JC Master Legal News Issue 1097

Key Takeaways for This Issue
The CSRC has defined this year’s key priorities as “four prominent focuses.”
From January 25 to 26, the China Securities Regulatory Commission convened its 2024 system-wide work conference, summarizing the achievements of 2023, analyzing the capital market landscape, and outlining priorities for 2024. The meeting emphasized the need to prioritize political guidance, uphold an investor‑centric approach, balance stability with progress, and integrate robust regulation, risk prevention, and development promotion.
The Fund for Optimizing and Upgrading Existing State-Owned Assets Has Been Established.
On January 25, the signing ceremony for the State-Owned Enterprise Existing Asset Optimization and Upgrading Fund was held in Beijing. Approved by the State-owned Assets Supervision and Administration Commission of the State Council, the fund was jointly initiated and established by China National Investment Corporation, together with China Cinda, China Orient, and Great Wall Asset Management, with a total scale of RMB 40 billion.
Ensuring stable employment: This is how the human resources and social security authorities will step up in 2024.
Yun Donglai, Deputy Director-General of the Employment Promotion Department of the Ministry of Human Resources and Social Security, stated: “In 2024, the foundation for stable employment remains broadly solid; economic growth is expected to continue recovering; the transition between old and new growth drivers is accelerating; and new sources of employment will keep emerging.”
The Supreme People’s Court has released typical civil cases involving farmers.
On January 23, the Supreme People’s Court website published nine typical civil cases involving rural issues, highlighting farmland protection, supporting the deepening of the “separation of three rights” reform for rural contracted land, facilitating and safeguarding the pilot program allowing collectively owned construction land for business purposes to enter the market, protecting and promoting the development of modern agriculture, maintaining order in the agricultural inputs market, and strengthening intellectual property protection in the seed industry.
Finance & Capital Markets
The China Securities Regulatory Commission convened its 2024 System Work Conference.
From January 25 to 26, the China Securities Regulatory Commission (CSRC) convened its 2024 System Work Conference to review the work of 2023, analyze the capital market landscape, and outline priorities for 2024. Yi Huiman, Secretary of the CSRC Party Committee and Chairman, delivered a work report and a concluding address. Li Chao, Member of the Party Committee and Vice Chairman, chaired the meeting. Also in attendance were Fang Xinghai, Member of the Party Committee and Vice Chairman; Fan Dazhi, Member of the Party Committee and Head of the Discipline Inspection and Supervision Group stationed at the CSRC by the Central Commission for Discipline Inspection and the National Supervisory Commission; Wang Jianjun and Chen Huaping, Members of the Party Committee and Vice Chairmen; as well as the chief executives of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
The meeting concluded that the past year was one of tackling tough challenges and marked by extraordinary achievements. Under the strong leadership of the CPC Central Committee and the State Council, the CSRC system carried out in-depth thematic education on studying and implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, systematically planned and advanced the development of a modern capital market with Chinese characteristics, successfully completed major reforms such as the full implementation of the stock issuance registration system, smoothly implemented institutional reforms, and made every effort to ensure the stable operation of the market and the proper functioning of its key mechanisms. The CSRC also strengthened regulation across the board in accordance with the law, resolutely cracked down on market misconduct such as fraudulent issuances and financial fraud, effectively prevented and defused risks in key areas, and steadily advanced comprehensive and strict Party governance. As a result, significant new progress has been made in all aspects of capital market work and in the Party building within the CSRC system.
The meeting emphasized that to deliver on the capital market agenda for 2024, it is imperative to align our thinking and actions with the CPC Central Committee’s sound assessment of the situation and its strategic decisions; to remain confident, face challenges head-on, and fully harness the initiative and creativity at all levels. We must adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly study and implement the spirit of the 20th National Congress of the CPC and the Second Plenary Session of the 20th CPC Central Committee, earnestly carry out the guiding principles of the Central Economic Work Conference, the Central Financial Work Conference, the Third Plenary Session of the 20th CPC Central Commission for Discipline Inspection, as well as the special seminar for principal leading officials at the provincial and ministerial levels on promoting high-quality financial development. We must also implement the arrangements made at the State Council Executive Meeting, uphold and strengthen the Party’s overall leadership over the capital market, keep high-quality development at the core of our work, pursue progress while ensuring stability, use progress to promote stability, and adopt a prudent approach of establishing new frameworks before dismantling old ones. By doing so, we will ensure that the capital market operates effectively and contribute to the sustained recovery and improvement of the economy and to the cause of Chinese‑style modernization.
The meeting emphasized the need to prioritize political leadership. It called for a profound understanding of the decisive significance of the “two establishments,” resolute adherence to the “two safeguards,” and the consolidation and expansion of the achievements of thematic education. Focusing on advancing Chinese modernization as the paramount political task, participants were urged to deeply grasp the fundamental objectives, indispensable pathways, and pressing priorities of building a financially strong nation; to strengthen their sense of mission and responsibility in serving the country through finance; and to further clarify the functional positioning of the capital market, steadfastly following the path of financial development with Chinese characteristics. The meeting also stressed deepening rectification efforts in response to central inspection findings, ensuring effective implementation of audit recommendations, and unswervingly upholding integrity, enforcing discipline, and combating corruption. It underscored the importance of strengthening oversight and checks on power through reform, enhancing regulatory transparency, and resolutely eradicating the conditions and root causes that give rise to corruption. Adhering to the standards of political fortitude, competence, and sound conduct, the meeting called for bolstering leadership teams and cadre development at all levels, thereby building a contingent of regulatory officials who are loyal, clean, and capable.
The meeting emphasized the need to place investors at the center of policy considerations. With a view to upholding market fairness, it called for a systematic review and assessment of key institutional arrangements in the capital markets, focusing on refining regulatory frameworks related to issuance pricing, quantitative trading, and securities lending, thereby clearly prioritizing the protection of investors’ legitimate rights and interests, particularly those of small and medium-sized investors. The comprehensive system for preventing and combating fraud in the capital markets will be further strengthened, with intensified efforts to investigate and prosecute cases of fraudulent issuance, financial statement manipulation, market manipulation, and insider trading, while improving the efficiency of case handling. For offenses of egregious nature and severe harm, a multi‑pronged approach—combining administrative, civil, and criminal accountability—will be reinforced to ensure that violators bear substantial consequences. Mechanisms such as class actions, derivative litigation, and the “model judgment plus professional mediation” framework will be fully leveraged to enable investors to obtain compensation more conveniently and directly. Strong impetus will be given to enhancing the investability of listed companies by refining quality‑evaluation standards, urging and guiding listed offices to strengthen their commitment to delivering returns to investors, and encouraging them to engage more actively in share buybacks and cash dividends. Corporate governance will be improved, with the establishment of a more rigorous and effective oversight regime targeting the “key few”—including actual controllers of listed companies. Efforts to build a valuation framework with Chinese characteristics will be accelerated, supporting listed companies in becoming stronger and more competitive through market‑based mergers and reorganizations, and promoting the inclusion of market capitalization in the performance assessments of central and state‑owned enterprises. Measures will also be studied to tighten constraints on undervalued listed companies, particularly from the perspective of information disclosure. The normalized delisting mechanism will be consolidated and deepened, adhering to the principle of “delisting all eligible entities” and accelerating the process of survival of the fittest. The gatekeeping responsibilities of sponsoring institutions, accounting offices, and other intermediary agencies will be officely enforced, with the principle of “accountability upon filing” strictly upheld; any entity seeking to bypass scrutiny while carrying underlying issues will be subject to thorough investigation and severe penalties. Public mutual funds and other investment institutions will be urged to fulfill their fiduciary duties, enhance their professional capabilities, and better serve the goal of preserving and growing household wealth.
The meeting emphasized the need to strike a balance between “stability” and “progress.” Efforts should focus on bolstering the intrinsic stability of the capital market, refining effective mechanisms for ensuring its smooth operation, strengthening coordination among all stakeholders, and enhancing communication with the market, so as to implement more robust and targeted measures that stabilize both the market and investor confidence. Adhering to the principle of promoting stability through progress and establishing new frameworks before dismantling old ones, we will further deepen capital market reforms across the board and improve the market’s foundational institutional framework. We will advance the registration-based IPO system in a substantive and pragmatic manner, strengthen end-to-end oversight of the issuance and listing process, and review and refine relevant institutional arrangements. We will vigorously push forward reforms on the investment side, accelerate the implementation of pilot programs for long-term equity investments by insurance funds, refine the long‑term performance evaluation system for investment institutions, and create a policy environment conducive to the entry of medium- and long‑term capital into the market, thereby fostering a dynamic equilibrium between investment and financing. Balancing openness with security, we will steadily expand the capital market’s institution‑based opening-up and enhance regulatory capacity and risk‑prevention capabilities under open‑market conditions. In alignment with the five major strategic priorities, we will improve the multi‑tiered capital market system, optimize the policy framework for the development of private equity and venture capital funds, promote high‑quality growth of the bond market, explore a Chinese‑style futures regulatory regime and business model, and refine the commodity futures product lineup, with a strong focus on elevating our ability and level of service to support high‑quality development.
The meeting emphasized the need to advance, in an integrated manner, robust regulation, risk prevention, and development. It underscored that strengthening oversight and guarding against risks are essential safeguards for high-quality development, calling for unwavering adherence to core regulatory responsibilities. Comprehensive efforts will be made to reinforce institutional supervision, conduct‑based oversight, functional regulation,穿透式监管 (penetrative supervision), and ongoing monitoring, ensuring that regulatory measures are both office and effective. All securities and futures activities will be brought under regulatory scrutiny in accordance with the law, eliminating any regulatory gaps. Solid progress will be made in advancing the rule of law in the capital market and in fostering a sound market culture. In line with the principles of early identification, early warning, early exposure, and early resolution, the regulatory framework for private equity funds will be refined, and the cleanup and rectification of trading venues will be vigorously pursued, thereby steadily reducing risks in key areas of the capital market. The Party Central Committee and the State Council’s directives on promoting the stable and healthy development of the real estate market and mitigating local government debt risks will be earnestly implemented, with coordinated efforts to strengthen risk prevention and ensure appropriate financing support. Safety production responsibilities will be strictly enforced to ensure the secure and stable operation of capital market infrastructure and information network systems.
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 Office of the Central Financial and Economic Affairs Commission, the Office of the Central Financial Commission, the General Office of the State Council, the Ministry of Public Security, the National Audit Office, and the Supreme People’s Procuratorate, attended the meeting as invited guests. Principal heads of all units within the system and of the various departments and bureaus of the Commission, as well as cadres at or above the deputy bureau level in the Commission’s headquarters, also participated in the meeting.

The CSRC has defined this year’s key priorities as “four prominent focuses.”
From January 25 to 26, the China Securities Regulatory Commission convened its 2024 system-wide work conference, summarizing the achievements of 2023, analyzing the capital market landscape, and outlining priorities for 2024. The meeting emphasized the need to prioritize political guidance, uphold an investor‑centric approach, balance stability with progress, and integrate robust regulation, risk prevention, and development. It also called for accelerating the establishment of a valuation framework with Chinese characteristics, supporting listed companies in enhancing their competitiveness through market‑based mergers and reorganizations, incorporating market capitalization into the performance evaluation systems of central and state‑owned enterprises, and exploring measures—such as stricter information disclosure requirements—to impose greater oversight on undervalued listed offices.
The meeting concluded that, to ensure the success of capital market work in 2024, it is imperative to align our thinking and actions officely with the CPC Central Committee’s sound assessment of the situation and its strategic decisions; to maintain confidence, face challenges head-on, and fully harness the initiative and creativity at all levels. We must adhere to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as our guiding principle, thoroughly study and implement the spirit of the 20th National Congress of the CPC and the Second Plenary Session of the 20th CPC Central Committee, earnestly carry out the directives of the Central Economic Work Conference, the Central Financial Work Conference, the Third Plenary Session of the 20th CPC Central Commission for Discipline Inspection, and the special seminar for principal leading officials at provincial and ministerial levels on promoting high-quality financial development, and effectively implement the arrangements made at the State Council Executive Meeting. We must uphold and strengthen the Party’s overall leadership over the capital market, keep high-quality development at the core of our work, pursue progress while ensuring stability, use progress to promote stability, and adopt a strategy of establishing new frameworks before dismantling old ones. By doing so, we will deliver solid results in advancing the capital market and contribute to the sustained recovery and improvement of the economy and to the cause of Chinese‑style modernization.
The meeting emphasized the need to prioritize political leadership. It called for a profound understanding of the decisive significance of the “two establishments,” resolute adherence to the “two safeguards,” and the consolidation and expansion of the outcomes of thematic education. Focusing on advancing Chinese modernization—the paramount political task—it urged a deep grasp of the fundamental objectives, indispensable pathways, and pressing tasks in building a financially strong nation, while strengthening the sense of mission and responsibility to serve the country through finance. The meeting further clarified the functional positioning of the capital market and reafofficeed the commitment to steadfastly follow the path of financial development with Chinese characteristics. Efforts were to be intensified to implement rectifications arising from central inspections and audit findings, with unwavering resolve to uphold integrity, enforce discipline, and combat corruption. Reform‑based measures will continue to strengthen checks and balances on the exercise of power, enhance regulatory transparency, and resolutely eradicate the conditions and root causes that give rise to corruption. Upholding the standards of political fortitude, competence, and sound conduct, the meeting stressed the need to bolster leadership teams and cadre pools at all levels, forging a contingent of regulators who are loyal, clean, and capable of shouldering their responsibilities.
It is essential to emphasize an investor‑centric approach. With a view to upholding market fairness, we will systematically review and assess key institutional arrangements in the capital markets, focusing on refining regulatory frameworks for issuance pricing, quantitative trading, securities lending, and other areas, thereby clearly prioritizing the protection of investors’ legitimate rights and interests, particularly those of small and medium‑sized investors. We will further implement a comprehensive prevention‑and‑punishment system to combat fraud in the capital markets, stepping up investigations and prosecutions of cases involving fraudulent issuances, financial statement fraud, market manipulation, and insider trading, while enhancing the efficiency of case handling. For offenses of egregious nature and severe harm, we will strengthen multi‑pronged administrative, civil, and criminal accountability, ensuring that violators bear heavy consequences. We will make full use of mechanisms such as class actions, derivative litigation, and the “model judgment plus professional mediation” framework, enabling investors to obtain compensation more conveniently and directly. We will vigorously promote improvements in the investability of listed companies, refine standards for evaluating corporate quality, and urge and guide listed offices to reinforce their commitment to delivering returns to investors, actively engaging in share buybacks and cancellations as well as cash dividends. We will advance corporate governance reforms and establish a more rigorous and effective regulatory regime targeting the “key few”—including the actual controllers of listed companies. We will accelerate the development of a valuation system with Chinese characteristics, support listed companies in enhancing their competitiveness through market‑based mergers and reorganizations, incorporate market capitalization into the performance assessment frameworks of central and state‑owned enterprises, and explore measures to impose greater constraints on undervalued listed offices from the perspectives of information disclosure and other relevant factors. We will consolidate and deepen the normalized delisting mechanism, adhering to the principle of “delisting all eligible entities” and accelerating the process of survival of the fittest. We will hold sponsoring institutions, accounting offices, and other intermediary agencies strictly accountable as gatekeepers, enforcing the principle of “accountability upon filing,” and conducting thorough investigations and imposing severe penalties on those who seek to bypass oversight with underlying issues. We will also require public mutual funds and other investment institutions to fulfill their fiduciary duties, enhance their professional capabilities, and better serve the goal of preserving and growing household wealth.
It is essential to strike a balance between “stability” and “progress.” We will work to bolster the intrinsic stability of the capital market, refine effective mechanisms for ensuring its smooth operation, strengthen coordination among all stakeholders, and enhance communication with the market, thereby implementing more robust and targeted measures to stabilize both the market and investor confidence. Adhering to the principle of promoting stability through progress and establishing new frameworks before dismantling old ones, we will further deepen capital market reforms across the board and improve the market’s foundational institutional framework. We will advance the registration-based IPO system in a substantive and pragmatic manner, strengthen end-to-end oversight of issuance and listing, and review and refine relevant institutional arrangements. We will vigorously push forward reforms on the investment side, accelerate the implementation of pilot programs for long-term equity investments by insurance funds, refine long‑term performance evaluation systems for investment institutions, and create a policy environment that encourages medium- and long‑term capital to enter the market, thus fostering a dynamic equilibrium between investment and financing. Balancing openness with security, we will steadily expand the capital market’s institution‑based opening-up, while enhancing regulatory capacity and risk‑prevention capabilities under open‑market conditions. In line with the five major strategic priorities, we will improve the multi‑tiered capital market system, optimize the policy framework for the development of private equity and venture capital funds, promote high‑quality growth in the bond market, explore a futures‑regulation regime and business model with Chinese characteristics, and refine the commodity futures product lineup, all with a view to significantly enhancing our ability and level of service to support high‑quality development.
It is essential to advance, in an integrated manner, robust regulation, risk prevention, and development. We must steadfastly regard strengthened supervision and risk mitigation as critical safeguards for high-quality development, officely uphold our core regulatory responsibilities, and comprehensively reinforce institutional oversight, conduct‑based supervision, functional regulation,穿透式监管 (penetrative supervision), and ongoing monitoring, ensuring that regulatory measures are rigorous, effective, and fully implemented. All securities and futures activities must be brought under regulatory scrutiny in accordance with the law, thereby eliminating regulatory gaps. We will make solid progress in advancing the rule of law in the capital market and actively foster a sound capital market culture. In line with the principles of early identification, early warning, early exposure, and early resolution, we will improve the regulatory framework for private equity funds, vigorously carry out the cleanup and rectification of trading venues, and work to steadily reduce risks in key areas of the capital market. We will earnestly implement the directives of the CPC Central Committee and the State Council on promoting the stable and healthy development of the real estate market and defusing local government debt risks, while coordinating risk prevention and control with appropriate financing support. We will strictly enforce safety production responsibilities to ensure the secure and stable operation of capital market infrastructure and information network systems.

SASAC: Enhance the Performance Evaluation System for State-Owned Enterprises’ Listed Subsidiaries
On January 26, the Learning Times published a signed article by the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council, titled “Upholding New Responsibilities and Taking New Actions to Usher in a New Era of High-Quality Development for State-Owned Enterprises and Central SOEs,” which called for deepening the special campaign to enhance the quality of centrally administered listed companies, improving the performance evaluation system for listed companies, and fully reflecting their true value.
The article states that in 2024, state-owned enterprises under central government oversight will make every effort to successfully achieve all annual goals and tasks, contributing new and greater results through concrete actions and tangible outcomes in pursuing high-quality development, thereby making a fresh and substantial contribution to the comprehensive building of a modern socialist country.
Specifically, with a focus on better fulfilling its functional mission and providing robust support for the overarching cause of Chinese‑style modernization, the article proposes concentrating on enhancing the overall effectiveness of state capital, boosting the comprehensive contributions of the state‑owned economy, and strengthening the value‑creation capabilities of state‑owned enterprises.
The article points out that, with a focus on enhancing economic value added, it is essential to continuously optimize capital allocation and deployment, improve operational quality and capital returns, resolutely curb reckless investment impulses, reduce the inefficient and unproductive use of capital, and generate more profitable revenue and cash‑flow‑positive earnings. In addition, by boosting the share of revenue and value added from strategic emerging industries, companies should proactively adapt to new industry trends and requirements, actively explore new areas, cultivate fresh competitive advantages, accelerate the shift toward innovation‑driven, quality‑focused growth, establish new industrial pillars, and build up long-term development potential. Finally, to enhance brand value, offices must strengthen their internal capabilities while projecting a compelling external image—pursuing enduring success through steadfast commitment and building brands on the foundation of quality—thereby guiding sustained strengthening and improvement, creating more “national hallmarks” and “century‑old enterprises,” and expediting the journey toward world‑class status.
Focusing on enhancing corporate quality and efficiency, the article calls for concerted efforts to sustain the recovery and improvement of China’s economy, proposing that we officely advance high-quality, stable growth; effectively leverage the pivotal role of sound investment; and proactively strengthen public services and basic social safeguards.
The article further emphasizes the need to launch a special campaign to enhance quality, boost efficiency, and ensure steady growth; strengthen analysis and assessment of commodity prices, market conditions, exchange rates, and other factors; cultivate high-end, differentiated competitive advantages; optimize product mixes; seize market opportunities; and improve operational performance. It also calls for advancing a targeted initiative to elevate the quality of listed companies controlled by central state-owned enterprises, refining their performance‑evaluation frameworks, and ensuring that corporate valuations accurately reflect their true worth. Focus should be placed on bolstering industrial chains, addressing weak links, and upgrading infrastructure, while simultaneously securing energy and resource supplies, with priority given to a portfolio of major projects that deliver strong traction and long-term benefits. A strategic plan to double investment in emerging industries should be implemented, with increased capital allocation to new industries, cutting-edge technologies, and innovative business models. Efforts must be redoubled to ensure stable supply and prices of essential products, accelerate the commencement of approved power‑generation projects, strengthen the development of transport networks for coal, electricity, oil, and gas, and expand the capacity of clean‑energy sources such as wind, solar, hydro, and nuclear. Furthermore, progress should be made in advancing hydrogen‑energy technologies and next‑generation energy‑storage systems, fostering their industrial application, and speeding up the establishment of a new‑type power system.
Focusing on leveraging scientific and technological innovation to drive industrial transformation, accelerating the development of new‑type productive forces, and advancing a new model of industrialization, the article makes clear that state‑owned enterprises and central SOEs will intensify their efforts in scientific and technological innovation, vigorously tackle key core technologies, strengthen China’s strategic scientific and technological capabilities, promote high‑level self‑reliance and self‑strengthening in science and technology, and foster a modern industrial system, thereby better fulfilling their leading role in speeding up the emergence of new‑type productive forces and bolstering new drivers of development. Specifically, this entails reinforcing the primary role of enterprises as the main actors in technological innovation, pursuing parallel advances in both strategic emerging industries and traditional sectors, and enhancing the resilience and security of industrial and supply chains.
The article emphasizes the need to vigorously implement the Industrial Renewal Initiative, focusing on sustained efforts in areas such as transformation, investment, innovation, and collaboration. It aims to achieve a number of landmark breakthroughs in key sectors—including artificial intelligence, new energy, and new-energy vehicles—while accelerating the development of strategic emerging industry clusters. At the same time, it calls for solid progress in the Future Industries Launchpad Initiative, speeding up the cultivation of start-ups, industry leaders, and unicorn companies, and achieving breakthroughs in critical technologies and developing signature products in fields like brain-inspired intelligence, quantum information, deep-Earth and deep-sea exploration, and laser manufacturing. Furthermore, the article underscores the importance of continuously strengthening and transforming traditional industries, promoting high-quality development of key manufacturing supply chains, accelerating pilot projects for digital transformation and the construction of smart factories, and advancing green and low-carbon transitions across sectors such as industry, construction, and transportation. The goal is to establish more exemplary green and low-carbon projects and hasten the shift toward high-end, intelligent, and environmentally sustainable development.
Focusing on deepening state‑owned asset and SOE reform and accelerating the development of modern, new‑type SOEs, the article makes clear that 2024 is a pivotal year for implementing the action plan to deepen and elevate SOE reform, as well as a critical year for bridging past achievements with future goals. State‑owned enterprises and central SOEs will coordinate their timelines, ensure effective execution, and strive for breakthroughs in key and challenging tasks.
The article proposes deepening reform by focusing on optimizing resource allocation. It calls for steadily implementing strategic restructuring and accelerating specialized integration in areas such as new energy, mineral resources, and trunk pipeline networks. Furthermore, it seeks to enhance the functions of state‑owned capital operation companies, identify high‑quality enterprises with strong potential and robust growth in strategic emerging industries, make early investments and deployments, and build specialized platforms for incubating technological innovation. The article also advocates optimizing the allocation of state‑owned capital operating budgets, increasing support for central enterprises in developing strategic emerging industries, future‑oriented sectors, and breakthroughs in critical core technologies. In addition, it emphasizes deepening reform by improving institutional mechanisms—refining market‑based management systems, expanding and elevating the quality of tenure‑based and contract‑based management, establishing a precise, efficient, standardized, and orderly income distribution framework, and ensuring the scientific and effective implementation of medium‑ and long‑term incentive schemes. Finally, it underscores the importance of strengthening institutional safeguards by fully leveraging the coordinating mechanism of the State Council’s Action Plan for Deepening and Upgrading State‑Owned Enterprise Reform, thereby ensuring the effective implementation of major reform initiatives.

CSRC: Emphasizing an investor‑centric approach, it is urging listed companies to distribute dividends more actively.
From January 25 to 26, the China Securities Regulatory Commission (CSRC) convened its 2024 System Work Conference to review the work of 2023, analyze the capital market landscape, and outline priorities for 2024. Yi Huiman, Secretary of the CSRC Party Committee and Chairman, delivered a work report and a concluding address. Li Chao, Member of the Party Committee and Vice Chairman, chaired the meeting. Also in attendance were Fang Xinghai, Member of the Party Committee and Vice Chairman; Fan Dazhi, Member of the Party Committee and Head of the Discipline Inspection and Supervision Group stationed at the CSRC by the Central Commission for Discipline Inspection and the National Supervisory Commission; Wang Jianjun and Chen Huaping, Members of the Party Committee and Vice Chairmen; as well as the chief executives of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
The meeting emphasized that, to deliver on the capital market agenda for 2024, it is imperative to align our thinking and actions with the CPC Central Committee’s sound assessment of the situation and its strategic decisions; to remain confident, face challenges head-on, and fully harness the initiative and creativity at all levels. We must thoroughly study and implement the spirit of the 20th National Congress of the CPC and the Second Plenary Session of the 20th CPC Central Committee, earnestly carry out the guiding principles of the Central Economic Work Conference, the Central Financial Work Conference, the Third Plenary Session of the 20th CPC Central Commission for Discipline Inspection, as well as the special seminar for principal leading officials at the provincial and ministerial levels on promoting high-quality financial development. We must also implement the arrangements made at the State Council Executive Meeting, uphold and strengthen the Party’s overall leadership over the capital market, keep high-quality development at the core of our work, adhere to the principle of seeking progress while maintaining stability—promoting stability through progress and establishing new foundations before dismantling old ones—and ensure that all tasks in the capital market are carried out in a solid and effective manner, thereby contributing to the sustained recovery and improvement of the economy and to the cause of Chinese‑style modernization.
The meeting emphasized the need to prioritize political leadership. It called for a profound understanding of the decisive significance of the “two establishments,” resolute adherence to the “two safeguards,” and the consolidation and expansion of the achievements of thematic education. Focusing on advancing Chinese modernization as the paramount political task, participants were urged to deeply grasp the fundamental objectives, indispensable pathways, and pressing priorities of building a financially strong nation; to strengthen their sense of mission and responsibility in serving the country through finance; and to further clarify the functional positioning of the capital market, steadfastly following the path of financial development with Chinese characteristics. The meeting also stressed deepening rectification efforts in response to central inspection findings, ensuring effective implementation of audit recommendations, and unswervingly upholding integrity, enforcing discipline, and combating corruption. It underscored the importance of strengthening oversight and checks on power through reform, enhancing regulatory transparency, and resolutely eradicating the conditions and root causes that give rise to corruption. Adhering to the standards of political fortitude, competence, and sound conduct, the meeting called for bolstering leadership teams and cadre development at all levels, thereby building a contingent of regulatory officials who are loyal, clean, and capable.
The meeting emphasized the need to place investors at the center of policy considerations. With a view to upholding market fairness, it called for a systematic review and assessment of key institutional arrangements in the capital markets, focusing on refining regulatory frameworks related to issuance pricing, quantitative trading, and securities lending, thereby clearly prioritizing the protection of investors’ legitimate rights and interests, particularly those of small and medium-sized investors. The comprehensive system for preventing and combating fraud in the capital markets will be further strengthened, with intensified efforts to investigate and prosecute cases of fraudulent issuance, financial statement manipulation, market manipulation, and insider trading, while improving the efficiency of case handling. For offenses of egregious nature and severe harm, a multi‑pronged approach—combining administrative, civil, and criminal accountability—will be reinforced to ensure that violators bear substantial consequences. Mechanisms such as class actions, derivative litigation, and the “model judgment plus professional mediation” framework will be fully leveraged to enable investors to obtain compensation more conveniently and directly. Strong impetus will be given to enhancing the investability of listed companies by refining quality‑evaluation standards, urging and guiding listed offices to strengthen their commitment to delivering returns to investors, and encouraging them to engage more actively in share buybacks and cash dividends. Corporate governance will be improved, with the establishment of a more rigorous and effective oversight regime targeting the “key few”—including actual controllers of listed companies. Efforts to build a valuation framework with Chinese characteristics will be accelerated, supporting listed companies in becoming stronger and more competitive through market‑based mergers and reorganizations, and promoting the inclusion of market capitalization in the performance assessments of central and state‑owned enterprises. Measures will also be studied to tighten constraints on undervalued listed companies, particularly from the perspective of information disclosure. The normalized delisting mechanism will be consolidated and deepened, adhering to the principle of “delisting all eligible entities” and accelerating the process of survival of the fittest. The gatekeeping responsibilities of sponsoring institutions, accounting offices, and other intermediary agencies will be officely enforced, with the principle of “accountability upon filing” strictly upheld; any entity seeking to bypass scrutiny while carrying underlying issues will be subject to thorough investigation and severe penalties. Public mutual funds and other investment institutions will be urged to fulfill their fiduciary duties, enhance their professional capabilities, and better serve the goal of preserving and growing household wealth.
The meeting emphasized the need to strike a balance between “stability” and “progress.” Efforts should focus on bolstering the intrinsic stability of the capital market, refining effective mechanisms for ensuring its smooth operation, strengthening coordination among all stakeholders, and enhancing communication with the market, so as to implement more robust and targeted measures that stabilize both the market and investor confidence. Adhering to the principle of promoting stability through progress and establishing new frameworks before dismantling old ones, we will further deepen capital market reforms across the board and improve the market’s foundational institutional framework. We will advance the registration-based IPO system in a substantive and pragmatic manner, strengthen end-to-end oversight of the issuance and listing process, and review and refine relevant institutional arrangements. We will vigorously push forward reforms on the investment side, accelerate the implementation of pilot programs for long-term equity investments by insurance funds, refine the long‑term performance evaluation system for investment institutions, and create a policy environment conducive to the entry of medium- and long‑term capital into the market, thereby fostering a dynamic equilibrium between investment and financing. Balancing openness with security, we will steadily expand the capital market’s institution‑based opening-up and enhance regulatory capacity and risk‑prevention capabilities under open‑market conditions. In alignment with the five major strategic priorities, we will improve the multi‑tiered capital market system, optimize the policy framework for the development of private equity and venture capital funds, promote high‑quality growth of the bond market, explore a Chinese‑style futures regulatory regime and business model, and refine the commodity futures product lineup, with a strong focus on elevating our ability and level of service to support high‑quality development.
The meeting emphasized the need to advance, in an integrated manner, robust regulation, risk prevention, and development. It underscored that strengthening oversight and guarding against risks are essential safeguards for high-quality development, calling for unwavering adherence to core regulatory responsibilities. Comprehensive efforts will be made to reinforce institutional supervision, conduct‑based oversight, functional regulation,穿透式监管 (penetrative supervision), and ongoing monitoring, ensuring that regulatory measures are both office and effective. All securities and futures activities will be brought under regulatory scrutiny in accordance with the law, eliminating any regulatory gaps. Solid progress will be made in advancing the rule of law in the capital market and in fostering a sound market culture. In line with the principles of early identification, early warning, early exposure, and early resolution, the regulatory framework for private equity funds will be refined, and the cleanup and rectification of trading venues will be vigorously pursued, thereby steadily reducing risks in key areas of the capital market. The Party Central Committee and the State Council’s directives on promoting the stable and healthy development of the real estate market and mitigating local government debt risks will be earnestly implemented, with coordinated efforts to strengthen risk prevention and ensure appropriate financing support. Safety production responsibilities will be strictly enforced to ensure the secure and stable operation of capital market infrastructure and information network systems.

The Fund for Optimizing and Upgrading Existing State-Owned Assets Has Been Established.
On January 25, the signing ceremony for the State-Owned Enterprise Existing Asset Optimization and Upgrading Fund was held in Beijing. Approved by the State-owned Assets Supervision and Administration Commission of the State Council, the fund was jointly initiated and established by China National Investment Corporation, together with China Cinda, China Orient, and Great Wall Asset Management, with a total scale of RMB 40 billion.
As a comprehensive fund specializing in the revitalization of existing assets, the State-Owned Enterprises Existing Assets Optimization and Upgrading Fund primarily invests in large‑scale, high‑growth infrastructure assets held by state-owned enterprises, as well as in underperforming or non‑core, non‑strategic equity interests of state‑controlled listed companies. It also targets idle land, proprietary technologies, and commercially viable operating assets of state-owned entities that possess development and utilization potential. Through these investments, the fund seeks to strengthen the core businesses and competitive industries of central and local state‑owned enterprises, optimize the structure of state capital allocation, and enhance the efficiency of state‑capital deployment.
Xie Xiaobing, Deputy Director-General of the Property Rights Bureau and First-Class Inspector at the State-owned Assets Supervision and Administration Commission of the State Council, stated that the launch of the Optimization and Upgrading Fund is a key measure to support the deepening and upgrading phase of the new round of state‑owned enterprise reform and to promote the optimization of the layout of state capital. By leveraging the catalytic role of operating companies, mobilizing social capital, and integrating complementary resources, the fund will better help central enterprises revitalize existing assets and expand effective investment. Moving forward, the Optimization and Upgrading Fund must remain true to its mission and fully harness the functions and capabilities of a state‑capital operating company; adhere to market‑oriented and professional principles to ensure efficient operations; and uphold risk‑control safeguards to guarantee the fund’s sound and compliant development.
Xu Siwei, Secretary of the Party Committee and Chairman of China National Investment Corporation, stated that establishing and operating the Fund for Optimizing and Upgrading Existing State-Owned Assets is a crucial initiative to leverage the functions and roles of state capital operation companies, advance the reform and development of state-owned assets and central enterprises, optimize the layout and structure of state capital, and promote the transformation and upgrading of traditional industries. Moving forward, China National Investment Corporation will spare no effort to ensure the fund gets off to a strong start, striving to build it into a world-class platform that supports the reform and development of state-owned assets and central enterprises.
Liu Dongwei, Deputy Secretary of the CPC Committee and District Mayor of Xicheng District in Beijing, stated that China National Investment Corporation’s establishment of the State-Owned Enterprise Existing‑Asset Optimization and Upgrading Fund represents a significant innovation aimed at enhancing the value of traditional SOE assets through market‑oriented approaches. This initiative not only marks a major step forward but also offers a new strategic option for leveraging finance to bolster the real economy. By locating the fund in Xicheng, China National Investment Corporation has injected fresh momentum into the district’s efforts to build a more robust capital‑market ecosystem and to position Financial Street as a premier hub for the asset‑management industry. The successful launch of the fund serves as a vivid example of Xicheng District’s commitment to supporting the financial sector of central state‑owned enterprises.
Zhang Weidong, Party Secretary and Chairman of China Cinda, stated that the fund’s optimization and upgrade will strongly support the reform of state-owned assets and enterprises, accelerating the optimization of the state‑owned economic structure and its structural adjustments. Through years of experience, financial asset management companies have built core competencies in resource integration, asset revitalization, and value enhancement. Going forward, under the guidance of the State-owned Assets Supervision and Administration Commission, we look forward to concerted efforts from all stakeholders to fully implement the fund and set a benchmark for the effective revitalization of existing state‑owned assets.

Commercial & Corporate
The State Council has promulgated the Regulations for the Implementation of the Archives Law, standardizing the collection, management, preservation, and utilization of archives.
On January 25, the Chinese Government Website published the Regulations for the Implementation of the Archives Law of the People’s Republic of China, which will take effect on March 1, 2024. The Regulations, revised from the Measures for the Implementation of the Archives Law, comprise eight chapters and 52 articles.
The Regulations refine the archival work mechanism by stipulating that people’s governments at or above the county level shall establish and improve archival institutions, provide secure long-term storage facilities and equipment, and introduce new provisions on the archival duties of township-level people’s governments. They also standardize the collection and management of archives, clarifying responsibilities for filing and transfer, and elaborating requirements for the transfer of electronic archives. Furthermore, the Regulations strengthen the archive preservation system by setting forth specific requirements for off-site backup storage of critical electronic archives and for the development of disaster recovery systems. Finally, they detail measures for opening and utilizing archives, mandating that national archives establish a collaborative review mechanism for the release of their holdings and specifying concrete requirements for the sharing and use of digital archival resources.

The State Council Information Office held a press conference on advancing the pilot program for comprehensive reform in the Pudong New Area.
On January 26, the State Council Information Office held a press conference on advancing the comprehensive reform pilot program in the Pudong New Area, briefing the public on relevant developments and fielding questions from reporters.
In building a market for data as a factor of production, Shanghai will deepen institutional openness in the data sector, launch pilot programs in areas such as electronic invoicing, electronic payments, and international data services, and explore the establishment of high‑standard data security management frameworks aligned with international practices, as well as more streamlined mechanisms for cross‑border data flows. The city will also accelerate the assetization of data as a factor of production and promote the industrialization of data‑driven industries.

The Ministry of Commerce has released the 2024 edition of the Guidelines for Foreign Business Professionals Working and Living in China.
On January 25, the Ministry of Commerce website released the “Guidance for Foreign Business Professionals Working and Living in China (2024 Edition).”
The “Life Guide” comprises four sections: precautions, daily-life services, residence and stay‑in‑China services, and related social services. It provides reminders on essential matters for foreign business professionals upon arrival in China, such as completing temporary accommodation registration and keeping track of visa, residence permit, and work permit expiration dates. It also clarifies the procedures and usage guidelines for services related to telecommunications SIM cards, bank cards, mobile payments, foreign‑exchange transactions, transportation, and lodging. In addition, the guide specifically outlines the relevant policies governing social security contributions and individual income tax payments for foreign business professionals in China.

China’s Financial Regulatory Authority: Further Optimizing the Down Payment Ratio for Personal Housing Loans
At a press conference held by the State Council Information Office on January 25 to discuss financial services for high-quality economic and social development, Xiao Yuanqi, Deputy Director of the National Administration of Financial Regulation, along with the heads of four key business departments, addressed market‑wide concerns such as real estate policy, the risk landscape facing small and medium‑sized banks, inclusive finance regulation, and financial sector opening-up.
In particular, regarding the provision of sound financial services for personal housing loans, Xiao Yuanqi stated that they will support local governments and housing‑and‑urban‑rural development authorities in adopting city‑specific policies to further refine down payment ratios, loan interest rates, and other personal housing loan measures, while guiding and urging banks to better meet the financing needs of the general public for both essential and upgraded housing.
Continue to provide high-quality real estate financial services.
For some time now, the National Administration of Financial Regulation has worked in concert with industry regulators and local governments to implement comprehensive measures on both the supply and demand sides of the real estate market, steadily strengthening financial support.
“These policies and measures have already been, and continue to be, playing a positive role in improving financial services for the real estate sector, stabilizing reasonable financing needs in the property market, and promoting the steady and sound development of the real estate industry,” said Xiao Yuanqi. He added that the real estate industry has a long industrial chain and wide-ranging implications, exerting a significant impact on the national economy and closely affecting the daily lives of the general public. As such, the financial sector bears an inescapable responsibility and must provide robust support.
Xiao Yuanqi stated that the National Administration of Financial Regulation will guide financial institutions to fully and effectively implement existing financial support policies, continue to provide sound real estate financing services, maintain overall stability in real estate credit, meet reasonable financing needs, and leverage the power of finance to safeguard the steady and healthy development of the real estate market.
Xiao Yuanqi disclosed that, in the near term, four key initiatives will be prioritized: first, accelerating the implementation and effectiveness of the urban real estate financing coordination mechanism; second, guiding financial institutions to rigorously enforce regulatory requirements for commercial property‑related loans; third, continuing to provide high‑quality financial services for individual housing loans; and fourth, directing and urging banks and other financial institutions to vigorously support the construction of three major projects—“dual‑use” infrastructure for both peacetime and emergency needs, and urban village redevelopment—while ensuring that tangible physical progress is achieved as soon as possible.
Regarding the accelerated implementation and effective operation of the urban real estate financing coordination mechanism, Xiao Yuanqi stated that relevant work deployment meetings will be convened, urging banks to act promptly. Under the leadership and coordination of local governments, and in collaboration with housing and urban–rural development authorities, banks are to adopt city-specific policies and make full use of the policy toolkit to provide more targeted support for the legitimate financing needs of real estate projects.
Establish a unified regulatory framework for inclusive finance credit.
Financial support for key areas and weak links will also be further strengthened. Li Mingxiao, spokesperson for the National Administration of Financial Regulation and Director-General of the Policy Research Department, stated that going forward, the Administration will devote itself to advancing science-and‑technology finance, work to improve the multi‑tiered science‑and‑technology financial services system, and, on the premise of controllable risks, collaborate with relevant departments to steadily promote the development of pilot zones for science‑and‑technology finance reform. It will also deepen measures to provide financial support to the manufacturing sector, guide financial institutions in fully implementing and refining all policy requirements, continuously expand the range of financial products and services, and consistently increase support for technological innovation and advanced manufacturing, thereby fostering the growth of new‑type productive forces and providing robust financial backing for accelerating the building of a modern industrial system.
Guo Wuping, Director-General of the Inclusive Finance Department of the National Administration of Financial Regulation, revealed that this year, in line with the decisions and arrangements made at the Central Financial Work Conference, the administration will fully implement the requirements for advancing inclusive finance. It will standardize regulatory metrics for loans to small and micro enterprises, agricultural entities, and private enterprises, conduct performance assessments and data disclosures, and clearly define regulatory priorities.
Specific measures include: requiring banking and financial institutions to focus on the funding needs of small and micro enterprises and agricultural entities, appropriately calibrating the pace of credit disbursement, and striving to ensure that the growth rates of inclusive loans to small and micro enterprises and inclusive agricultural loans both exceed the average growth rate of all types of loans; expanding first-time and renewal lending, with renewal terms extended whenever eligible and to the extent possible; encouraging medium- and long-term loans that align with production and operational cycles; promoting revolving credit facilities that allow borrowers to draw down and repay funds as needed; and gradually increasing the share of credit loans for small and micro enterprises.
Places greater emphasis on the overall quality of foreign investment.
On the front of high‑level financial opening-up, Xiao Yuanqi stated that, over the recent period, the National Administration of Financial Regulation has introduced more than 50 measures to further open China’s financial sector to the outside world. These include abolishing restrictions on foreign equity ownership, such as caps on the shareholding ratios for foreign investors seeking to take stakes in, acquire, or increase capital in financial institutions. As a result, foreign investors can now hold 100% of the equity in banking and insurance institutions, enabling them to achieve full control.
At present, all remaining restrictions on the financial sector in the negative list for foreign investment access have been completely eliminated, and quantitative entry barriers for foreign capital have been significantly reduced. “In the past, there were requirements regarding the total asset size of foreign‑owned banks and insurance institutions, as well as stipulations on the length of operating history in their home countries; these have now been abolished, with greater emphasis placed on the overall quality of foreign investors’ investments,” said Xiao Yuanqi.
Xiao Yuanqi stated: “We will further align with the financial‑related provisions in high‑standard international economic and trade agreements, continue to steadfastly advance high‑level opening-up in the financial sector, and, on the basis of implementing the pre‑entry national treatment plus negative list regime, adhere to the principles of marketization, rule of law, and internationalization. We welcome all types of foreign‑invested institutions and long‑term capital to establish and expand their operations in China.”
Strictly prevent manipulation by major shareholders and insider control.
With regard to jointly advancing the reform and risk prevention of small and medium-sized banks and continuously enhancing their operational and management capabilities, Xiao Yuanqi stated that efforts should be focused on five key areas.
These measures include: strengthening corporate governance by achieving an organic integration of Party leadership and corporate governance; optimizing the equity structure; standardizing the duties and responsibilities of corporate governance bodies; establishing a corporate governance framework characterized by mutual checks and balances and efficient operations; and, in particular, rigorously preventing control by major shareholders and insider manipulation, as well as curbing the transfer of benefits and illicit or non-compliant related-party transactions. In coordination with local Party committees and governments, senior executives and key personnel in local small and medium-sized banks shall be carefully selected and appointed in accordance with the “three‑fold excellence” criteria—political integrity, strong capabilities, and sound work style. Furthermore, small and medium-sized banks will be urged to focus on their core businesses and primary functions.
Xiao Yuanqi stated that, in the face of the temptation to pursue speed and completeness at all costs regardless of risks, small and medium-sized banks must possess the resolve and capability to resist such pressures. They should adopt differentiated, distinctive business models and fully leverage their unique strengths. Given their deep familiarity with local customers, small and medium-sized banks must capitalize on this advantage.

The first LPR rate of the year remained unchanged, but there is still room for further cuts going forward.
The first batch of 2024 Loan Prime Rates (LPR) was announced on January 22, with the 1-year LPR at 3.45% and the LPR for maturities of five years or longer at 4.2%, both unchanged from the previous period. Experts note that the January LPR remained stable, largely due to the unchanged medium-term lending facility (MLF) rate and narrowing bank net interest margins, while there is still room for future cuts.
The LPR remains unchanged.
As the MLF serves as the “pricing anchor” for the LPR, the stability of the January MLF rate indicates that the LPR’s pricing basis has remained unchanged, which to a large extent foreshadows that the January LPR will stay put.
“The January LPR remained unchanged, in line with market expectations,” said Zhou Maohua, a macro researcher at the Financial Markets Department of China Everbright Bank. December 2023 saw steady financial data, with new loans and aggregate financing growing significantly year-on-year, while the economy continued to recover robustly—indicating that current real loan rates are broadly within an appropriate range.
The Report on the Implementation of China’s Monetary Policy for the Third Quarter of 2023 indicates that the LPR reform and the market-based adjustment mechanism for deposit rates have been effectively implemented, leading to a steady yet declining trend in actual loan interest rates. In September 2023, the weighted average interest rate on newly issued loans stood at 4.14%, down 0.2 percentage points year on year.
From a banking perspective, Wang Qing, Chief Macro Analyst at Orient Golden Credit, believes that the moderate decline in banks’ net interest margins suggests they will place greater emphasis on asset yields, leaving them with limited incentive to proactively lower LPR quotes. “Recently, banks have initiated a new round of deposit-rate cuts, a necessary measure to address downward pressure on net interest margins; however, this is unlikely to effectively boost their motivation to lower LPR quotes in the short term,” Wang Qing said.
Ensure smooth policy transmission.
Experts indicate that the People’s Bank of China is still likely to further ease monetary policy—through measures such as lowering the reserve requirement ratio and moderately reducing the Medium-term Lending Facility (MLF) rate—to ensure smoother policy transmission and guide a moderate decline in the Loan Prime Rate (LPR).
“In the first quarter of 2024, the likelihood is high that the central bank will cut the MLF rate, which would prompt a corresponding reduction in the LPR and, in turn, lower borrowing costs for both businesses and households,” said Wang Qing. He added that guiding the LPR downward would, on the one hand, help ease upward pressure on real interest rates and boost market demand, while, on the other hand, sending a clear signal of stabilizing growth, thereby improving public expectations and bolstering market confidence.
Dong Ximiao, chief researcher at China Merchants Bank, said that in the first quarter, the People’s Bank of China may still cut policy interest rates by 5 to 10 basis points and lower the reserve requirement ratio by 0.25 percentage points, further reducing banks’ funding costs and guiding the Loan Prime Rate—particularly the rate for maturities of five years and above—to decline moderately, thereby helping to lower financing costs for market entities.
The economy’s endogenous growth momentum also needs to be further strengthened. Wen Bin, Chief Economist at China Minsheng Bank, noted that, given persistently low inflation and relatively high real interest rates—which may dampen effective financing demand in the real economy—it is necessary to cut interest rates to bolster confidence, reduce costs, expand financing demand, and invigorate business entities.
Zou Lan, Director-General of the Monetary Policy Department of the People’s Bank of China, recently stated that the central bank will strengthen counter-cyclical and cross‑cycle adjustments, exerting efforts on the aggregate, structural, and price fronts to foster a favorable monetary and financial environment for high-quality economic development.

The Regulations on the Development of the Beijing International Science and Technology Innovation Center have been adopted by vote and will take effect on March 1 this year.
On January 25, the Second Session of the 16th Beijing Municipal People’s Congress adopted the Regulations on the Development of the Beijing International Science and Technology Innovation Center. The regulations will take effect on March 1, 2024.
The Regulations comprise seven chapters and seventy-six articles, organized into seven sections: General Provisions, Strategic Planning and Development Layout, Innovation Entities and Activities, Innovation Talent, the Innovation Ecosystem, International Openness and Cooperation, and Supplementary Provisions. As the “basic law, framework law, and promotional law” for Beijing’s development as an international center for science and technology innovation, the Regulations are grounded in the city’s resource advantages, its strategic objectives, and the challenges it faces, and they establish a comprehensive institutional framework that articulates the four pillars and eight supporting elements of this endeavor. The enactment of these Regulations will facilitate the establishment and continuous refinement of a legal safeguard system for building the international center for science and technology innovation—anchored by the Regulations themselves, underpinned by specialized statutes, and supplemented by relevant normative documents—thereby enabling the law to serve its fundamental, stabilizing, and long-term‑oriented roles and providing systematic, sustained legal support for the center’s development.

The People’s Bank of China announced a “reserve requirement ratio cut plus targeted interest rate cuts”: to stimulate demand, reduce costs, and stabilize the market.
According to the website of the People’s Bank of China, in order to consolidate and strengthen the economic recovery and improvement, starting February 5, 2024, the reserve requirement ratio for financial institutions will be lowered by 0.5 percentage points (excluding those already subject to a 5% reserve requirement ratio). Following this reduction, the weighted average reserve requirement ratio for financial institutions will stand at approximately 7.0%. Additionally, effective January 25, 2024, the interest rates on agricultural re-lending, small-business re-lending, and rediscount facilities will each be cut by 0.25 percentage points.
Several industry insiders noted that, at the beginning of 2024, the People’s Bank of China simultaneously announced both a reduction in the reserve requirement ratio and targeted interest-rate cuts, signaling the current monetary policy’s strong commitment to inclusive finance and its pursuit of precision and effectiveness. This move also conveyed four key messages: first, a signal of monetary easing, with intensified counter-cyclical adjustments and a balanced approach that leverages both aggregate and structural tools; second, an emphasis on expanding demand and stabilizing growth to bolster expectations and confidence; third, a continued adherence to a self‑driven monetary policy stance, while seeking to strike a balance between domestic and external equilibrium; and fourth, an ongoing effort to foster a favorable monetary and financial environment, providing high‑quality financial services to major national strategies, priority sectors, and vulnerable areas, and underpinning stability in capital markets and investor confidence.
Why cut the reserve requirement ratio and implement targeted interest-rate cuts?
The RRR cut is both one of the People’s Bank of China’s routine liquidity‑management tools and a powerful signal of its commitment to stabilizing growth. A targeted interest-rate cut will help bring down the Loan Prime Rate (LPR), which serves as the benchmark for credit pricing, thereby steadily reducing overall financing costs, further boosting corporate investment demand and household consumption sentiment, and helping the real estate market accelerate its bottoming‑out and stabilization, thus strengthening the foundation for economic performance.
Why were both a reduction in the reserve requirement ratio and a targeted interest-rate cut announced simultaneously at the beginning of 2024? Wu Chaoming, deputy director of the Caixin Institute, told People’s Daily Online Finance that, given current insufficient aggregate demand and weak credit demand, real interest rates remain elevated. Cutting interest rates would help lower financing costs for vulnerable sectors, providing targeted and effective support. Moreover, both fiscal stimulus and debt‑resolution efforts require coordinated monetary policy to ease banks’ capital and net‑interest‑margin constraints, improve market expectations, bolster confidence, and help stabilize the capital markets.
Wen Bin, Chief Economist at China Minsheng Bank, told People’s Daily Online Finance that the swift implementation of this RRR cut sends a positive signal, helping to bolster market confidence and stabilize economic performance; improve investor expectations in the capital markets and ensure the steady functioning of financial markets; and strengthen coordination between monetary and fiscal policies. Against the backdrop of robust credit growth in the first quarter, substantial local government bond issuance, a large volume of maturing Medium-term Lending Facility (MLF) loans, and heightened liquidity demand during the Spring Festival, the move will help ensure a smooth transition in liquidity conditions. Moreover, given the mounting pressure on banks’ net interest margins in the first quarter, the RRR cut will facilitate the release of medium- and long-term funds, optimize funding structures, stabilize bank operations, and create greater room for banks to continue extending favorable terms to the real economy.
Regarding the targeted interest-rate cut, Wen Bin believes it will help keep overall financing costs stable while trending downward, further boosting corporate investment demand and household consumption sentiment, thereby accelerating the stabilization of the real estate market and strengthening the foundation for economic performance.
Wang Qing, Chief Analyst at Orient Securities, told People’s Daily Online Finance that the 0.5 percentage-point reduction in the reserve requirement ratio signifies a substantial strengthening of counter-cyclical monetary policy adjustments. This move will help sustain relatively rapid credit growth in the first quarter and encourage commercial banks to actively participate in mitigating debt risks on local government financing platforms. At the same time, it underscores that the first quarter has entered a critical phase for stabilizing growth, with macroeconomic policies set to exert comprehensive efforts to stimulate effective demand.
Wang Qing believes that the 0.25 percentage-point reduction in the interest rates on agricultural and small‑business reloans and rediscounts signals that, alongside the deployment of aggregate monetary policy tools, structural monetary policy is also being directed toward addressing the economy’s most vulnerable links. From the perspective of addressing weak points and stabilizing employment, it is necessary to strengthen targeted support measures for micro, small, and medium‑sized enterprises.
What impact will the combination of a reserve requirement ratio cut and targeted interest rate cuts have?
According to reports, on February 5, the reserve requirement ratio was cut by 0.5 percentage points, injecting RMB 1 trillion of long-term liquidity into the market. So, what impacts will the release of this RMB 1 trillion in long-term liquidity, combined with targeted interest-rate cuts, have?
Wu Chaoming stated that these measures help reduce banks’ funding costs and enhance their lending capacity on the asset side. Currently, the People’s Bank of China pays commercial banks a reserve requirement ratio interest rate of 1.62%, while the interbank market financing cost—measured by the DR007 (the 7-day repo rate for deposit‑taking financial institutions collateralized by government bonds)—stands above 2.1%, and the one-year Medium-term Lending Facility (MLF) rate is at 2.5%. Consequently, funds released through the RRR cut are not only low‑cost but also long‑term, effectively constituting “cheaper long‑term funding.” Meanwhile, the reduction in the rediscount rate directly lowers commercial banks’ funding expenses. By leveraging both aggregate and structural policy tools in tandem, these measures aim to expand demand in a targeted and effective manner.
In addition, this targeted interest-rate cut is primarily aimed at bolstering support for agriculture‑related sectors, small and micro enterprises, and the private sector. Wen Bin believes that, when combined with the relaxation of eligibility criteria for inclusive small‑and‑micro loans, the measure will help continue injecting financial resources into rural revitalization, inclusive finance for small and micro businesses, and the private economy, thereby synergizing with other policies to drive sustained improvement in key areas and address structural weaknesses. At the same time, the financial institutions receiving such support are mainly city commercial banks and rural financial institutions, which will also help reduce funding costs for local small and medium‑sized banks and expand their capacity to manage and mitigate risks.
Some industry insiders also note that, based on historical data, January typically sees relatively high levels of new RMB loans. By opting to cut the reserve requirement ratio just before the Spring Festival, the People’s Bank of China helps prevent liquidity strains and creates a more favorable monetary environment, thereby setting the stage for a strong start to the year.
The People’s Bank of China also stated that it will implement a prudent monetary policy in a flexible, appropriate, precise, and effective manner; strengthen macroeconomic regulation; enhance counter-cyclical and cross‑cycle adjustments; ensure reasonably ample liquidity; align the scale of social financing and the money supply with the targeted objectives for economic growth and price levels; maintain basic stability of the RMB exchange rate at an appropriate and balanced level; and continue to promote both qualitative improvements and reasonable quantitative growth in the economy.

Ensuring stable employment: This is how the human resources and social security authorities will step up in 2024.
At a press conference held by the Ministry of Human Resources and Social Security on the 24th, Yun Donglai, Deputy Director-General of the Employment Promotion Department, stated: “In 2024, the foundation for stable employment remains broadly solid; economic growth is expected to continue recovering; the transition between old and new growth drivers is accelerating; and new sources of employment will keep emerging.”
“At the same time, as uncertainties in economic performance mount, social expectations remain subdued, overall employment pressures persist, and structural imbalances continue to pose challenges. Therefore, achieving stable employment this year will require even greater effort,” said Yun Dong.
He stated that in 2023, urban areas across the country added 12.44 million new jobs. GDP growth of 5.2% was a key driver of employment expansion that year. Meanwhile, the service sector accelerated its recovery, with the value added of the service sector accounting for 54.6% of GDP, underscoring the growing capacity of economic development to generate employment.
The accelerated release of policy dividends is also injecting momentum into employment growth. The state has promptly adjusted and refined its policies to stabilize employment, with governments at all levels allocating over 300 billion yuan in direct funding to support employment and entrepreneurship in 2023.
“Going forward, we will place greater emphasis on prioritizing employment, accelerate the refinement of mechanisms to promote high-quality, full employment, and strengthen efforts to consolidate the positive momentum in the labor market,” said Yun Dong.
On the one hand, greater emphasis will be placed on policy coordination, with efforts to refine the employment‑support framework—including fiscal subsidies, tax incentives, financial assistance, and social‑security relief. On the other hand, priority will be given to job creation, launching initiatives to boost employment in advanced manufacturing, expanding employment opportunities in the digital economy, the green economy, and the silver‑economy, and strengthening support for private enterprises and small and medium‑sized businesses that are particularly effective at generating jobs.
College graduates, rural migrant workers, and other key groups are the top priorities for employment promotion efforts by the human resources and social security authorities. The number of college graduates in the class of 2024 is projected to reach 11.79 million, an increase of 210,000 compared with the previous year.
“We will implement measures such as expanding job opportunities and establishing a service system that seamlessly connects on-campus and off-campus resources, thereby strengthening support for youth employment, including college graduates; at the same time, we will intensify assistance for those who have been lifted out of poverty and for older rural workers,” said Yun Dong.
In the realm of entrepreneurship, the human resources and social security authorities will refine the system for safeguarding employment through business creation, establishing an integrated service framework that includes guarantee loans, tax and fee reductions, and venue arrangements, while continuously advancing the standardized development of the gig‑economy labor market.
Conducting public employment service activities is an important measure for aligning labor supply with demand and a key lever for sustaining employment efforts throughout the year.
“We will, in line with the job-seeking needs of various worker groups and the underlying dynamics of the labor market, continue to roll out a series of public employment services that reach key populations—including college graduates, rural migrant workers, and individuals facing employment difficulties—as well as businesses of all types, striving to ensure recruitment opportunities every month,” said Yun Donglai.
The current Employment Assistance Month campaign is underway. In addition, from late January to early April, the 2024 Spring Breeze Initiative will be held nationwide, focusing on guiding migrant workers to travel safely and in an orderly manner, promoting local employment and return‑to‑hometown entrepreneurship, and organizing enterprise recruitment and hiring services. It is expected to create 30 million job opportunities.
Local human resources and social security departments will leverage online platforms such as public recruitment websites and short-video apps, as well as high‑traffic venues like plazas, train stations, shopping malls, and markets, to organize a variety of job‑fair events. At the same time, they will carry out joint recruitment initiatives between labor‑receiving and labor‑sending regions, set up on‑site recruitment centers, and dispatch work teams to deliver employment opportunities directly to workers. In addition, they will provide targeted job placements and skills‑training opportunities close to home for older rural migrant workers, with particular emphasis on offering employment support to those affected by earthquakes, floods, and other disasters, helping them overcome their difficulties as quickly as possible.

The Ministry of Transport has issued the Measures for the Registration and Administration of Transportation Engineering Supervision Engineers.
On January 26, the website of the Ministry of Transport published the “Administrative Measures for the Registration of Transportation Engineering Supervision Engineers.”
The Measures comprise twenty-two articles and primarily set forth provisions regarding the registration requirements, approval procedures, and supervisory management of transportation engineering supervision engineers. In light of the professional characteristics of supervision engineers, the Measures specify concrete criteria concerning competency requirements and the employing organization, and stipulate that applicants may submit their registration applications through the national management system for transportation engineering supervision engineers. The licensing authority shall issue either electronic or paper‑based registration certificates, with both types having equal legal effect and being valid nationwide. Furthermore, the Measures delineate the scope of practice, professional activities, and continuing education for supervision engineers; they clarify the regulatory authorities, set out regulatory requirements, establish systems such as credit management, and strengthen the standardized oversight of supervision engineers’ professional conduct.

The Ministry of Ecology and Environment has issued the national ecological and environmental standard, “Technical Specification for Disclosure of Environmental Information on Motor Vehicles.”
On January 17, the Ministry of Ecology and Environment issued the “Notice on the Release of the National Ecological and Environmental Standard ‘Technical Specification for Disclosure of Environmental Information on Motor Vehicles.’”
The Standard specifies the entities, content, timing, methods, and technical requirements for the disclosure of environmental information on motor vehicles, as well as the format and items to be included in the vehicle‑borne environmental information checklist. It applies to motor vehicle manufacturers, importers, and inspection agencies in carrying out the disclosure of environmental information for motor vehicles.

Taxation
The National Tax System’s Conference on Comprehensively Strengthening Party Governance was held in Beijing.
On January 25, the National Tax System’s Conference on Comprehensively Strengthening Party Governance was held in Beijing. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the conference deeply grasped and implemented General Secretary Xi Jinping’s important ideas on the Party’s self-revolution, thoroughly studied and carried out the spirit of the 20th National Congress of the Communist Party of China and the Third Plenary Session of the 20th Central Commission for Discipline Inspection, summarized the tax system’s work in comprehensively strengthening Party governance in 2023, and outlined key tasks for 2024, thereby providing strong guarantees for advancing, with high quality, the tax‑related practice of Chinese‑style modernization. Hu Jinglin, Secretary of the Party Committee and Director of the State Taxation Administration, delivered a work report, while Li Jianming, Head of the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the State Taxation Administration and a member of the Party Committee of the State Taxation Administration, addressed the meeting.
Hu Jinglin stated that at the Third Plenary Session of the 20th Central Commission for Discipline Inspection, General Secretary Xi Jinping, from the strategic perspective of coordinating the great rejuvenation of the Chinese nation with the unprecedented global changes of the past century, profoundly expounded on the important thought of the Party’s self‑revolution and clearly set forth the “nine ‘with’” practical requirements, providing fundamental guidance for deepening the comprehensive and rigorous governance of the Party, advancing Party conduct and integrity building, and fighting corruption. The national tax system must align its thinking and actions with General Secretary Xi Jinping’s important speech and the spirit of the plenary session, earnestly enhance its political consciousness in promoting the comprehensive and rigorous governance of the Party within the tax system, maintain a constant sense of political clarity that we are always on the journey, and, with unwavering political resolve to uphold strictness across the board and see it through to the end, more officely shoulder and implement the political responsibility for comprehensively strengthening Party governance. Guided by a spirit of thorough self‑revolution, the tax system should sustain its efforts and advance in depth, continuously achieving new results in the comprehensive and rigorous governance of the Party, thereby leading and ensuring that tax work better serves the overall cause of the Party and the country.
Hu Jinglin pointed out that over the past year, the national tax system has thoroughly studied and implemented Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, resolutely carried out the decisions and arrangements of the CPC Central Committee, and, under the supervision and support of the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the State Taxation Administration, integrated in-depth thematic education throughout the entire process of exercising full Party self‑discipline. The system has consolidated and expanded the new pattern of comprehensive Party self‑discipline characterized by “six-in-one” integration, worked to improve and refine the framework for such self‑discipline, and achieved positive results in strengthening the Party’s political development, promoting high‑quality Party building, ensuring accountability for Party governance, deepening reform of the discipline inspection and supervision system within the tax sector, enhancing integrated and coordinated oversight, and advancing efforts to rectify conduct, enforce discipline, and combat corruption.
Hu Jinglin emphasized that in 2024, the tax system’s work on exercising full and rigorous Party self‑discipline must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, deeply study and implement General Secretary Xi Jinping’s important thought on the Party’s self‑revolution, fully carry out the spirit of the 20th National Congress of the CPC and the Third Plenary Session of the 20th Central Commission for Discipline Inspection, profoundly grasp the decisive significance of the “two establishments,” strengthen the “four consciousnesses,” officely uphold the “four confidences,” and ensure the “two safeguards.” Efforts must be sustained and coordinated to build a strong political organ; systemic and comprehensive measures must be taken to advance the “three no’s” against corruption; unwavering and long‑term efforts must be made to reinforce discipline and conduct; and, by aligning with standards and upholding fundamental principles while fostering innovation, the system of full and rigorous Party self‑discipline within the tax system must be improved, thereby guiding and ensuring the high‑quality advancement of tax‑related practices in the course of Chinese‑style modernization.
Hu Jinglin laid out plans for solidly advancing the Party’s comprehensive and strict governance within the tax system in 2024, emphasizing the need to consolidate and expand the outcomes of thematic education, and to persistently study and deeply grasp Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. He called for continuously strengthening political oversight to ensure the effective implementation of the CPC Central Committee’s decisions and arrangements; upholding the principles of consolidation, deepening, and enhancement to sustain high‑quality development of Party building across the tax system; comprehensively promoting the “three no’s” against corruption—no tolerance, no opportunity, no desire—to relentlessly deepen the fight against corruption within the tax system; earnestly addressing the “four undesirable work styles” while fostering a new ethos, thereby consistently reinforcing discipline and work style within the tax system; further advancing the reform of the disciplinary inspection and supervision system in the tax sector to ensure the effective operation of an integrated, comprehensive oversight framework; and strengthening the education, management, and oversight of young cadres, so as to continuously encourage young tax officials to make contributions in the new era and embark on a new journey. Finally, he stressed the importance of bolstering the ranks of Party building and disciplinary inspection personnel, and of maintaining personal integrity, uprightness, and strength at all times.
Li Jianming emphasized that the national tax system must deeply understand General Secretary Xi Jinping’s important thought on the Party’s self‑revolution, fully appreciate its profound significance, accurately grasp its scientific essence, and unswervingly carry forward the Party’s self‑revolution to the end. It must also thoroughly comprehend General Secretary Xi Jinping’s strategic plan to resolutely eradicate the soil and conditions that give rise to corruption, keenly discern the new developments and trends in the fight against corruption, officely uphold the imperative of sustained effort and in‑depth advancement, and focus on the key tasks of eliminating the roots and conditions of corruption, thereby resolutely winning the tough and protracted battle against corruption within the tax system. Furthermore, it is essential to deeply heed the work arrangements set forth at the Third Plenary Session of the Central Commission for Discipline Inspection, integrating General Secretary Xi Jinping’s important directives with the tasks outlined in the session’s work report and implementing them in a coordinated manner. New achievements should be made in deepening political oversight, intensifying the anti‑corruption campaign, ensuring rigorous implementation of the spirit of the CPC Central Committee’s Eight‑Point Decision on Improving Party and Government Conduct, strengthening Party discipline, and advancing reforms of the discipline inspection and supervision systems to improve the oversight framework, thus driving high‑quality development of discipline inspection and supervision work in the tax system as it embarks on a new journey. Finally, the Party must deeply embrace General Secretary Xi Jinping’s earnest expectations for building an iron‑clad contingent of discipline inspectors and supervisors. With a spirit of thorough self‑revolution, we must deepen our own self‑improvement, further fortify our loyalty to the Party, strengthen our sense of responsibility and commitment, refine mechanisms for strict management, and uphold the principle of combining rigorous oversight with caring support. In this way, we will forge a disciplined inspection and supervision force that reassures the CPC Central Committee and wins the trust and satisfaction of the people, making fresh and even greater contributions to the great cause of national rejuvenation and the building of a strong country.
The meeting was held via video conference, chaired by Yao Laiying, Member of the Party Committee and Deputy Director-General of the State Taxation Administration. Leaders of the SAT attended the meeting and participated in breakout discussions with delegates. Also present at the main venue were all members of the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the SAT, department‑level and bureau‑level officials from all departments and bureaus of the SAT as well as its directly affiliated units based in Beijing, and the principal heads and discipline inspection team leaders of the tax bureaus of all provinces, autonomous regions, municipalities directly under the central government, and cities separately listed in the national plan, along with the principal heads of the SAT’s special commissioner offices stationed across the country and the SAT Cadre College. In addition, relevant officials from the Central Commission for Discipline Inspection and the National Supervisory Commission, as well as from the Discipline Inspection and Supervision Working Committee of the CPC Central Committee and State Organs, attended the meeting as invited guests. At the sub‑venues across the country, other members of the leadership teams of provincial tax bureaus, the SAT’s special commissioner offices, and the SAT Cadre College, together with the principal heads of internal departments, dispatched agencies, and directly affiliated institutions, as well as all personnel of the discipline inspection bodies, took part in the proceedings.

LITIGATION & ARBITRATION
The Supreme People’s Court has released typical civil cases involving farmers.
On January 23, the Supreme People’s Court website published nine typical civil cases involving rural issues, highlighting farmland protection, supporting the deepening of the “separation of three rights” reform for rural contracted land, facilitating and safeguarding the pilot program allowing collectively owned construction land for business purposes to enter the market, protecting and promoting the development of modern agriculture, maintaining order in the agricultural inputs market, and strengthening intellectual property protection in the seed industry.
In Case 8, agricultural producer Fan engaged in herbicide application using an unmanned plant protection drone over the rice paddy located to the north of Lu’s citrus orchard. Due to factors such as flight altitude and wind direction, spray drift occurred during the operation, resulting in damage to Lu’s crops. As a result, Fan caused direct economic losses of RMB 9,600 to Lu’s citrus trees and RMB 12,000 to Lu’s cauliflower, totaling RMB 21,600. Lu contended that Fan’s improper operation had led to these losses and that Fan should bear liability for compensation; accordingly, Lu brought the matter before the court. The court held that, prior to employing drones for pesticide application, agricultural producers are obligated to ascertain the cropping conditions on adjacent lands and to implement appropriate protective measures. Where harm is caused by a tortious act that infringes upon another’s civil rights, the tortfeasor shall bear tort liability. The court ruled that Fan must compensate Lu for property losses in the amount of RMB 21,600.

The Supreme People’s Procuratorate has issued a notice requiring the effective utilization of public interest litigation functions to support work related to agriculture, rural areas, and farmers.
Recently, the Supreme People’s Procuratorate issued the “Notice on Fully Leveraging the Public Interest Litigation Functions of the Procuratorial Organs to Serve ‘Agriculture, Rural Areas, and Farmers’ Work and Promote Rural Revitalization.”
The Notice focuses on conducting oversight of widespread, highly publicized, and far‑reaching issues arising in the course of “agriculture, rural areas, and farmers” work and rural revitalization efforts. It aims to ensure the effective handling of a number of high‑quality, efficient public interest litigation cases and has identified eight key areas for case handling: First, intensify efforts to prosecute illegal acts involving the unauthorized occupation or destruction of cultivated land. Second, crack down on violations that undermine the construction of high‑standard farmland. Third, urge the standardized management and use of funds intended to benefit farmers. Fourth, oversee the rectification of illegal activities involving the production and sale of food agricultural products that fail to meet safety standards. Fifth, strive to improve the rural living environment. Sixth, strengthen the protection of outstanding traditional culture in rural areas. Seventh, safeguard the rights and interests of specific groups, such as migrant workers and rural women. Eighth, reinforce work in the field of workplace safety in rural areas.

The Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Justice, and the All China Lawyers Association held their first “quadrilateral consultation.”
On January 24, the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Justice, and the All China Lawyers Association convened their first joint working symposium, establishing a “four-party consultation” mechanism among the courts, procuratorates, judicial administrative organs, and lawyers’ associations. The meeting focused on key areas of concern in lawyers’ work, strengthened collaboration and coordination, and deepened constructive interaction.
Chief Justice Zhang Jun of the Supreme People’s Court proposed ensuring smooth channels for lawyers to safeguard their rights, continuously advancing lawyers’ participation in market‑based mediation, and implementing relevant restrictions on post‑retirement professional practice. Prosecutor-General Ying Yong of the Supreme People’s Procuratorate called for protecting and promoting lawyers’ lawful practice, deepening pilot programs to achieve full coverage of legal defense during the review‑and‑prosecution and trial stages, and other measures. Minister of Justice He Rong emphasized the need to steadily implement safeguards for lawyers’ professional rights, strictly enforce standards of professional conduct, and resolutely address illegal and unethical practices such as malicious hype.

The Supreme People’s Court has announced the Ten Major Cases and Ten Nominee Cases of 2023 that have advanced the rule of law in the new era.
On January 24, the Supreme People’s Court announced the “Top Ten Cases of 2023 Promoting the Rule of Law in the New Era” and the “Top Ten Cases of 2023 Promoting the Rule of Law in the New Era.”
The ten landmark cases selected this year as the “Top Ten Cases of 2023 Promoting the Rule of Law in the New Era” are: the case concerning the designated administration of the estate of an elderly, solitary, and disabled individual; the nation’s first civil public-interest lawsuit over the illegal introduction of invasive alien species; the country’s first corporate reorganization case involving an insurance company; a labor dispute over concealed overtime work; a case involving a patent for “melamine” and trade secrets; the Zhou Zhuohua cross-border gambling criminal syndicate case; an administrative penalty case concerning a restaurant’s license to operate cold food products; a dispute over a property service contract related to electric vehicle charging stations; the “Iron Horse and Frozen River” case of illegal business operations; and an environmental public-interest lawsuit arising from the theft and cutting down of the “Ancient King Nanmu” tree.

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