JC Master Legal News Issue 1112

Key Takeaways for This Issue

The China Securities Regulatory Commission has issued and implemented the “Guidance on the Application of Regulatory Rules—Issuance Category No. 10.”
To implement the new “Nine Measures” and the “Opinions on Strictly Screening Companies for Listing to Enhance the Quality of Listed Offices at the Source (Trial),” to promote a culture of accountability to investors among all stakeholders, to strengthen behavioral constraints on companies seeking to go public, and to effectively safeguard investor interests, the China Securities Regulatory Commission issued the “Guidance on the Application of Regulatory Rules—Issuance Category No. 10” on National Investor Protection Public Awareness Day, May 15, which takes effect immediately.
The China Securities Regulatory Commission has issued the “Provisions on the Administration of Algorithmic Trading in the Securities Market (Trial).”
To implement the provisions of the Securities Law on the regulation of algorithmic trading in the securities market, to carry out the State Council’s “Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Capital Market,” to foster the orderly development of algorithmic trading, and to safeguard the order of securities trading and market fairness, the China Securities Regulatory Commission has formulated and promulgated the “Administrative Provisions on Algorithmic Trading in the Securities Market (Trial)” (hereinafter referred to as the “Administrative Provisions”), which shall enter into force on October 8, 2024.
The National Development and Reform Commission has issued the “Basic Rules for the Operation of the Electricity Market.”
Recently, the National Development and Reform Commission published the “Basic Rules for Power Market Operations,” which will take effect on July 1, 2024.
The Supreme People’s Procuratorate, in conjunction with the Ministry of Ecology and Environment, has released a batch of typical cases to advance the protection and restoration of the Yangtze River.
On May 16, the Supreme People’s Procuratorate website published a batch of typical cases demonstrating the coordinated advancement of procuratorial oversight and ecological-environmental law enforcement in protecting and restoring the Yangtze River.
Finance & Capital Markets
The China Securities Regulatory Commission has issued and implemented the “Guidance on the Application of Regulatory Rules—Issuance Category No. 10.”
To implement the new “Nine Measures” and the “Opinions on Strictly Screening Companies for Listing to Enhance the Quality of Listed Offices at the Source (Trial),” to promote a culture of accountability to investors among all stakeholders, to strengthen behavioral constraints on companies seeking to go public, and to effectively safeguard investor interests, the China Securities Regulatory Commission issued the “Guidance on the Application of Regulatory Rules—Issuance Category No. 10” on National Investor Protection Public Awareness Day, May 15, which takes effect immediately.

The key provisions of the guidelines include: First, issuers are required to include in their prospectuses a statement addressed to investors, clearly outlining the purpose of the listing, the establishment of a modern corporate governance system, and the necessity of raising capital, thereby reinforcing a sound understanding of the “going‑public” process. Second, it is specified that the “key minority” may commit to extending the share lock‑up period in cases where post‑listing performance experiences a significant decline, thereby strengthening their awareness of sharing risks with investors. Third, the information‑disclosure rules governing post‑listing dividend policies have been refined to help investors form stable expectations regarding returns. Fourth, disclosure requirements for unprofitable companies have been strengthened, mandating the disclosure of forward‑looking information such as projected profitability, so as to fully inform investors of future growth prospects and enable them to make well‑informed investment decisions.

Going forward, the China Securities Regulatory Commission will continue to fulfill its mandate to safeguard the legitimate rights and interests of small and medium-sized investors, ensure the effective implementation of relevant rules, and officely hold all parties along the entire issuance‑regulation chain accountable, thereby enhancing the quality of listed companies at the source.

The China Securities Regulatory Commission has issued the “Provisions on the Administration of Algorithmic Trading in the Securities Market (Trial).”
To implement the provisions of the Securities Law on the regulation of algorithmic trading in the securities market, to carry out the State Council’s “Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Capital Market,” to foster the orderly development of algorithmic trading, and to safeguard the order of securities trading and market fairness, the China Securities Regulatory Commission has formulated and promulgated the “Administrative Provisions on Algorithmic Trading in the Securities Market (Trial)” (hereinafter referred to as the “Administrative Provisions”), which shall enter into force on October 8, 2024.

The “Administrative Provisions” are officely centered on the overarching objectives of strengthening regulation, preventing risks, and promoting high‑quality development. Adhering to the guiding principle of “seeking benefits while avoiding harm, upholding fairness, ensuring effective oversight, and fostering orderly growth,” they establish comprehensive, systematic regulations governing algorithmic trading in the securities market—commonly referred to as quantitative trading—thus constituting a key measure to reinforce the supervision of market trading activities. First, the provisions clearly define algorithmic trading and set out its general requirements. Algorithmic trading refers to the execution of securities transactions on stock exchanges through computer programs that automatically generate or transmit trade orders; such activities must comply with the principle of fairness and shall not compromise the security of exchange systems or disrupt normal trading秩序. Second, reporting obligations are specified. Investors engaging in algorithmic trading must, in accordance with the rules, submit information on account details, fund flows, trading activity, software configurations, and other relevant data, and adhere to the “report first, trade later” requirement—only after fulfilling these reporting duties may they proceed with algorithmic trading. Third, requirements for transaction monitoring and risk prevention are laid out. Stock exchanges shall conduct real‑time surveillance of algorithmic trading and give priority to monitoring any abnormal trading patterns. At the same time, the responsibilities of securities offices in client management are further strengthened, and compliance and risk‑control standards for institutional investors are explicitly defined. Fourth, information system management is enhanced, with specific regulatory requirements covering technical systems, trading units, server hosting, and access to trading information systems related to algorithmic trading. Fifth, oversight of high‑frequency trading is tightened. The definition of high‑frequency trading is clarified, and differentiated regulatory measures are introduced with respect to reporting, fee structures, and transaction monitoring. Sixth, arrangements for supervision and administration are specified. If institutions or individuals involved in algorithmic trading violate applicable regulations, stock exchanges and industry associations shall impose administrative sanctions in accordance with the rules, while the China Securities Regulatory Commission and its local branches may, in accordance with law, take regulatory actions or impose penalties. Seventh, northbound algorithmic trading is brought under reporting and monitoring regimes, consistent with the principle of equal treatment for domestic and foreign investors, and subject to the same transaction‑monitoring standards. Other administrative matters shall be governed by reference to these provisions, with detailed implementation measures to be formulated and separately announced by the Shanghai and Shenzhen Stock Exchanges.

In the preliminary phase, the CSRC publicly solicited comments on the Administrative Provisions and, through symposiums, field surveys, and other channels, sought input from domestic and overseas investors as well as market institutions. Overall, stakeholders expressed strong support and offered positive feedback. Among the suggestions received, some pertained to the interpretation of specific provisions, which the Commission has already clarified with the relevant investors and market entities; the majority concerned detailed implementation arrangements under the Administrative Provisions. The Commission will guide the stock exchanges, the Securities Association, the Fund Industry Association, and other bodies to draw extensively on the mature practices of international markets and to solicit views from all parties when formulating and refining implementing rules and related business guidelines, with a view to promptly reviewing and clarifying these matters.

The China Securities Regulatory Commission held the 2024 “May 15 National Investor Protection Public Awareness Day” event.
On May 15, the China Securities Regulatory Commission (CSRC) held the 2024 “May 15 National Investor Protection Public Awareness Day” event in Beijing, under the theme “Keeping Investors at Heart, Acting Together—Promoting High-Quality Development and Boosting Investor Confidence.” Wu Qing, Secretary of the CSRC Party Committee and Chairman, Liu Guixiang, a vice-ministerial‑level full‑time member of the Supreme People’s Court Adjudication Committee and a Second‑Class Justice, and Fu Wanjun, a member of the Party Committee and Deputy Director of the National Administration of Financial Regulation, attended the event and delivered remarks. Fang Xinghai, a member of the CSRC Party Committee and Vice Chairman, presided over the ceremony.

On the day of the event, the China Securities Regulatory Commission (CSRC) unveiled 10 investor‑protection‑related regulatory frameworks, including the “Provisions on the Administration of Algorithmic Trading in the Securities Market (Trial),” the “Guidance on the Application of Regulatory Rules—Issuance Category No. 10,” and the “Work Plan for Improving the Diversified Dispute‑Resolution Mechanism for Securities and Futures Disputes and Deepening Source‑Based Governance.” It also announced 12 enforcement cases involving insider trading, market manipulation, trading based on non‑public information, illegal stock trading by practitioners, and unauthorized misappropriation of listed‑company funds. In addition, the CSRC released 10 landmark investor‑protection cases—such as the Zeda Yisheng special representative lawsuit, the Zijing Storage advance compensation case, and the Modern Avenue fund‑occupation case brought by an insurance institution acting in subrogation—and 12 investor‑education products widely praised by investors. The CSRC further provided an overview of its 2023 enforcement activities. Meanwhile, various units within the CSRC system, in coordination with local financial regulators and judicial authorities, organized a series of diverse and substantive investor‑protection awareness‑raising events across the country, actively promoting capital‑market policies, regulations, and investment knowledge to help investors strengthen their risk awareness and self‑protection capabilities.

Leading officials from the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the China Securities Regulatory Commission, along with relevant colleagues from the Central Financial Work Committee, the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Public Security, the Ministry of Finance, the People’s Bank of China, the National Audit Office, the State Administration for Market Regulation, the National Administration of Financial Regulation, and the State Administration of Foreign Exchange, attended the main venue in person. Meanwhile, leading officials from system units outside Beijing participated in the event via video link from sub-venues.

The China Securities Regulatory Commission has released an overview of its enforcement activities for 2023.
On May 15, the CSRC website released an overview of the China Securities Regulatory Commission’s enforcement activities in 2023, underscoring the continued intensification of efforts to crack down on securities and futures law violations.
Data show that in 2023, the China Securities Regulatory Commission investigated and handled 717 cases of securities and futures violations, a year-on-year increase of 19%; issued 539 administrative penalties, up 40% from the previous year, imposing sanctions on 1,073 individuals or entities, a 43% rise; imposed market bans on 103 persons, a 47% year-on-year increase; levied fines and confiscated proceeds totaling RMB 6.389 billion, up 140% year over year; and referred 118 cases and leads involving suspected securities and futures-related crimes to public security authorities. In 2024, the CSRC will intensify the application of technology‑driven regulatory tools, continuously enhance the sensitivity and precision of lead detection, strengthen cross‑departmental, cross‑sectoral, and cross‑market regulatory coordination, and reinforce the integration of on‑site and off‑site supervision, information disclosure oversight and trading regulation, as well as on‑site inspections with enforcement investigations, resolutely eliminating regulatory gaps and blind spots, among other measures.

The Shenzhen Stock Exchange’s “Chuangxianghui” hosted a special event on the seed industry, helping to advance the technological revitalization and development of the sector.
On May 13, the Shenzhen Stock Exchange, with a focus on supporting the revitalization and development of the seed industry through technological innovation, hosted the 16th session of its “Chuangxianghui” event. The event brought together over 70 participants, including officials from the Seed Industry Administration Department and the Planning and Finance Department of the Ministry of Agriculture and Rural Affairs, senior executives from leading state-owned enterprise groups and private-sector seed companies, representatives from research institutions such as the Chinese Academy of Agricultural Sciences, China Agricultural University, and the China Seed Association, as well as representatives from institutions like CICC and the Modern Seed Industry Development Fund. Participants engaged in discussions on topics including technological innovation in the seed sector, market development and industrial-chain upgrading, and the policy framework and support measures for the industry, exploring how capital markets can help foster new productive forces in the seed industry and advance its technological revitalization and sustainable growth.
China is a major agricultural producer, and the seed industry is a strategic, foundational, and core sector for the nation. The report to the 20th National Congress of the Communist Party of China underscored the need to vigorously implement the Seed Industry Revitalization Initiative and strengthen agricultural science, technology, and equipment support. This year marks a pivotal moment—bridging past achievements with future goals—in the implementation of the Seed Industry Revitalization Initiative, as outlined by the central authorities. The No. 1 Central Document, from the perspective of bolstering agricultural science and technology, once again emphasizes, deploys, and advances efforts to accelerate the revitalization of the seed industry. This “Innovation & Sharing Forum” represents the Shenzhen Stock Exchange’s in-depth study and implementation of the spirit of the 20th National Congress and the Central Financial Work Conference, its earnest fulfillment of the requirements set forth in the new “Nine Measures for National Financial Development,” its solid execution of the five key tasks in the financial sector, its commitment to better serving scientific and technological innovation, its proactive promotion of the rural revitalization strategy, and its efforts to channel resources and factors of production toward seed‑industry enterprises—concrete steps taken to advance the “vigorously implementing the Seed Industry Revitalization Initiative.”
The “Chuangxianghui” forum brought together participants to exchange views on topics such as agricultural‑seed‑industry technological innovation, the development of seed enterprises, and industrial cooperation, while exploring how capital markets can support the sector’s technological advancement and underpin its high‑quality growth. Delegates from diverse backgrounds and perspectives shared corporate experiences and initiatives aimed at revitalizing the seed industry through science and technology, while representatives from research institutes presented an overview of production trends in crops like maize and outlined prospects for the sector’s future development. Participants agreed that the seed industry is a foundational, pioneering endeavor for building modern agriculture and ensuring national food security; to make agriculture strong, the seed industry must be strong. Seed enterprises are key drivers in pooling resources and accelerating the sector’s revitalization, and capital markets should actively leverage their role in optimizing resource allocation, channeling investment and talent toward these companies. This will help strengthen a modern system of scientific and technological innovation in the seed industry, foster deep integration between leading research institutions and enterprises, seamlessly connect the industrial and innovation chains, and advance the modernization of the entire seed‑industry value chain. Ultimately, this will enable the creation of internationally competitive, industry‑leading seed groups, thereby supporting China’s transition from a major seed‑producing country to a global powerhouse in the field.
Going forward, the Shenzhen Stock Exchange will continue to organize a series of specialized events centered on key areas, industries, and regions, with the aim of fostering corporate engagement, dialogue, and collaboration. Through these efforts, “Chuangxianghui” will be established as a market‑influential brand, actively building a new high ground for serving high‑quality development that reflects the distinctive characteristics of the Shenzhen market.

Commercial & Corporate
Four departments have issued the “Key Work Points for Digital Rural Development in 2024.”
On May 15, China Internet Information Office released the “Key Work Priorities for Digital Rural Development in 2024.”
The “Key Work Plan” outlines 28 priority tasks across nine areas. First, it seeks to lay a solid foundation for digital rural development by enhancing rural network infrastructure capacity, intensifying the upgrading and modernization of rural infrastructure, and accelerating the integration and sharing of agriculture‑related data resources. Second, it aims to safeguard the “two bottom lines” through digital means. Third, it vigorously promotes the development of smart agriculture. Fourth, it injects new vitality into the county‑level digital economy by speeding up high‑quality growth in rural e‑commerce, adopting multiple measures to foster the integrated development of agriculture, culture, and tourism, unleashing the multiplier effect of agricultural data as a factor of production, and leveraging digital technologies to boost farmers’ incomes. Fifth, it advances the revitalization of rural digital culture. Sixth, it improves the rural digital governance system. Seventh, it deepens inclusive digital services in rural areas. Eighth, it accelerates the construction of smart, beautiful villages. Ninth, it coordinates and promotes the overall development of digital villages.

Two departments have issued a document to guide local authorities in supporting the trade-in of used durable consumer goods, such as automobiles and home appliances, for new ones.
Recently, the website of the Ministry of Commerce published the “Notice on Improving the Recycling System for Renewable Resources and Supporting Trade‑In Programs for Home Appliances and Other Durable Consumer Goods.”
Building on the support provided through pilot‑city subsidies for modern commerce and circulation systems to improve urban–rural recycling networks, the Notice encourages eligible localities to pool funds allocated by the central government under the County‑Level Commercial Development Initiative, with a view to upgrading home‑appliance and furniture recycling networks and enhancing the efficiency of collection, transshipment, and distribution. The key areas of guidance and support include: first, improving transshipment facilities within county‑level recycling systems, by supporting the renovation and construction of collection, transshipment, and distribution hubs for used home appliances and furniture, thereby effectively strengthening the capacity for aggregation and intermediate handling of recyclable resources at the county level; second, enabling township commercial centers and other retail outlets to offer services such as used appliance collection, secondhand appliance sales, and repair, while upgrading and constructing temporary storage and turnover facilities to expand service capabilities; and third, assisting used‑appliance recycling enterprises in equipping themselves with specialized vehicles for collecting recyclables, promoting flexible, mobile collection models like “vehicle‑based warehousing,” standardizing service protocols, extending the recycling network, and ensuring that collected appliances can be picked up and removed immediately.

The National Development and Reform Commission has deployed the implementation of energy-efficiency diagnostic assessments for key energy-consuming entities.
On May 11, the website of the National Development and Reform Commission published the “Notice on Deepening Energy Efficiency Diagnostics for Key Energy-Consuming Units.”
The Notice sets forth four key tasks: (1) Establish energy‑conservation management files for key energy‑using entities. Update the list of such entities across sectors including industry, buildings, transportation, and public institutions. Compile information on their energy consumption volumes, energy‑consumption structures, green‑electricity and green‑certificate trading, major products and production lines, principal energy‑using equipment, energy‑management measures, energy‑saving renovation plans, and energy‑management personnel, and create standardized energy‑conservation management files in accordance with a unified coding system. (2) Conduct an inventory of energy‑efficiency levels in priority sectors and industries. (3) Assess the energy‑efficiency performance of major energy‑using equipment. (4) Build a pipeline of projects for energy‑saving and carbon‑reduction upgrades as well as for replacing outdated energy‑using equipment. Based on the energy‑conservation management files of key energy‑using entities and in conjunction with the findings from the sector‑ and equipment‑level efficiency assessments, establish and continuously update a rolling list of projects for energy‑saving and carbon‑reduction upgrades and equipment replacement, formulate implementation plans, and set clear deadlines for execution.

Five departments have launched the 2024 “New Energy Vehicles to the Countryside” campaign.
On May 15, the website of the Ministry of Industry and Information Technology released the “Notice on Launching the 2024 New Energy Vehicle to Rural Areas Campaign.”
The Notice clarifies that five government departments will jointly launch the 2024 “New Energy Vehicles to the Countryside” campaign under the theme “Green, Low-Carbon, Smart, and Safe—Empowering a New Lifestyle, Enjoying New Mobility.” The campaign will run from May to December, focusing on selecting new energy vehicle models that are well-suited to rural markets, enjoy strong consumer confidence, and offer reliable quality. It will feature centralized exhibitions, test‑drive events, and other activities to enhance the consumer experience and provide a diverse range of choices. The initiative will also extend charging and battery‑swap services, along with financial services such as insurance, claims handling, and credit, as well as after-sales maintenance and support, to rural areas, thereby addressing infrastructure gaps in these regions. Support policies—including trade‑in programs for old vehicles and measures to upgrade charging and battery‑swap facilities in counties—will be fully implemented. All new energy vehicle manufacturers, dealers, financial institutions, charging and battery‑swap infrastructure providers, and sales and after-sales service companies are encouraged to actively participate. They are to develop promotional strategies aligned with the trade‑in program and county‑level infrastructure upgrades, while establishing and strengthening comprehensive after-sales service systems.

Eight departments have issued the list of pilot cities for deepening climate-adaptive urban development.
On May 15, the website of the Ministry of Ecology and Environment published the “Notice on Issuing the List of Pilot Cities for Deepening Climate-Adaptive Urban Development.”
The Notice specifies that, following comprehensive deliberation, 39 cities and districts—including Mentougou District, Tongzhou District, and Yanqing District in Beijing; Binhai New Area in Tianjin; Chongming District in Shanghai; and the cities of Qinhuangdao and Baoding, as well as Xiongan New Area, in Hebei Province—have been designated as pilot areas for deepening climate‑adaptation‑oriented urban development.

The Ministry of Ecology and Environment plans to issue a Technical Guide on Emergency Emission Reduction Measures for Severe Industrial Air Pollution.
On May 16, 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 Guidelines for Performance Grading of Air Pollution Prevention and Control in Key Industries and Emergency Emission Reduction Measures during Severe Pollution Events: Cement Industry (Draft for Comments)’,” with a deadline for submitting feedback set for June 20.
The Standard specifies differentiated performance‑grading indicators for cement enterprises, as well as emission‑reduction measures and verification methods for periods of severe air pollution. It applies to performance‑grading of cement enterprises and to emergency management during episodes of severe air pollution, and may also serve as a reference for cement enterprises seeking to enhance their comprehensive pollution prevention and control capabilities.

The Ministry of Ecology and Environment plans to issue the “Implementation Plan for the Comprehensive Implementation of the Pollutant Discharge Permit System.”
On May 16, the website of the Ministry of Ecology and Environment published the “Letter on Public Solicitation of Comments on the ‘Implementation Plan for the Comprehensive Implementation of the Pollutant Discharge Permit System’ (Draft for Comments),” with a deadline for submitting feedback set for May 31.
The Implementation Plan deepens the reform of the pollutant discharge permitting system. By focusing on improving the legal, regulatory, and standards framework, optimizing the permit‑management system, strengthening quality verification of discharge permits, and supporting the battle against pollution, it continuously refines both the administrative and technical aspects of permit management. The goal is to establish a regulatory framework for stationary pollution sources centered on the pollutant discharge permitting system. Addressing the need to further align and integrate multiple ecological and environmental protection mechanisms in both depth and breadth, the plan takes emissions‑based linkage as its guiding principle, clarifying the pathways for integrating environmental impact assessment, total‑quantity control, self‑monitoring, ecological and environmental statistics, and the environmental protection tax with the discharge permitting system. It also actively explores ways to link the hazardous waste operation permit, carbon‑emission management, the regulation of priority new pollutants, and corporate environmental information disclosure—required by law—with the discharge permitting system. Finally, it ensures the full implementation of “one‑permit” management for stationary pollution sources and strengthens the foundational infrastructure supporting the permit system.

Four departments have launched the registration and practice of professional survey and design engineers in four specialties, including road engineering.
On May 14, the website of the Ministry of Housing and Urban–Rural Development published the “Notice on Launching the Registration and Practice of Professional Survey and Design Engineers in Four Fields, Including Road Engineering.”
The Notice clarifies that, effective from the date of its issuance, the registration process will be initiated for Registered Civil Engineers (in the fields of road engineering, port and waterway engineering, and hydraulic and hydroelectric engineering) and Environmental Protection Engineers. Individuals who have obtained the corresponding qualification certificates and are employed by organizations engaged in engineering surveying, design, construction, supervision, tender agency, cost consulting, or related services may apply for registration in accordance with the Regulations on the Administration of Registered Survey and Design Engineers and other relevant provisions. Starting January 1, 2027, a practice‑based licensing system will be implemented for Registered Civil Engineers (in road engineering, port and waterway engineering, and hydraulic and hydroelectric engineering) and Environmental Protection Engineers. Relevant design documents must be signed and sealed by registered engineers in the corresponding specialty, who shall assume responsibility for their content. Detailed regulations governing the practice of these registered engineers will be formulated separately by the Ministry of Transport, the Ministry of Water Resources, the Ministry of Ecology and Environment, in coordination with the Ministry of Housing and Urban–Rural Development. From the date the practice‑based licensing system takes effect, enterprises applying for engineering design qualifications shall meet the requirements regarding the number of registered engineers stipulated in the Standards for Engineering Design Qualifications (Jianshi [2007] No. 86).

The National Medical Products Administration plans to clarify the submission requirements for preventive biological products manufactured overseas that have already been approved for marketing in China.
On May 15, the Center for Drug Evaluation of the National Medical Products Administration published a notice soliciting public comments on the “Requirements for Submission of Registration Applications for Drugs Previously Listed in China That Are Being Transferred to Domestic Production (Preventive Biological Products) (Draft for Public Comment).” The period for submitting comments is one month from the date of publication.
The “Requirements” stipulate that for overseas‑manufactured pharmaceutical products (preventive biological products) already approved for marketing in China, if they are to be transferred to domestic production, the domestic applicant shall submit a drug registration application in accordance with Category 3.3 for preventive biological products. In principle, the domestic applicant or marketing authorization holder should be subject to the same quality management system as the overseas holder. Applicants must first conduct a thorough assessment; if they determine that clinical trials may be waived, they may directly submit an application for marketing authorization. If clinical bridging studies are required, a clinical trial application must be submitted.

The Ministry of Finance is seeking public input on the International Accounting Standards Board’s issuance of guidance on renewable electricity contracts.
On May 16, the Ministry of Finance’s website published the “Letter on Soliciting Public Comments on the Exposure Draft Issued by the International Accounting Standards Board Regarding Renewable Electricity Contracts,” with a deadline for submitting feedback set for June 23.
The “Renewable Power Contracts (Exposure Draft)” was issued by the International Accounting Standards Board (IASB) on May 8, proposing amendments to International Financial Reporting Standard No. 9—Financial Instruments and International Financial Reporting Standard No. 7—Financial Instruments: Disclosures, and inviting public comment from stakeholders worldwide. The IASB aims to address existing accounting issues related to renewable power contracts, ensuring that financial reporting more accurately reflects their impact on entities, clarifying how hedged items should be designated and measured when companies designate certain renewable power contracts as hedging instruments, and enhancing relevant disclosure requirements.

The State Administration for Market Regulation has released a batch of important national standards.
Recently, the State Administration for Market Regulation (Standardization Administration of China) approved and released a batch of important national standards covering multiple fields, including production and daily life as well as green and sustainable development.
This batch of newly released standards covers areas such as unlocking consumer potential, accelerating quality improvement and upgrading in the manufacturing sector, ensuring gas safety, leading emerging and future industries, supporting green and low‑carbon development, and enhancing quality of life. Specifically, it includes three standards on evaluation indicators for green manufacturing, implementation guidelines for green supply chain management in manufacturing enterprises, and requirements for information traceability and disclosure; a standard for smart toilets; six standards for measuring the power consumption of audio‑video and related equipment; six standards pertaining to fire shutters, fire alarm control panels, point‑type smoke detectors, and fire‑emergency lighting and evacuation‑direction systems; a standard for medical interpreting; and three standards on the evaluation criteria and methods for visual comfort of indoor LED displays, as well as on the interactive application interfaces of smart televisions.

The CPC Central Committee and the State Council have issued guidelines to strengthen the development of a system for coordinating and supervising administrative law enforcement.
Recently, the General Office of the CPC Central Committee and the General Office of the State Council issued the “Opinions on Strengthening the Construction of a System for Coordinating and Supervising Administrative Law Enforcement.”
The Opinions call for improving the institutional mechanisms for administrative law enforcement oversight, promoting seamless integration and mutual coordination between administrative law enforcement oversight and other forms of oversight; refining the legal and regulatory framework for administrative law enforcement oversight, advancing legislation in this area, strengthening the systems governing such oversight, perfecting standards of administrative law enforcement conduct, and enhancing administrative law enforcement management; rigorously fulfilling the functions of administrative law enforcement oversight by conducting routine oversight, carrying out targeted special‑purpose oversight, and, as needed, organizing inspections of the implementation of key laws, regulations, and rules; intensifying oversight of administrative law enforcement activities that affect businesses; reinforcing comprehensive coordination of administrative law enforcement work; and providing guidance on cross‑sectoral and interdepartmental reforms of integrated administrative law enforcement, as well as on grassroots-level reforms in this field. Furthermore, the Opinions emphasize making full use of the outcomes of administrative law enforcement oversight, expanding channels for such oversight, and strengthening the centralized collection and coordinated management of information and leads related to administrative law enforcement.

The National Development and Reform Commission has issued the “Basic Rules for the Operation of the Electricity Market.”
Recently, the National Development and Reform Commission published the “Basic Rules for Power Market Operations,” which will take effect on July 1, 2024.
Comprising eleven chapters and forty-five articles, the regulations clearly define the scope of power market participants, types and methods of trading, electricity‑energy trading, ancillary services trading, metering and settlement, system security, market risk prevention and supervision, and information disclosure. They establish a registration system for the power market and specify that market‑trading categories include electricity‑energy trading, ancillary services trading, and capacity trading. Electricity‑energy trading shall be organized and implemented by the power market operator in accordance with the rules governing market operations; alternatively, it may be conducted through negotiation between the parties to the transaction. Market participants are prohibited from engaging in collusive pricing, price gouging, or any other conduct that disrupts market order. Furthermore, entities participating in electricity‑energy trading must not abuse their dominant market position to manipulate prices. When a generation enterprise consisting of multiple power plants engages in electricity‑energy trading, it shall refrain from submitting coordinated bids.

The People’s Bank of China has publicly disclosed administrative penalties imposed in the special campaign to address the refusal to accept RMB cash.
On May 14, the People’s Bank of China published on its website information on administrative penalties imposed in the special campaign to address the refusal to accept RMB cash.
The information sheet lists seven related penalty cases. Among them, the Songshan District Branch of Chifeng City, China Post Group Corporation, refused to accept cash payments for express delivery fees, and was issued a warning and fined RMB 3,000 by the Chifeng Branch of the People’s Bank of China; the directly responsible person was also given a warning and fined RMB 600.

Three departments are accelerating the establishment and improvement of a quality assessment system for driver safety‑driving training and examinations.
Recently, the General Offices of the Ministry of Transport, the Ministry of Public Security, and the Ministry of Emergency Management jointly issued the “Three-Year Action Plan for Fundamentally Strengthening Road Transport Safety Production,” which will tighten the management of motor vehicle driver training and examination and accelerate the establishment and improvement of a quality‑assessment system for training and examinations centered on drivers’ safe‑driving competence.
The Plan proposes to strengthen targeted safety education and training for commercial vehicle drivers, enhance their emergency driving skills, tighten management of seat belt use, improve the safety performance of newly manufactured passenger and freight vehicles, rigorously enforce the vehicle‑type compliance management system for road transport, steadily and orderly phase out large buses with 57 or more seats and sleeper buses from the transport market, ensure that key personnel—including enterprise principals and safety production managers—fulfill their safety responsibilities, and bolster the standardization of enterprise safety production, among other measures.

Two departments have issued a document to strengthen volunteer legal services for veterans.
On May 14, the Ministry of Justice website published the “Opinions on Strengthening Volunteer Legal Services for Veterans.”
The “Opinions” propose that, over approximately five years, localities will broadly establish volunteer legal‑service networks covering both urban and rural areas; mechanisms for engaging social forces in volunteer legal services will be further refined; the professionalism, precision, and convenience of these services will be significantly enhanced; service support will be robust and effective; and service quality will continue to improve. Specifically, priority will be given to addressing legal issues related to the transfer and placement of veterans, their education and training, employment and entrepreneurship, allowances and preferential treatment, disability and martyr status assessments, recognition and incentives, as well as support for the military and their families, by providing legal consultation and other services. In addition, legal guidance will be offered on common legal matters such as labor relations, social insurance, marriage and family law, and traffic accidents.

The Ministry of Transport plans to revise the Measures for the Administration of the Operation of Navigable Structures.
On May 14, the website of the Ministry of Transport published the “Notice on Soliciting Public Comments on the ‘Administrative Measures for the Operation of Navigable Structures (Revised Draft for Comments)’,” with a deadline for submitting feedback set for June 15.
The Measures have been amended in a total of seven provisions: the term “safety” has been added to Article 1 of the General Provisions; Chapter 3 now includes provisions on the implementation of categorized management for vessels carrying dangerous goods; and Chapter 4 has been supplemented with content relating to the comprehensive safety production responsibility system, safety accountability, the establishment and enforcement of a dual-prevention mechanism for hierarchical control of safety risks and the identification and remediation of potential hazards, as well as the protection of production safety equipment and facilities, and the security of data, information, personal information, and related data.

Two departments have issued the “Administrative Measures for Regionally Traditional Folk Medicinal Herbs.”
On May 14, the website of the National Medical Products Administration published the “Announcement on the Issuance of the Measures for the Administration of Regionally Traditional Folk Medicinal Materials.”
The Measures comprise five chapters—General Provisions, Standard Management, Production and Use Management, Supervision and Administration, and Supplementary Provisions—totaling 30 articles. They further clarify the specific definition of regionally customary folk medicinal materials, the scope of application of these Measures, and the overarching requirements for developing standards for such materials. The Measures also explicitly address the sustainable development of medicinal material resources and, across various aspects—including the scope of inclusion, nomenclature, standard filing, standard enhancement, and standard withdrawal—further standardize the full‑life‑cycle management of provincial‑level Chinese medicinal material standards. In addition, they provide clear guidance on the harvesting and processing, procurement and use, interprovincial utilization, labeling, and compliance with applicable standards for regionally customary folk medicinal materials, among other matters.

The Shenzhen State-owned Assets Supervision and Administration Commission plans to issue the Work Plan for Safety Production Supervision and Inspection during the 2024 “Safety Production Month.”
On May 15, the Shenzhen State-owned Assets Supervision and Administration Commission’s website published the “Notice on Public Solicitation of Comments on the ‘Shenzhen SASAC 2024 ‘Work Safety Month’ Work Plan for Supervisory Inspections on Work Safety (Draft for Comments),’” with a deadline for submitting feedback set for May 21.
The Work Plan specifies that safety production inspections will focus on key areas, including construction projects (including tunnel works), transportation, fire safety, aging properties, urban gas systems, hazardous chemicals, new‑energy vehicle charging and battery‑swapping facilities, and special equipment, as well as high‑risk operations such as confined space work, work at height, and hot work. Inspections will particularly assess the implementation of relevant national, provincial, and municipal directives; the dissemination and enforcement of safety production laws and regulations; and on‑site safety management practices.

The Guangdong Administration for Market Regulation has issued the Work Standards for Re-inspection and Objection Procedures in Food Safety Supervisory Sampling.
On May 13, the Guangdong Administration for Market Regulation published on its website the “Notice on Issuing the ‘Work Standards of the Guangdong Provincial Administration for Market Regulation for Re‑inspection and Objection in Food Safety Supervisory Sampling.’”
The Regulations comprise five chapters and thirty-four articles. They consolidate the application and acceptance procedures for re‑inspection and objections into a single chapter and further refine these processes, clearly delineating the circumstances under which a re‑inspection may be requested versus those in which an objection may be raised. Both food producers and operators may seek a re‑inspection of test results and may lodge objections regarding the sampling process, the authenticity of the samples, the testing methods, or the applicable standards. The Regulations also specify the situations in which a request for re‑inspection will not be accepted, tighten the time limits for filing such requests, and stipulate that, where an applicant submits multiple objection applications within the prescribed time frame, these shall be processed jointly, among other provisions.

Jiangsu Launches Anti-Monopoly Enforcement in the People’s Livelihood Sector for 2024
Recently, the Jiangsu Administration for Market Regulation launched antitrust enforcement in the area of public welfare for 2024.
In 2024, the Jiangsu Administration for Market Regulation will focus on the following priority areas: First, concentrating on key sectors such as pharmaceuticals and construction materials, it will investigate and prosecute, in accordance with the law, a number of cases involving monopoly agreements and the abuse of dominant market positions, and vigorously crack down on illegal practices that seek to secure exorbitant monopoly profits by controlling essential raw materials or building supplies. Second, in public utility sectors—including water, electricity, gas, and heating—the authorities will prioritize investigating abuses of dominant market position, such as imposing exclusive dealing requirements, bundling products, and attaching unreasonable transaction conditions. Third, antitrust oversight of industry associations will be strengthened, with particular emphasis on addressing instances where these associations facilitate agreements among industry operators to fix or alter prices, restrict production volumes, divide sales markets, or engage in concerted refusals to transact—actions that constitute monopolistic conduct. Fourth, enforcement against administrative monopolies will be intensified, with lawful investigations into practices such as designating specific trading partners, using credit‑rating mechanisms to erect barriers to market entry, and otherwise impeding the free flow of goods and factors of production across regions—behaviors that abuse administrative power to exclude or restrict competition.

The United States has sharply raised tariffs on Chinese imports; China’s Ministry of Commerce has responded.
According to the Ministry of Commerce’s website, on May 14, the United States released the results of its four-year review of the additional Section 301 tariffs imposed on China.
The U.S. side announced that, in addition to the existing Section 301 tariffs on China, it will further impose higher additional tariffs on imports from China of electric vehicles, lithium batteries, photovoltaic cells, critical minerals, semiconductors, as well as steel and aluminum products, port cranes, and personal protective equipment. The Chinese side officely opposes this move and has lodged a solemn protest.
China stated that the U.S. decision to raise Section 301 tariffs violates President Biden’s commitments not to seek to suppress or contain China’s development and not to decouple from China, and will severely undermine the atmosphere for bilateral cooperation. The U.S. side should immediately rectify its erroneous approach and rescind the additional tariffs imposed on China. China will take resolute measures to safeguard its legitimate rights and interests.

Starting this June, the accounting professional qualification examination will be open to foreign nationals.
On May 14, the Ministry of Finance website issued the “Notice on Matters Relating to Opening the Accounting Professional and Technical Qualification Examination to Foreign Nationals,” which will take effect on June 1, 2024.
The Notice clarifies that the accounting professional and technical qualification examination is open to foreign nationals who are legally employed and residing in China, and that it will be administered under a unified examination system alongside domestic candidates. According to the Notice, foreign nationals who meet the eligibility requirements shall register on a principle of convenience and proximity: those employed within China shall register at the location of their employer; other individuals shall register at their place of residence within China. Where the eligibility criteria stipulate requirements for educational qualifications, degrees, or years of experience in accounting, applicants must submit the relevant diploma or degree certificate recognized by the State Council’s education administrative department, together with a certificate of accounting work experience issued by their employer. Accounting work experience acquired abroad may be counted toward the required years of experience.

The State Administration for Market Regulation plans to issue the Measures for the Administration of Credit Repair in Market Supervision.
On May 11, the website of the State Administration for Market Regulation published the “Notice on Public Solicitation of Comments on the Measures for Credit Repair in Market Supervision and Administration (Draft for Comments),” with a deadline for submitting feedback set for June 10.
The Measures explicitly include in the scope of credit repair such items as removal from the List of Abnormal Operations, voluntary public disclosure of administrative penalty information, and negative information related to random inspection and check results—issues that have attracted widespread attention in practice. They also set forth provisions for credit restoration applicable to business entities designated by other departments as being on the List of Seriously Illegal and Dishonest Entities; establish rules governing credit restoration for reorganized enterprises; shorten the public disclosure period for other administrative penalty information from six months to three months upon application for suspension of disclosure; and reduce the processing time for credit restoration of entries on the List of Seriously Illegal and Dishonest Entities and for administrative penalty information from fifteen working days to five working days.

The State Administration for Market Regulation plans to revise two regulations to encourage food enterprises and canteens, among others, to fulfill their principal responsibility for food safety.
On May 13, the website of the State Administration for Market Regulation published an announcement soliciting public comments on the “Regulations on the Supervision and Administration of Food Production and Operation Enterprises’ Fulfillment of Their Principal Responsibility for Food Safety (Draft)” and the “Regulations on the Supervision and Administration of Centralized Catering Units’ Fulfillment of Their Principal Responsibility for Food Safety (Draft).” The deadline for submitting feedback is June 12.
The Regulations have been revised to focus on eight key areas. Specifically, they clarify that the category of “large and medium-sized catering service enterprises” includes “central kitchens and collective catering distribution units”; stipulate that enterprises shall implement the daily control, weekly inspection, and monthly coordination system only during their production and operation periods; provide that, where a food production or operation enterprise has not appointed a Food Safety Director, the duties assigned to the Food Safety Director under the preceding provisions shall be performed by the Food Safety Officer; and explicitly define the “directly responsible supervisors and other directly liable personnel” previously specified in the original document as the Food Safety Director and the Food Safety Officer.

Four departments jointly convened a symposium on green finance services for the construction of Beautiful China.
On May 10, the People’s Bank of China, the Ministry of Ecology and Environment, the National Administration of Financial Regulation, and the China Securities Regulatory Commission jointly convened a symposium on green finance services for building a Beautiful China.
The meeting emphasized the need to advance the development of environmental‑factor markets, progressively expanding the sectoral coverage of China’s carbon market in phases and improving the national voluntary greenhouse gas emission reduction trading market. It also called for strengthening technical support in areas such as carbon accounting and third‑party verification and certification; enhancing financing matchmaking among government, banks, and enterprises; and establishing a joint promotion mechanism for key projects supporting the construction of a Beautiful China. Furthermore, it urged the exploration of innovative financial products, including loans collateralized by environmental rights, loans linked to environmental benefits, and securitization of green credit assets. Finally, the meeting stressed the importance of significantly improving the precision of green‑finance allocation, elevating the standards of information disclosure and carbon accounting, and guarding against “greenwashing,” “false greenification,” and “sham transitions.”

Taxation
The State Taxation Administration hosted a “Learning Lecture Series” and…
“Taxation Academic Lecture Series” — Special Lecture on Accelerating the Cultivation and Development of New‑Type Productive Forces
To fully leverage the role of taxation and better support the accelerated development of new‑type productive forces, on May 15, the State Taxation Administration hosted a “Learning Lecture Series” and a “Taxation Academic Lecture Series”—a special lecture on accelerating the cultivation and development of new‑type productive forces and promoting high‑quality development. The event featured a specialized briefing delivered by Huang Hanquan, Secretary of the Party Committee, President, and Researcher at the China Academy of Macroeconomic Research (the Macroeconomic Research Institute of the National Development and Reform Commission).
Huang Hanquan provided a comprehensive and in-depth analysis of General Secretary Xi Jinping’s important expositions on developing new‑type productive forces, the historical context and profound significance of this endeavor, as well as the pathways for cultivating and advancing such forces. His remarks offer valuable guidance to tax officials, helping them deepen their understanding of new‑type productive forces and more effectively support their development in tax administration.
The Party Committee of the State Taxation Administration has consistently and thoroughly studied and implemented General Secretary Xi Jinping’s important expositions on developing new‑type productive forces, incorporating them as a key component of the Party Committee’s theoretical study sessions and making them compulsory courses in all tax‑related training programs. Participants afofficeed that they will further deepen their understanding of the spirit and essential characteristics of General Secretary Xi Jinping’s important remarks on fostering new‑type productive forces, continue to refine the modern tax system, enhance the effectiveness of tax governance, and proactively create a favorable tax environment for the emergence and growth of new‑type productive forces. By leveraging policy incentives and precision‑targeted services, they will stimulate enterprises’ R&D drive and innovative vitality, thereby better supporting the development of new‑type productive forces and contributing to high‑quality development.
This lecture was jointly organized by the Tax Science Research Institute of the State Taxation Administration and the Party Committee of the Administration, with over 150 Party members and cadres from the Administration in attendance.

The preferential tax policy for exhibits at the China Import and Export Fair will remain in effect.
On May 11, the Ministry of Finance’s website published the “Notice on Extending the Tax Preferential Policy for Imported Exhibition Items Sold During the China Import and Export Fair.”
The Notice clarifies that, for the China Import and Export Fair held from 2024 to 2025, the tax preferential policies stipulated in Cai Guan Shui [2023] No. 5 will continue to apply, including the list of imported exhibits eligible for such preferential treatment. Specifically, imported exhibits sold within the duty-free quota during the exhibition period designated by the Ministry of Commerce shall be exempt from import duties, value-added tax at the import stage, and consumption tax. For each exhibitor, the cumulative limits on the categories of exhibits, sales quantities, or sales amounts eligible for tax preferences during the current year’s exhibition period shall be governed by the aforementioned list of imported exhibits.

LITIGATION & ARBITRATION
The Supreme People’s Procuratorate, in conjunction with the Ministry of Ecology and Environment, has released a batch of typical cases to advance the protection and restoration of the Yangtze River.
On May 16, the Supreme People’s Procuratorate website published a batch of typical cases demonstrating the coordinated advancement of procuratorial oversight and ecological-environmental law enforcement in protecting and restoring the Yangtze River.
This release features 11 typical cases, including two criminal public prosecutions, two criminal cases with accompanying civil public interest litigation, and seven administrative public interest lawsuits. In Case No. 1, the People’s Procuratorate of Qingpu District, Shanghai, brought a criminal case with an accompanying civil public interest action against Xu Mouhai and 11 other individuals for illegally dumping solid waste, thereby endangering the safety of the Yangtze River waterway and damaging the ecological environment. The procuratorate simultaneously pursued both criminal liability and liability for ecological damage compensation, and additionally named Shanghai某 Construction Engineering Co., Ltd.—which had not yet committed a criminal offense—as a co-defendant. The defendants were ordered to jointly compensate a total of RMB 5.7 million, covering ecological restoration costs and appraisal/assessment fees, thereby severely punishing conduct that jeopardized the safety of the Yangtze River waterway and restoring the damaged ecosystem.

The Supreme People’s Court has released typical cases commemorating the 30th anniversary of the promulgation of the State Compensation Law.
On May 15, the Supreme People’s Court website published four typical cases commemorating the 30th anniversary of the promulgation of the State Compensation Law.
Case No. 3 is the case in which the family of Hugu Jiletu applied for state compensation following a retrial that resulted in an acquittal; the reversal of the original criminal conviction had a significant nationwide impact. In June 1996, Hugu Jiletu was sentenced to death on charges of intentional homicide and hooliganism, and the execution was carried out on the 10th of that month. On December 13, 2014, the Higher People’s Court of the Inner Mongolia Autonomous Region issued a retrial judgment, acquitting Hugu Jiletu. On December 25, 2014, his family filed an application for state compensation. The Higher People’s Court of the Inner Mongolia Autonomous Region subsequently rendered a decision on state compensation, awarding a total of RMB 2,059,621.4 to the claimants—Hugu Jiletu’s family—including death compensation, funeral expenses, compensation for the restriction of Hugu Jiletu’s personal liberty during his lifetime, and compensation for mental distress.

The Shanghai Financial Court has released typical cases on investor protection.
On May 15, the official WeChat account of the Shanghai Financial Court published five typical cases on investor protection.
This batch of typical cases addresses issues such as information disclosure by listed companies, the legal obligations of futures intermediaries, liquidation and liability for damages in asset management products, protection of investment rights of elderly investors, and the determination of electronic arbitration clauses on online platforms. Case No. 1 is the Shanghai Financial Court’s first securities‑related false‑statement case involving a STAR Market‑listed company that was resolved through pre‑litigation mediation. It clarifies that when a listed company deliberately engages in financial fraud, and the preliminary earnings report contains such fraudulent information meeting the materiality threshold, predictive information is not protected by the safe harbor principle. The act of issuing predictive information constitutes a false statement and gives rise to liability for damages. In accordance with the loss‑calculation standards established by the court, investors and the listed company may reach a settlement, thereby resolving the dispute expeditiously.

The Supreme People’s Procuratorate has released the 52nd batch of guiding cases, focusing on reconsideration and review cases.
On May 14, the Supreme People’s Procuratorate website published the “Notice on Issuing the Fifty-Second Batch of Guiding Cases of the Supreme People’s Procuratorate.”
This batch of guiding cases comprises four instances, clarifying that, in handling reconsideration and review cases, a substantive examination must be conducted. Particular attention should be paid to soliciting the views of public security organs, and the facts of the case, as well as the reasons and legal basis for decisions not to approve arrest and for reconsideration, must be fully explained to foster consensus. When a higher-level procuratorate reviews a decision not to prosecute and finds that the lower-level procuratorate’s decision or its reconsideration is erroneous, it shall correct such decisions in accordance with the law. Case No. 2 further specifies that, in adjudicating criminal cases involving false litigation, it is necessary to determine whether the actor has “filed a civil action based on fabricated facts.” If, in reality, a civil legal relationship and a civil dispute exist between the actor and another party, and these have not been substantively altered, the conduct shall not be characterized as the crime of false litigation.

Seven departments have jointly issued regulations to clarify several issues under the Law on International Criminal Judicial Assistance.
On May 11, seven departments, including the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Foreign Affairs, jointly issued the “Provisions on Several Issues Concerning the Implementation of the Law of the People’s Republic of China on International Criminal Judicial Assistance (Trial).”
The Regulations comprise twenty-five articles. Where a request for foreign criminal judicial assistance falls under any of the following circumstances, the competent liaison authority, the competent authority, and the case-handling authority may, in accordance with the specifics of the case and operational needs, accord it priority treatment: where there is an urgent need to seize, impound, or freeze assets involved in the case, or to confiscate unlawful proceeds and other assets related to the case; where, owing to time limits governing investigation, preliminary inquiry, prosecution, or trial, urgent handling is indeed necessary; or where the case in question has a significant impact or involves other special circumstances.

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