individual Housing Loans.”
The three documents clearly stipulate the removal of the lower limit on commercial personal mortgage rates for both first‑ and second‑home purchases at the national level. Effective May 18, 2024, personal housing provident fund loan rates will be reduced by 0.25 percentage points: the interest rates for first‑home loans with terms of five years or less (inclusive) and over five years will be adjusted to 2.35% and 2.85%, respectively; for second‑home loans, the rates for terms of five years or less (inclusive) and over five years will be set at no lower than 2.775% and 3.325%, respectively. For resident households purchasing commodity housing with a mortgage, the minimum down payment ratio for first‑home commercial personal mortgages will be adjusted to no less than 15%, while that for second‑home commercial personal mortgages will be adjusted to no less than 25%.

Commercial & Corporate
The State Administration for Market Regulation and the World Trade Organization have jointly launched the Chinese-language version of the Technical Barriers to Trade Notification and Early Warning Platform.
On May 23, the State Administration for Market Regulation and the World Trade Organization (WTO) officially launched the Chinese-language version of the WTO Technical Barriers to Trade Notification and Early Warning Platform (ePing system).
The ePing system is the WTO’s official platform for publishing technical barriers to trade measures, designed to help WTO members—particularly small and medium-sized enterprises—access timely information on standards, technical regulations, conformity assessment procedures, and other TBT‑related measures. The State Administration for Market Regulation, in accordance with its mandate, is responsible for TBT‑related work; the TBT measures it notifies account for approximately 90 percent of all notifications submitted by the Chinese government. Over the years, the market regulation system has actively fulfilled its TBT responsibilities, issuing early warnings to businesses, addressing their concerns, and safeguarding their interests, with tangible results. During the development of the Chinese‑language version of the ePing system, the Administration launched the official WeChat account “TBT Public Service Platform,” which synchronizes all information with the ePing system and provides free access to query this data.

The Shanghai Council for the Promotion of International Trade International Commercial Mediation Center Has Been Established.
On May 20, the Shanghai International Commercial Mediation Center (SHICMC) was established.
The Shanghai Council for the Promotion of International Trade International Commercial Mediation Center was jointly initiated by the Shanghai International Chamber of Commerce, the Shanghai World Trade Center Association, the Shanghai International Economic and Trade Arbitration Commission (Shanghai International Arbitration Center), the Shanghai Federation of Enterprises, the Shanghai Financial Industry Association, and the Shanghai Foreign-Invested Enterprises Association. It is the first mediation organization in Shanghai to have been jointly approved by the Municipal Justice Bureau and the Municipal Civil Affairs Bureau. The center’s latest roster of mediators comprises 161 members from 11 countries and regions, and its revised mediation rules came into effect on May 20, 2024.

State Administration for Market Regulation: The Administration no longer has jurisdiction over administrative reviews of the administrative actions of local market regulation authorities.
On May 23, the website of the State Administration for Market Regulation published the “Notice on Adjustments to Administrative Review Jurisdiction.”
The Notice clarifies that the newly revised Administrative Review Law has been in effect since January 1, 2024, and that it introduces significant adjustments to administrative review jurisdiction. Article 24, paragraph 1 stipulates that people’s governments at or above the county level have jurisdiction over administrative review cases filed against administrative actions taken by their own government departments. Since January 1, 2024, the State Administration for Market Regulation has received a number of administrative review applications challenging administrative actions issued by local market regulation authorities. However, as the State Administration for Market Regulation lacks jurisdiction over such applications, it has, in accordance with the law, issued decisions rejecting their acceptance. The State Administration for Market Regulation once again urges all applicants to promptly familiarize themselves with the newly revised Administrative Review Law of the People’s Republic of China and to pay close attention to changes in administrative review jurisdiction. For administrative actions taken by local market regulation authorities at or above the county level, applicants are advised to file their administrative review applications with the people’s government at the same level, in accordance with the law.

The Ministry of Ecology and Environment has added seven chemical substances to the Inventory of Existing Chemical Substances in China.
Recently, the website of the Ministry of Ecology and Environment published the “Notice on Supplementing the ‘Inventory of Existing Chemical Substances in China’ (Batch 1 of 2024, Total Batch 11).”
The Notice clarifies that seven chemical substances, meeting the relevant criteria and included in the first batch of 2024 (the 11th overall), will be added to the Inventory of Existing Chemical Substances of China, including peroxymonocarboxylic acid, vanadium(III) oxide, and aluminum dihydroxy aminoacetate, among others.

The National Energy Administration has launched comprehensive regulatory work in the power sector for 2024.
Recently, the National Energy Administration issued the “Notice on Launching Comprehensive Regulatory Work in the Power Sector for 2024.”
The Notice clarifies that, across six provinces and autonomous regions, regulatory oversight will be conducted on seven key areas spanning the entire value chain of power planning and construction, production and operations, and supply security: (1) the progress in achieving targets for coal-fired power plant planning, construction, renovation, and upgrading; (2) the provision of fair and open grid access services; (3) the extent to which grid enterprises leverage their natural monopoly position to extend into downstream competitive segments; (4) the state of power dispatch, trading, and market order; (5) the integration and consumption of renewable energy; (6) improvements in the quality of “access to electricity” services; and (7) the implementation of recent measures issued by the State Council to accelerate the development of a unified national market.

Beijing has issued the “Action Plan for Accelerating Collaborative Innovation in the Pharmaceutical and Healthcare Sectors (2024–2026).”
On May 23, the Beijing Municipal Government website published the “Notice on Issuing the ‘Beijing Action Plan for Accelerating Collaborative Innovation in the Pharmaceutical and Healthcare Sectors (2024–2026)’.”
The Action Plan outlines 34 key tasks across eight priority areas: (1) Strengthening innovation origination and accelerating the commercialization of cutting-edge technologies; (2) Enhancing clinical research and reinforcing collaboration among industry, academia, and healthcare; (3) Unlocking the value of data as a strategic factor and advancing digital empowerment; (4) Building end-to-end service systems to expedite the transition from R&D to practical application; (5) Optimizing product portfolios to drive a leap in industrial capabilities; (6) Implementing tailored, category-specific policies to support the tiered development of enterprises; (7) Launching comprehensive initiatives for talent recruitment and cultivation to establish a global hub for top-tier professionals; and (8) Leveraging regional strengths to foster an integrated, coordinated industrial cluster development model.

The National On-site Conference on the Filing and Management of Class I Medical Devices Was Held.
On May 22, the Medical Device Registration Department of the National Medical Products Administration convened a national on-site meeting on the filing and management of Class I medical devices in Hangzhou, Zhejiang Province.
The meeting emphasized the need to continuously strengthen registration management and promote the industry’s standardized development. The provincial bureau must earnestly enhance its oversight and guidance of city‑level registration authorities, adopt innovative working approaches, and ensure that all measures are effectively implemented. Registration authorities, for their part, should fully comply with the requirements set forth in relevant regulatory documents, paying particular attention to the implementation of the newly revised “Classification Catalogue of In Vitro Diagnostic Reagents,” bolster risk prevention, conduct timely retrospective reviews of submitted registration dossiers, and reinforce information sharing with post‑registration supervisory bodies, thereby elevating the overall level of registration management.

The market regulation authorities of Beijing, Tianjin, and Hebei have signed multiple cooperation agreements.
Recently, the Beijing Municipal Administration for Market Regulation, the Tianjin Municipal Market Supervision and Administration Commission, and the Hebei Provincial Administration for Market Regulation jointly signed several cooperation agreements to further strengthen regional collaboration in areas such as food safety, inspection, testing, and certification, as well as market access for business entities, thereby elevating the coordinated development of the Beijing–Tianjin–Hebei region to a new level.
At the 2024 Beijing–Tianjin–Hebei Regional Market Regulation Coordination Meeting, the market regulation authorities of the three regions signed the “Work Plan for Extended Regulatory Cooperation on Entrusted Food Production in the Beijing–Tianjin–Hebei Area,” the “2024 Action Plan for Regional Cooperation on Inspection, Testing, and Certification in the Beijing–Tianjin–Hebei Area,” and the “Memorandum on Further Promoting Integrated and Coordinated Development of Business Entity Access and Operation.” They also jointly released six jointly developed metrological technical specifications, and agreed to explore the establishment of a coordinated mechanism for “CCC Exemption” procedures across the three regions, facilitating mutual recognition of “CCC Exemption” certification results among the jurisdictions, thereby effectively leveraging this measure to support improvements in the business environment and the development of cross-border trade.

Shenzhen plans to issue opinions on two local standards, including the “Technical Specifications for Monitoring and Reporting Adverse Drug Reactions in Medical Institutions.”
On May 23, the Shenzhen Municipal Administration for Market Regulation published on its website the “Notice on Public Solicitation of Comments on Two Local Standards, Including the ‘Technical Specifications for Monitoring and Reporting Adverse Drug Reactions in Medical Institutions.’”
The Notice has published two standard documents—“Technical Specifications for the Monitoring and Reporting of Adverse Drug Reactions in Medical Institutions” and “Technical Guidelines for Regional Spatial Ecological Environment Assessment”—and is soliciting public comments. Among these, the “Technical Specifications for the Monitoring and Reporting of Adverse Drug Reactions in Medical Institutions” sets forth the requirements for monitoring and reporting adverse drug reactions/events in medical institutions, covering organizational structure, reporting principles, reporting procedures, periodic analysis, training and public awareness, record-keeping, communication, and continuous improvement. These specifications are intended to guide and standardize the monitoring and reporting of adverse drug reactions/events in medical institutions across Shenzhen.

The Ministry of Finance has announced its legislative agenda for 2024, which includes drafting and revising a number of financial and accounting-related documents.
On May 23, the Ministry of Finance’s website published the “Ministry of Finance’s 2024 Legislative Work Plan,” which comprises three main areas.
First, we are actively advancing the drafting of such initiatives as the revised Asset Evaluation Law, the Measures for Handling Complaints and Reports Concerning the Practice of Accounting Offices and Certified Public Accountants, and the Measures for Managing the List of Seriously Dishonest Entities in the Certified Public Accountant Profession. Second, we are steadily pushing forward the drafting of projects including the Provisional Measures for the Supervision and Administration of State‑Owned Asset Evaluations in Financial Enterprises (revised), the Measures for the Administration of Transfers of State‑Owned Assets in Financial Enterprises (revised), the Standards for Basic Accounting Work (revised), the Measures for the Administration of Agency Bookkeeping Services (revised), the General Corporate Financial Regulations (revised), and the Measures for Handling Violations in the National Uniform Examination for Certified Public Accountants (revised). Third, in light of practical needs, we are conducting forward‑looking research on legislative issues in other areas of fiscal and budgetary management.

The Shenzhen Municipal People’s Congress plans to introduce the Regulations on the Administration of State-Owned Land Supply in the Shenzhen Special Economic Zone.
On May 23, the website of the Standing Committee of the Shenzhen Municipal People’s Congress published the “Notice on Soliciting Public Opinions on the Draft Regulations of the Shenzhen Special Economic Zone on the Administration of State‑Owned Land Supply.”
》，The deadline for submitting feedback is June 23.
The Regulations comprise six chapters and 81 articles, covering general provisions, the supply of state-owned land, the use and management of state-owned land, safeguards and oversight, legal liabilities, and supplementary provisions. They encompass the entire chain of state‑owned land—spanning both the primary and secondary markets—as well as post‑approval supervision. The Regulations unify under a single framework various methods of land supply, including allocation, transfer of land-use rights, contribution of land value in kind (equity participation), and leasing. They also clearly define the applicable circumstances and approval procedures for temporary use, entrusted management, and short‑term utilization of state‑owned reserve land.

The Ministry of Finance has issued the “Operational Guidelines for the Management of Entrusted Contracts for Budget Performance Evaluation.”
On May 24, the Ministry of Finance’s website published the “Notice on Issuing the ‘Operational Guidelines for the Management of Entrusted Contracts for Budget Performance Evaluation (Trial)’.”
The Guidelines comprise five chapters and twenty-six articles, stipulating that the contract must designate a lead evaluator and provide for the prohibition of arbitrary changes, while requiring that working group members maintain relative stability. The contract should also mandate that the entrusted party implement a conflict-of-interest avoidance regime, clearly defining circumstances and timeframes for recusal to ensure separation between the entrusted party and the evaluation subject. Furthermore, the contract must expressly impose on the entrusted party a duty of confidentiality with respect to all information and materials involved in the evaluation process. Both parties to the contract shall explicitly set forth their respective rights and obligations regarding staffing, training and guidance, coordination and cooperation, performance acceptance, quality control, payment and receipt of fees, and records management. The commissioning party shall conduct quality control in accordance with the contents and standards specified in the contract, and the entrusted party shall cooperate fully. The commissioning party shall refrain from any improper interference in the entrusted party’s evaluation activities carried out in compliance with applicable laws and regulations during the quality-control process.

Four departments have issued regulations on the security management of government‑related internet applications, clearly defining the rules for the establishment, development, and security of official websites and official accounts.
On May 22, China Internet Information Office released the “Regulations on the Security Management of Government Affairs Applications on the Internet.”
The Regulations comprise eight chapters and forty-four articles, covering such areas as establishment and construction, information security, network and data security, email security, monitoring and early warning, and emergency response. They stipulate that each Party and government organ may operate at most one portal website, and in principle shall register only one Chinese‑language domain name and one English‑language domain name, with the domain names bearing the suffixes “.gov.cn” or “.政务.” The names of Internet‑based government applications shall, as a general rule, prioritize the official institutional name or its standardized abbreviation; if other names are used, they should, in principle, follow a naming convention that combines a regional identifier with the functional designation, and the official institutional name must be prominently displayed. The Regulations further clarify that when government organs and public institutions publish information through Internet‑based government applications, they must establish and improve an information release review system, specify review procedures, designate dedicated agencies and on‑staff personnel to oversee review activities, and maintain comprehensive records of review processes. They must also implement the cybersecurity classification protection regime and comply with national requirements for cryptographic application management, conducting classification registration and level‑assessment in accordance with relevant standards and specifications, and putting in place measures to strengthen security, rectify vulnerabilities, and mitigate risks to network and data security. Moreover, government organs and public institutions are required to conduct, either independently or by commissioning qualified third‑party cybersecurity service providers, at least one annual security inspection and assessment of the network and data security of their Internet‑based government applications.

The National Data Administration has clearly outlined four key priorities for the 2024 development of Digital China.
Recently, the National Data Administration issued the “Key Work Priorities List for Digital China Construction in 2024,” outlining the plans and priorities for advancing Digital China initiatives in 2024.
The “Key Work Plan” lays out priority tasks across four main areas: building a high-quality foundation for digital development; leveraging digital technologies to drive high‑quality economic and social progress; strengthening the capacity‑building role of key enablers for Digital China; and fostering a favorable environment and atmosphere for digital development. Key initiatives include: accelerating the expansion and speeding up the deployment of digital infrastructure; addressing bottlenecks in the circulation of data resources; deepening innovation and development in the digital economy; improving and refining the digital government service system; promoting the rich and diversified growth of digital culture; constructing an inclusive and convenient digital society; advancing the development of a digital ecological civilization; enhancing the coordinated application of digital technologies; steadily bolstering digital security capabilities; continuously improving the governance ecosystem in the digital sphere; and consistently broadening space for international cooperation and exchanges in the digital domain.

The State Administration for Market Regulation has issued ten measures to promote the standardized and sound development of online auctions.
On May 22, the website of the State Administration for Market Regulation published the “Guiding Opinions on Promoting the Standardized and Healthy Development of Online Auctions.”
The “Guiding Opinions” comprise ten provisions, clearly stipulating the need to strengthen market access management for online auctions, enhance the institutional framework governing online auctions, revise and improve relevant departmental regulations, intensify efforts to develop and update related standards, further refine national standards for online auctions, formulate and promote the use of model transaction contracts covering the entire online auction process, and effectively regulate the signing and performance of auction agreements. It also calls for bolstering innovation in business models and platform technologies within the online auction sector, upgrading enterprise services, reinforcing regulatory oversight and law enforcement, and fostering inter‑agency collaboration, while strengthening self‑governance by online auction platforms. With respect to auction categories subject to special licensing—such as cultural relics—the document urges online auction platform operators to enhance their professional review capabilities and internal control systems, and explicitly prohibits the abuse of platform rules or dominant market positions to infringe upon, restrict competition, or undermine the legitimate rights and interests of both on‑platform and off‑platform online auction operators and other market participants.

Two departments: Fully implement paperless processing of the entire intellectual property pledge registration procedure at banking and financial institutions.
On May 22, the website of the National Intellectual Property Administration published the “Notice on Fully Implementing Paperless Processing of the Entire Intellectual Property Pledge Registration Procedure at Banking and Financial Institutions.”
The Notice clarifies that all banking and financial institutions are encouraged to handle patent‑right pledge registration online through the patent‑related business processing system. For applications that meet the registration requirements and include a commitment to the consistency between the electronic and paper originals of the pledged‑registration documents, the National Intellectual Property Administration will issue a “Notice of Patent‑Right Pledge Registration” without requiring the submission of paper originals. As for banking and financial institutions that currently do not yet have the capacity to conduct the entire patent‑right pledge registration process in a paperless manner, they shall follow the relevant provisions of the “Measures for the Registration of Patent‑Right Pledges” when carrying out the registration procedures.

The Ministry of Transport has issued the Three-Year Action Plan for Enhancing the Quality and Efficiency of Administrative Law Enforcement in the Transportation Sector.
On May 23, the website of the Ministry of Transport published the “Notice on Issuing the Three-Year Action Plan for Enhancing the Quality and Efficiency of Administrative Law Enforcement in the Transportation Sector (2024–2026).”
The Action Plan sets out the following key tasks: (1) Uphold political development as the overarching principle and persistently strengthen conduct and discipline. (2) Strictly standardize law enforcement practices and earnestly put into practice the principle of law enforcement for the people. (3) Strengthen the law enforcement workforce and continuously enhance its quality and capabilities. (4) Improve the comprehensive law enforcement system and mechanisms, and refine the law enforcement framework.

The Ministry of Industry and Information Technology has issued the Guidelines for Building a Standards System for Service‑oriented Manufacturing.
On May 22, the website of the Ministry of Industry and Information Technology published the “Notice on Issuing the Guidelines for Building a Standards System for Service‑oriented Manufacturing.”
The Notice clarifies that the service‑oriented manufacturing standards system comprises four sub‑systems: foundational and general standards, core‑element standards, business‑type standards, and integrated‑business‑model application standards. Among these, the foundational and general standards provide the underlying support for the other sub‑systems; the core‑element standards serve as the central pillar of the service‑oriented manufacturing framework, enabling the efficient provision of product‑service combinations through the optimized allocation of resources; the business‑type standards guide the innovation of service‑oriented manufacturing models in industrial practice; and the integrated‑business‑model application standards address the emerging needs arising from the convergence of manufacturing and services.

The market supervision administrations of Shanghai, Jiangsu, Zhejiang, and Anhui have jointly issued a unified local standard for the information traceability of food and agricultural products.
On May 22, the Shanghai Administration for Market Regulation published on its website the “Notice on the Approval and Release of the Unified Local Standard for the Yangtze River Delta Region, ‘Information Traceability for Food and Edible Agricultural Products in the Yangtze River Delta.’”
The local standards for the Yangtze River Delta region approved and released this time include “Information Traceability for Food and Edible Agricultural Products in the Yangtze River Delta—Part 1: General Requirements,” “Information Traceability for Food and Edible Agricultural Products in the Yangtze River Delta—Part 2: Data Elements,” and “Information Traceability for Food and Edible Agricultural Products in the Yangtze River Delta—Part 3: Data Interfaces.”

Three departments have issued a document to strengthen the standardized management of vocational skills assessment.
Recently, the website of the Ministry of Human Resources and Social Security published the “Notice on Strengthening the Standardized Management of Vocational Skills Assessment.”
The Notice stipulates that it is necessary to strictly standardize diversified assessment practices, strengthen quality management of assessments, intensify regulatory oversight and enforcement, bolster the development of information platforms, and establish long-term working mechanisms. It further clarifies that any instances of failing to rigorously implement national occupational standards or assessment regulations; lax review of eligibility criteria; or even falsifying eligibility, forging examination papers, fabricating false documentation, issuing certificates without conducting examinations, or indiscriminately issuing and reselling certificates shall be subject to the following measures: cancellation of assessment results, annulment of certificates, removal of uploaded certificate data, recovery of corresponding subsidy funds, and imposition of corrective measures—such as a specified deadline for rectification or removal from the roster of vocational skills assessment institutions—on the relevant assessment bodies. Where such conduct constitutes an official crime, the matter shall be referred to the discipline inspection and supervisory authorities; where it amounts to other criminal offenses, it shall be handed over to the public security organs for prosecution in accordance with the law.

The National Conference of Directors of Financial Offices under Local Party Committees was held, emphasizing the need to ensure that financial services support the real economy.
On May 21, the National Conference of Directors of Local Party Committee Financial Offices was held in Beijing. Li Qiang, Member of the Standing Committee of the Political Bureau of the CPC Central Committee, Premier of the State Council, and Director of the Central Financial Commission, issued important instructions on strengthening local financial work.
The meeting emphasized the need to uphold the fundamental principle of financial services supporting the real economy, deliver on the five key priorities in the financial sector, balance financial opening-up with financial security, accelerate the development of a modern financial system with Chinese characteristics, complete the reform of the local financial management system on schedule, strengthen coordination between central and local authorities, reinforce day-to-day oversight of local financial institutions, and officely safeguard against systemic financial risks. At present, it is essential to comprehensively and rigorously prevent and control interrelated risks—including those in the real estate sector, local government debt, and small and medium-sized local financial institutions—while cracking down hard on illegal financial activities, comprehensively enhancing regulatory oversight of local financial entities, jointly strengthening supervision of small and medium-sized financial institutions, and stepping up support for major national strategies, priority sectors, and areas of weakness.

The Ministry of Natural Resources plans to revise the Measures for the Administration of Land Reserve.
On May 21, the website of the Ministry of Natural Resources published an announcement soliciting public comments on the “Measures for the Administration of Land Reserve (Draft for Comments),” with a deadline for submitting feedback set for June 21.
The Measures comprise seven sections and twenty-six articles, with a primary focus on refining the land reserve management system. Specifically, Article 2 has been amended to include the provision that “the rights and interests of owners shall be implemented and safeguarded… and asset management and maintenance shall be carried out”; the procedures for preparing the annual land reserve plan have been streamlined; the cap on the number of plan adjustments has been lifted; and the criteria for including land in the reserve have been further standardized. It is clarified that land reserve agencies must verify the compliance of land acquisition methods and procedures, as well as matters such as economic compensation and property rights—including ownership, usufructuary rights, and security interests—and may not compromise lawful land rights in order to facilitate acquisition. Land that fails to meet these requirements—whether due to non-compliant acquisition procedures, inadequate compensation, unclear land ownership, or the failure to complete necessary cancellation registration for various real estate rights, such as collective land ownership or state-owned construction land use rights—shall not be accepted into the reserve. The Measures also stipulate that, in principle, newly acquired land shall no longer be subject to first-time registration of state-owned construction land use rights, nor shall it be eligible for real estate mortgage registration, among other restrictions.

The Ministry of Transport has issued the 2024 Legislative Work Plan.
On May 22, the website of the Ministry of Transport issued the “Notice on the Issuance of the 2024 Legislative Work Plan.”
The Work Plan specifies that, in 2024, the Ministry of Transport will accelerate the formulation and revision of laws and regulations including the Transportation Law, the National Defense Transportation Law, the Railway Law, the Civil Aviation Law, the Postal Law, the Regulations on the Administration of Toll Roads, the Regulations on Rural Roads, the Regulations on Urban Public Transportation, the Regulations on the Safety Management of Inland Waterway Traffic, the Provisions on the Supervision and Administration of the Safe Carriage of Dangerous Goods by Vessels, the Measures for the Supervision and Administration of Production Safety in Railway Construction Projects, the International Maritime Transport Regulations, the Regulations on the Administration of Waterway Transport between the Mainland and Hong Kong and Macao, and the Measures for the Supervision and Administration of Stamp Issuance. It will also study and advance the formulation and revision of the Seafarers’ Regulations and the Measures for the Inspection of Maritime Labor Conditions, while promoting a green and low‑carbon transition, expanding opening-up, and expediting the revision of the Maritime Law, the Measures for the Administration of Shore Power at Ports and Ships, and the Provisions on the Prevention and Control of Marine Environmental Pollution Caused by Ships and Related Operations.

The Ministry of Industry and Information Technology is launching the 2024 National SME Service Month campaign.
On May 21, the website of the Ministry of Industry and Information Technology released the “Notice on Launching the 2024 National SME Service Month Campaign.”
The Notice specifies that the 2024 National SME Service Month will be launched in June, with service initiatives spanning nine key areas: policy dissemination, market expansion, talent recruitment and development, financing support, overseas‑market services, legal assistance, leveraging technological advances to enhance productivity, strengthening quality, standards, and branding, and digital transformation. These efforts will target priority groups such as technology‑driven and innovation‑oriented SMEs, specialized, refined, distinctive, and innovative SMEs, and “Little Giant” enterprises, as well as key regions including SME‑focused industrial clusters and Sino‑foreign SME cooperation parks, delivering focused, distinctive, and timely services.

The Ministry of Industry and Information Technology has publicly announced 66 industry standards and 63 proposed national recommended standards.
On May 21, the website of the Ministry of Industry and Information Technology published a notice soliciting public comments on 66 industry standards and 63 recommended national standard project proposals, including “Semiconductor Integrated Circuits—Isolators.” The deadline for submitting feedback is June 19.
The draft list of recommended national standards for development and revision includes the following: “Classification Specification for the Cascade Utilization of Lithium-Ion Batteries,” “Methods for Measuring the Dimensions of Lithium-Ion Batteries and Battery Packs,” “Quality Management in Lithium-Ion Battery Production—Part 1: System Management,” “Technical Specification for Assessing the Health Status of Retired Lithium-Ion Batteries,” “General Requirements for the Design of Offshore Photovoltaic Systems,” “Technical Specification for Anti-Corrosion of Steel Structures in Offshore Photovoltaic Systems,” “General Rules for the Classification and Coding of Photovoltaic System Information,” “General Rules for the Evaluation of Distributed Rooftop Photovoltaic Power Generation Systems,” “Guidelines on Dimensions and Surface Defect Limits for Metallic Magnetic Powder Cores—Part 4: Bulk Magnetic Powder Cores,” and “Technical Requirements and Test Methods for Integrated Circuit Artificial Intelligence Chips,” among others.

The Ministry of Housing and Urban–Rural Development has issued the 2024 Work Plan for the Development of Engineering Construction Codes and Standards and Related Tasks.
On May 21, the website of the Ministry of Housing and Urban–Rural Development published the “Notice on Issuing the 2024 Work Plan for the Formulation of Engineering Construction Codes and Standards and Related Tasks.”
The Work Plan specifies that, in 2024, it is planned to formulate three mandatory national engineering construction standards, including the “Code for Electric Vehicle Charging and Battery-Swapping Facilities” and the “Code for Motor Vehicle Parking and Maintenance Service Facilities,” as well as 109 engineering construction standards—such as the “Technical Standard for Computing Power Facility Engineering” and the “Digital Technology Standard for Electronic Industry Piping Engineering”—39 industry standards, and 56 product standards.

Taxation
Ministry of Finance: From January to April, personal income tax fell 7% year on year, while domestic consumption tax rose 8.3% year on year.
On May 20, the Ministry of Finance released data on fiscal revenue and expenditure for April 2024. From January to April, national tax revenue totaled RMB 6.6938 trillion, down 4.9% year on year; excluding the impact of special factors, comparable growth was approximately 0.5%.
Special factors include the higher base effect resulting from deferred tax payments by small, medium, and micro enterprises being collected during the same period last year, as well as the carryover impact of tax‑reduction measures introduced in mid‑last year. The performance of major tax revenue items is as follows:
Domestic value-added tax totaled RMB 2.5787 trillion, down 7.6% year on year.
Domestic consumption tax totaled RMB 638.5 billion, up 8.3% year on year.
Corporate income tax totaled RMB 178.98 billion, up 0.9% year on year.
Individual income tax revenue totaled 500.7 billion yuan, down 7% year on year.
Stamp duty totaled RMB 135.8 billion, down 17.1% year on year. Of this amount, stamp duty on securities transactions amounted to RMB 33.9 billion, a decrease of 52.7% compared with the same period last year.
Among taxes related to land and real estate, deed tax totaled RMB 191.8 billion, down 7.1% year on year; property tax reached RMB 182.2 billion, up 19.2% year on year; urban land use tax amounted to RMB 96.5 billion, up 12.1% year on year; land value-added tax stood at RMB 215.0 billion, down 4.5% year on year; and farmland occupation tax totaled RMB 55.0 billion, up 20.2% year on year.

Three departments have clarified matters concerning the alignment between accounting professional degrees and accounting professional technical qualifications.
On May 20, the Ministry of Finance website issued the “Notice on Properly Coordinating Accounting Professional Degrees with Accounting Professional Technical Qualifications,” which will take effect on June 1, 2024.
The Notice clarifies the alignment between the Intermediate Accounting Professional Technical Qualification Examination and accounting professional degrees. Individuals who hold a domestic Master of Accounting or Doctor of Accounting degree recognized by the State Council’s education administrative department are exempt from taking the “Financial Management” subject when registering for the Intermediate Accounting Professional Technical Qualification Examination. The Notice also specifies the linkage between Master of Accounting programs and accounting professional qualifications. Master of Accounting students who already possess an intermediate‑level or higher accounting professional technical qualification may, in accordance with their institution’s relevant regulations, apply to have up to two compulsory professional courses—such as “Theory and Practice of Financial Management” and “Theory and Practice of Management Accounting”—waived.

Shenzhen Qianhai Has Issued New Regulations on Substantive Operations for Corporate Income Tax Preferential Policies, Along with Operational Guidelines.
Recently, the Qianhai Taxation Bureau and seven other departments issued the “Announcement on Clarifying Certain Issues Related to the Corporate Income Tax Preferential Policies in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone,” which takes effect retroactively as of January 1, 2023.
Cai Shui [2024] No. 13 clarifies that, from January 1, 2023, to December 31, 2025, the tax policy stipulated in Cai Shui [2021] No. 30 will be extended to the entire area of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as the “Cooperation Zone”), namely: eligible enterprises located within the Cooperation Zone shall be subject to an enterprise income tax rate of 15%.
The Announcement clarifies that resident enterprises registered in the Cooperation Zone, if engaged in eligible industrial projects and maintain their production, operations, personnel, accounting, and assets within the Zone, shall be deemed to be conducting substantial operations therein. By contrast, resident enterprises that are merely registered in the Cooperation Zone but whose production, operations, personnel, accounting, or assets are located outside the Zone shall not be considered to be carrying out substantial operations in the Zone and shall not be entitled to the preferential corporate income tax policies applicable to enterprises in the Cooperation Zone.
The Shenzhen Tax Service Bureau and other relevant authorities have issued a latest announcement, abolishing the original substantive provision—State Taxation Administration Shenzhen Tax Service Bureau Announcement No. 4 of 2023.
Meanwhile, the Qianhai Tax Bureau, in collaboration with the Bao’an District Tax Bureau, has issued the “Notice on the Operational Guidelines for Corporate Income Tax Preferential Policies in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone,” clarifying matters such as the filing procedures and the administration of these incentives.

Litigation & Arbitration
The Supreme People’s Court has set the latest standard for compensation for deprivation of personal liberty at 462.44 yuan per day.
Recently, the Supreme People’s Court issued a notice requiring that, effective May 20, 2024, when rendering decisions on state compensation, compensation for deprivation of personal liberty shall be calculated at 462.44 yuan per day.
Article 33 of the State Compensation Law stipulates: “Where a citizen’s personal freedom is infringed, the daily compensation shall be calculated based on the national average daily wage of employees for the preceding year.” According to data released by the National Bureau of Statistics on May 17, 2024, the average annual salary of employed persons in non‑private urban units nationwide in 2023 was RMB 120,698, corresponding to an average daily wage of RMB 462.44. The Supreme People’s Court has instructed people’s courts at all levels to, in accordance with Article 33 of the State Compensation Law and Paragraph 2 of Article 21 of the Interpretation by the Supreme People’s Court and the Supreme People’s Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Compensation Cases, calculate compensation awards pursuant to the aforementioned standards effective from May 20, 2024.

The Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security, in conjunction with the China Securities Regulatory Commission, have jointly issued guidelines clarifying the standards for handling criminal and unlawful cases involving securities and futures.
The Supreme People’s Procuratorate website has published the “Opinions on Several Issues Concerning the Handling of Criminal and Illegal Cases Involving Securities and Futures.”
The “Opinions” comprise 31 provisions across seven key areas, clarifying matters such as the coordination between administrative law enforcement and criminal justice, jurisdiction over criminal cases, the collection, examination, and use of evidence, the commitment to enforcing the law with strictness and severity, and the improvement of mechanisms for collaboration and cooperation. The “Opinions” stipulate that, in general, suspects or defendants who: fail to truthfully confess their crimes or obstruct investigations in various ways; refuse to return illicit proceeds or property, or use such proceeds or property for illegal activities; derive exceptionally large illicit gains; repeatedly commit securities and futures‑related offenses; cause a listed company to be delisted; inflict substantial losses on investors; pose a potential risk to financial stability; or otherwise produce grave social repercussions or serious adverse consequences—shall not be subject to conditional non-prosecution, exemption from criminal punishment, or probation.

Improving the Assessment and Evaluation of Bankruptcy Administrators: The Shanghai Higher People’s Court Issues Assessment Measures
Recently, the website of the Shanghai Higher People’s Court published the “Shanghai Measures for the Assessment of Bankruptcy Administrators (Trial).”
The Measures consist of fourteen articles and specify that the assessment criteria primarily encompass the administrator’s professional performance, the development of the administrative team, and the enhancement of professional capabilities, accounting for 60%, 30%, and 10%, respectively. Specifically, the administrator’s professional performance is composed of a case‑by‑case duty‑performance evaluation (50%), a comprehensive evaluation by the court that accepted the bankruptcy case (5%), and an evaluation by the administrators’ association (5%). Each of these components is assessed on a 100‑point scale, with the final score calculated by weighting the component scores according to the aforementioned proportions. A total score of 90 points or above is rated as “Excellent”; 80 to 89 points is “Good”; 70 to 79 points is “Satisfactory”; 60 to 69 points is “Basically Satisfactory”; and below 60 points is “Unsatisfactory.”

Beijing plans to issue discretionary guidelines for administrative penalties for violations of the laws on the national flag, national emblem, and national anthem.
On May 21, the Beijing Municipal Government website published an announcement soliciting public comments on the “Draft Administrative Penalty Discretionary Standards for Violations of the National Flag, National Emblem, and National Anthem Laws in Beijing,” with a deadline for feedback set for May 29.
The “Discretionary Standards” separately address Articles 23, 18, and 15 of the National Flag Law, the National Emblem Law, and the National Anthem Law—each of which pertains to the administrative penalty powers of public security organs—and, in light of actual law-enforcement practices in Beijing, categorize such cases into three basic discretionary tiers based on the specific circumstances of the violation.

Shenzhen plans to introduce interim measures for the administration of remuneration for personal bankruptcy administrators.
On May 16, the Shenzhen Municipal Justice Bureau published on its website a notice soliciting public comments on the “Interim Measures for the Administration of Remuneration of Personal Bankruptcy Administrators in Shenzhen (Draft for Comments),” with the deadline for submitting feedback set for May 27.
The Measures comprise thirteen articles, covering such matters as remuneration standards, adjustments to remuneration, sources of remuneration, procedures for determining remuneration, and methods of payment. They stipulate that basic remuneration shall be determined on a per‑case, fixed‑rate basis, with the standard set according to the average cost of the administrator’s performance of duties. For liquidation cases entering the observation period, and for reorganization or conciliation cases in which the people’s court has ruled, in accordance with the law, to discharge the debtor’s remaining unpaid debts, the administrator’s basic remuneration is RMB 30,000 per case. Where the people’s court, prior to the declaration of bankruptcy, rules to terminate the bankruptcy proceedings or to discontinue the implementation of a reorganization plan, or where the debtor fails to fully perform a conciliation agreement, the basic remuneration is reduced to 75% of the aforementioned standard, amounting to RMB 22,500 per case. In cases where the people’s court dismisses a bankruptcy application, fails to approve a reorganization plan, or does not recognize a conciliation agreement, the administrator’s basic remuneration is RMB 15,000 per case.

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