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JC Master Legal News Issue 853

Release Date:

2019-01-12 16:36

Key Takeaways for This Issue

CSRC: If an IPO involves a pre‑IPO restructuring and there are accumulated losses, the company must operate for 36 months before it can file its application.

A major policy on trade in services is set to be unveiled, offering greater facilitation for pharmaceutical R&D.

In 2019, China’s “second round of opening-up,” with a focus on trade in services, officially entered high gear, and several major support policies are expected to be unveiled in the near term. At present, the five key sectors underpinning service‑trade liberalization have largely been revised and will be released shortly. The opening of high‑tech and health‑care industries is poised to become one of the most significant breakthroughs in this round of service‑sector market liberalization. Relevant authorities—including the Ministry of Commerce, the Ministry of Finance, and the General Administration of Customs—are engaged in intensive consultations, exploring measures such as tax incentives and bonded R&D for pharmaceuticals, and have reached consensus; new, optimized policies are set to follow soon.

Five tax-cut measures at the State Council Executive Meeting: Small and micro enterprises receive another “tax‑cut package.”

On January 9, Premier Li Keqiang of the State Council presided over an executive meeting of the State Council, which decided to introduce another package of universal tax relief measures for small and micro enterprises; outlined plans to accelerate the issuance and effective utilization of local government special-purpose bonds to support ongoing projects and the construction of infrastructure addressing critical shortcomings, while also boosting consumption; and heard a report on efforts to ensure timely payment of wages to rural migrant workers, with instructions to strengthen work aimed at preventing wage arrears and safeguarding workers’ rights.

The Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security: Severely punish acts that endanger the safe operation of public transportation vehicles!

Recently, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security jointly issued the “Guiding Opinions on Lawfully Punishing Illegal and Criminal Acts That Endanger the Safe Operation of Public Transportation Vehicles” (hereinafter referred to as the “Opinions”), further strengthening legal safeguards for public transportation safety and order.

The Ministry of Justice has abolished 28 certification requirements!

On January 8, the Ministry of Justice issued the “Decision on Abolishing Proof Requirements Established in Certain Regulations and Regulatory Documents” (hereinafter referred to as the “Decision”), thereby abolishing 28 proof requirements stipulated in the Ministry’s regulations and normative documents.

Table of Contents

Finance & Capital Markets

CSRC: If an IPO involves a pre‑IPO restructuring and there are accumulated losses, the company must operate for 36 months before it can file its application.

The China Securities Regulatory Commission is officely cracking down on illegal and non-compliant conduct by securities investment consulting offices.

The Asset Management Association of China held a symposium on the private equity fund industry in Nanjing.

Shenzhen will explore establishing a secondary-market private equity fund to enhance fundraising and exit channels for venture capital.

The detailed rules for share repurchases by listed companies have been officially released, introducing four new measures to restrict share sales.

Corporate & Commercial

A major policy on trade in services is set to be unveiled, offering greater facilitation for pharmaceutical R&D.

Major overhaul of state-owned enterprise payroll management enhances offices’ autonomy in compensation decisions.

China Banking and Insurance Regulatory Commission: In 2018, a total of RMB 980 billion in non-performing loans was written off, creating more room for small and micro enterprises.

In 2018, more than 1.8 million enterprises were deregistered in China, with nearly 40% operating in the wholesale and retail sectors.

State Administration for Market Regulation: Integrate and streamline application materials to further facilitate business registration.

The National Equities Exchange and Quotations Company has issued information disclosure guidelines for four industries, including the retail sector.

Taxation

Five tax-cut measures at the State Council Executive Meeting: Small and micro enterprises receive another “tax‑cut package.”

Attention exporting enterprises! The State Taxation Administration has issued the Measures for the Administration of Export Rebate (Exemption) at the Port of Shipment.

Multiple departments: Enterprises within the comprehensive bonded zone will be granted general VAT taxpayer status.

Litigation & Arbitration

The Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security: Severely punish acts that endanger the safe operation of public transportation vehicles!

The Ministry of Housing and Urban–Rural Development has clarified circumstances involving illegal subcontracting, among other matters.

Liu Zhonglin Case: 1.97 million yuan in compensation for emotional distress sets a record high.

The People’s Court Daily has named the Top Ten Criminal Cases of 2018, with cases such as the nanny arson case among those selected.

Other

The Ministry of Justice has abolished 28 certification requirements!

Ministry of Science and Technology: Encourages and supports private enterprises in participating in major national science and technology initiatives.

Finance & Capital Markets

CSRC: If an IPO involves a pre‑IPO restructuring and there are accumulated losses, the company must operate for 36 months before it can file its application.

On the evening of the 11th, the China Securities Regulatory Commission issued a Q&A on issuance supervision titled “Regulatory Requirements Regarding Uncompensated Losses Existing at the Time of an Initial Public Offering When a Company Undergoes a Comprehensive Transformation into a Joint-Stock Company.” The document states that certain non‑pilot innovative enterprises applying for an initial public offering (hereinafter referred to as “issuers”) may have uncompensated losses at the time of their comprehensive transformation from a limited liability company into a joint-stock company based on the original book value of net assets, or they may not have had such losses prior to the transformation but subsequently incur them due to retrospective adjustments arising from corrections of accounting errors. Issuers in either of these situations must operate for a full 36 months following the completion of the industrial and commercial registration of the comprehensive transformation. In addition, the issuer and its intermediaries are required to provide detailed disclosures in the prospectus regarding the causes of the accumulated uncompensated losses, whether this situation has been resolved, the impact on future profitability, and any corrective measures taken (if applicable), while fully highlighting the associated risks.

The regulatory Q&A specifies that the information disclosure and verification requirements comprise two aspects: First, the sponsor and the filing counsel shall verify and provide opinions on the following matters: whether the relevant matters concerning the issuer’s transformation from a limited liability company into a joint-stock company have been duly approved by the board of directors and the shareholders’ meeting; whether the applicable procedures are lawful and compliant; whether the restructuring has infringed upon the legitimate rights and interests of creditors; whether any disputes with creditors exist; whether the necessary industrial and commercial registration and tax registration procedures have been completed; and whether such matters comply with the Company Law and other relevant laws and regulations. Second, the issuer shall fully disclose in the prospectus the causes underlying the negative retained earnings prior to the overall transformation into a joint-stock company, as well as the changes, trends, and implications following the transformation; the relationship between these factors and the fluctuations in the reporting period’s profitability; and the impact on the issuer’s future sustained profitability. The issuer must also disclose any corrective measures taken (if any) and adequately highlight the associated risks. In addition, the specific methods and ratios for converting net assets into shares, together with the corresponding accounting treatment, shall be disclosed.

The China Securities Regulatory Commission is officely cracking down on illegal and non-compliant conduct by securities investment consulting offices.

Recently, in response to improper marketing practices and violations of regulatory requirements by certain securities investment consulting offices (hereinafter referred to as “consulting offices”), the China Securities Regulatory Commission has intensified enforcement inspections, strengthened industry discipline, and launched targeted investigations into a number of individual cases. In 2018, administrative regulatory measures were imposed on 58 consulting offices or their branches, including orders to suspend the acceptance of new clients for 35 of them. For those cases that warranted administrative penalties under the law, such penalties have been imposed, or formal investigation and case‑filing procedures have been initiated.

Going forward, the China Securities Regulatory Commission, in coordination with industry associations, will maintain a stringent regulatory stance, intensify inspections, enforcement actions, and self-regulatory oversight, and rigorously investigate and hold accountable consulting offices and relevant personnel found to have engaged in illegal or non‑compliant conduct, employing a comprehensive array of measures including administrative supervision, administrative penalties, and disciplinary sanctions. In cases of serious violations, business licenses will be revoked; where criminal offenses are suspected, such matters will be referred to the judicial authorities for prosecution in accordance with the law.

Consulting institutions shall comply with applicable laws and regulations, adhere to the principles of objectivity, fairness, and good faith, perform their duties diligently and responsibly, and effectively safeguard the legitimate rights and interests of investors. They shall not engage in false, misleading, exaggerated, or deceptive marketing or promotional activities regarding their service capabilities or past performance; they shall not make any promises of investment returns; nor shall they enter into agreements with investors to share investment returns or to allocate investment losses. Personnel of consulting institutions engaged in securities investment advisory services must possess the requisite professional qualifications.

The China Securities Regulatory Commission (CSRC) reminds investors to verify, prior to engaging with securities investment advisory services, whether the service provider and its personnel hold valid qualifications and are subject to any business restrictions. Detailed information is available on the CSRC’s “Regulatory Information Disclosure Catalog” and the website of the Securities Association of China; institutions that have been subject to administrative measures suspending the acceptance of new clients, or individuals who have faced disciplinary sanctions suspending their practice, are clearly listed. If, during the course of receiving securities investment advisory services, investors identify any illegal or non‑compliant conduct by the advisory office, they may file a complaint or report by calling the relevant hotline.

The Asset Management Association of China held a symposium on the private equity fund industry in Nanjing.

On January 10, 2019, the Asset Management Association of China (AMAC) convened a symposium on the private equity fund industry in Nanjing. The meeting was chaired by AMAC Secretary-General Chen Chunyan, with AMAC President Hong Lei and Liu Jianjun, Deputy Director of the Private Equity Fund Supervision Department of the China Securities Regulatory Commission, in attendance. Approximately 70 members and member representatives from AMAC’s Special Committees on Early‑Stage Investment, Venture Capital Funds, Private Equity and M&A Funds, Private Securities Funds, and Fund‑of‑Funds also participated.

At the meeting, Hong Lei, President of the Association, briefed attendees on the development trends of the private‑fund industry and the Association’s work in 2018. By the end of 2018, the total assets under management registered with the Association stood at approximately RMB 50.5 trillion, with the private‑fund sector maintaining steady growth. As of the end of the third quarter of 2018, private funds had cumulatively invested in equity of domestic unlisted and untraded companies, New Third Board enterprises, and refinancing projects, totaling 95,200 transactions, thereby generating RMB 5.22 trillion in equity capital for the real economy. During the first three quarters of 2018, new principal investments by private funds in equity of domestic unlisted and untraded companies reached RMB 965.6 billion, accounting for 6.3% of the total incremental social financing during the same period and providing critical capital to support corporate development. The significant role of private funds in bolstering both the capital markets and the real economy has been widely recognized by relevant authorities and has exerted a broad impact.

Chairman Hong Lei stated that the Association has continuously refined its self-regulatory management and service system, achieving significant progress over the past year. First, it has steadily improved the registration and filing regime for private equity funds. The AMBERS system has been continuously upgraded, and a robust framework of self-regulatory rules has been established, with particular emphasis on the Guidelines on Private Fund Manager Registration and the Guidelines on Private Fund Filing as key tools to strengthen the foundation of the private fund registration system. In 2018, the Association registered 2,802 new private fund managers, with an average processing time of 38.6 working days; meanwhile, 22,508 private funds were filed, with an average processing time of 6.3 working days. Second, the Association has deepened market‑based mechanisms for credit accumulation and credit‑based checks and balances. It introduced legal opinion letters into the institutional registration process and mandated audited annual financial reports for information submission, thereby fostering an organic linkage and mutual checks and balances between private fund managers’ internal governance and market‑oriented intermediary services. By the end of 2018, a total of 2,488 law offices had issued legal opinions for 18,600 fund managers; 16 law offices were placed on a blacklist barring them from submitting legal opinions; and approximately 3,500 accounting offices provided audited 2017 annual financial reports to nearly 20,000 private fund managers. In addition, the Association implemented a member credit information reporting system, having issued credit reports to 2,067 institutions, with nearly 90% of its private securities investment fund manager members recording credit inquiries. Third, substantial breakthroughs have been made in serving association members. Actively responding to industry demands, the Association engaged in multiple rounds of communication and coordination with relevant authorities—including the China Securities Regulatory Commission, the Ministry of Finance, and the State Taxation Administration—on issues related to industry tax policies. Proposals such as “ensuring that the overall tax burden does not increase” and “allowing funds that have completed statutory filing to opt for taxation under the single‑fund accounting method” were adopted at the State Council Executive Meetings held on September 6 and December 12.

At present, the Association continues to face significant challenges in its self-regulatory efforts. A shared understanding that the Association, as an industry self-regulatory body, is an integral part of the national governance system has yet to take root. Meanwhile, the mismatch between the pool of self-regulatory professionals and the scope of entities subject to regulation is becoming increasingly pronounced; institutional frameworks remain relatively underdeveloped, and coordination between administrative oversight and industry self‑regulation requires further strengthening. In 2019, the Association will prioritize the following areas: first, continuing to advance tax reform to foster a fair and sound tax‑policy environment; second, actively encouraging market‑based capital providers to adopt alternative assessment methods, thereby attracting long-term capital into the sector; third, refining registration and filing rules and updating relevant guidelines; fourth, enhancing institutions’ awareness and understanding of self‑regulatory standards and intensifying professional training for lawyers; fifth, strengthening Party building within the Association, bolstering the leadership team, and elevating internal management to a new level; and sixth, supporting poverty alleviation efforts and helping Fenxi County achieve its goal of eradicating poverty by 2019.

During the session for speeches by representatives of the private equity industry, participants engaged in an in-depth discussion on the opportunities and challenges facing the sector today. Lan Ningyu and Ni Zhengdong from the Early‑Stage Investment Committee; Kuang Ziping and Zheng Weihé from the Venture Capital Fund Committee; Wang Wei and Zhang Rizhong from the Private Equity and M&A Fund Committee; Jiang Mingming and Zhou Chengyue from the Fund‑of‑Funds Committee; and Tang Jinxin and Gao Yuncheng from the Private Securities Investment Fund Committee each delivered remarks on behalf of their respective sectors. Participants agreed that, despite the backdrop of structural economic transformation and a slowing market economy, the private equity industry has nonetheless achieved significant progress—yet it also confronts substantial challenges, with overall industry activity showing signs of decline. First, fundraising remains difficult, characterized by a heavy reliance on individual investors supplemented by institutional capital, and by a predominance of short‑term funding over long‑term capital. This imbalance fosters short‑term investment behavior, undermining stability in capital markets and asset pricing. Second, exit pathways are constrained: limited channels and an underdeveloped exit mechanism prevent the establishment of a virtuous cycle between exits and reinvestment. Meanwhile, small and medium‑sized enterprises and technology‑driven offices—key targets for private equity investments—continue to face obstacles in accessing IPO‑based exits. Third, the tax framework remains incomplete, with ambiguities in policy implementation and difficulties in enforcement, thereby hindering the tax system’s ability to serve as a positive regulatory tool and impeding the formation of long‑term capital. Fourth, public awareness of private equity is low, and its critical role is insufficiently recognized. Misunderstandings arising from illegal fundraising conducted under the guise of private equity, as well as risks associated with P2P lending, have further tarnished the industry’s reputation, adversely affecting normal registration and business operations. Fifth, top‑level institutional design is lacking: there is no broadly accepted definition of “fund,” and uncertainties persist regarding how the new regulations on large asset management and related supervisory guidelines should be applied to private equity funds.

Participants noted that the association has undertaken extensive efforts to deliver tangible results for the industry, address its concerns, foster development, and enhance service provision, thereby making significant contributions to building a sound industry ecosystem and a favorable business environment. This work has earned widespread recognition within the sector, with stakeholders increasingly turning to the association when issues arise. As members of the specialized committee, we will continue to support and engage more proactively in the association’s initiatives. We hope the association will persist in addressing the industry’s challenges in the following key areas: First, actively voice industry concerns, further refine tax policies, streamline exit channels for private equity funds, and advance institutional frameworks that attract long-term capital and cultivate enduring investment capacity. Second, intensify positive publicity and outreach to project a favorable industry image, authentically highlighting the critical role private equity plays in bolstering real‑economy growth, driving industrial transformation and upgrading, and supporting technological innovation, thereby raising awareness among relevant government agencies and the general public. Third, expedite the enactment of laws and regulations governing private equity, coordinate among regulatory authorities, local governments, and other stakeholders, harmonize oversight standards and requirements, strengthen information sharing and collaboration, and create a fair and conducive regulatory environment. Fourth, develop a framework of long-term value principles, including responsible investing, while fostering excellence and curbing substandard practices, and implement differentiated self‑regulatory services.

In his address, Deputy Director Liu Jianjun commended the Association and its five specialized committees for their work, highlighting three major achievements: significant improvements in the registration and filing procedures for private equity funds, the full realization of industry self-regulatory functions, and a further elevation of service standards. He noted that the Association has demonstrated deep commitment, a strong sense of responsibility, unwavering dedication, and an unwavering focus on the public interest, earning the sector’s high level of trust and recognition. Addressing the challenges and concerns raised by the industry, he observed that it is currently at a critical juncture—shifting from quantitative growth to qualitative development, and from scale expansion to building robust, reputable brands. From the perspective of regulatory authorities, fostering the industry’s sustained progress requires: first, a thorough understanding of the significance of private equity funds and recognizing their pivotal role in supporting national strategic priorities and the broader capital market; second, robust support for the sector’s development, upholding the fairness of core regulatory policies while precisely targeting appropriate preferential measures; and third, enhancing the professionalism and operational standards of private equity funds, thereby bolstering the industry’s credibility through effective ex‑ante and ex‑post oversight. In addition to necessary external administrative regulation, greater emphasis should be placed on industry self‑regulation and fund‑level governance.

In his concluding remarks, Chairman Hong Lei stated that the association will proactively solicit industry input, address industry concerns, strengthen collaboration between self-regulatory oversight and administrative supervision, deepen its service offerings, and strive to secure a favorable market environment and robust policy support for the development of private equity funds.

Shenzhen will explore establishing a secondary-market private equity fund to enhance fundraising and exit channels for venture capital.

Recently, the “Several Measures to Promote the Development of the Venture Capital Industry in Shenzhen” (hereinafter referred to as the “Measures”) were officially released. The Measures state that Shenzhen will further broaden and refine exit channels and mechanisms for venture capital investments by improving the multi-tiered capital market system and other means. These measures take effect on January 6, 2019, with a validity period of three years.

The “Several Measures” stipulate that Shenzhen will refine its multi-tiered capital market system and encourage portfolio companies of venture capital offices to broaden their exit channels through methods such as IPOs, listing on over-the-counter markets, mergers and acquisitions, and negotiated transfers. At the same time, it will explore the establishment of secondary‑market private equity funds and support qualified regional equity trading centers, financial institutions, and venture capital offices in building, in accordance with laws and regulations, platforms for the transfer of venture‑capital projects. The measures specifically highlight support for the Shenzhen Qianhai Equity Exchange Center to launch a Science and Technology Innovation Board, encouraging enterprises to list on this board and to access capital‑market development services, including training and advisory support, registration and custody, bond financing, and over‑the‑counter investment banking.

The “Several Measures” also stipulate that venture capital offices are encouraged to exit through mergers and acquisitions (M&A) and corporate restructuring, and that various forms of social capital are supported in establishing M&A fund-of-funds on a market‑based basis, with a focus on investing in enterprises and projects aligned with Shenzhen’s industrial development priorities, thereby attracting more M&A funds to congregate in the city.

In addition, with regard to fundraising by venture capital institutions, the “Several Measures” stipulate that Shenzhen will encourage and support venture capital offices in innovating their fundraising approaches. This includes raising capital through IPOs, issuing corporate bonds and enterprise bonds—particularly those targeted at innovative and entrepreneurial companies—and tapping insurance funds, thereby establishing market‑driven, diversified sources of funding. Furthermore, the measures encourage insurance companies to invest in venture capital funds and urge all districts (including new areas) to provide interest subsidies and other supportive policies, at a certain percentage of the People’s Bank of China’s benchmark lending rate prevailing at the time, for venture capital offices that issue the aforementioned bond products.

The detailed rules for share repurchases by listed companies have been officially released, introducing four new measures to restrict share sales.

On the evening of the 11th, building on earlier public consultations, the Shanghai and Shenzhen stock exchanges formally issued detailed rules for share repurchases by listed companies. To implement the institutional arrangements set forth in these repurchase guidelines, the two exchanges also released revised guidance on the format of share‑repurchase announcements, further clarifying the procedural standards and information‑disclosure requirements for listed companies conducting share repurchases.

Regulation on the Change of Use of Repurchased Shares

The Shanghai Stock Exchange previously issued a draft of its repurchase rules for public comment. According to a relevant official at the exchange, the SSE has incorporated and refined reasonable suggestions to further optimize and improve the repurchase regulations.

Strengthening the constraint mechanism. To prevent potential illegal and non-compliant practices such as “market manipulation” and “improper arbitrage,” the repurchase rules have introduced four new measures to restrict share reductions: First, for shares repurchased to safeguard the company’s value and shareholders’ rights that are intended for future sale through centralized bidding, the company must specify this clearly at the time of disclosing the repurchase plan; otherwise, any subsequent change to the intended use for sale will be prohibited. Second, the holding period for repurchased shares prior to their reduction has been extended from six months to twelve months. Third, in line with the new regulations on share reductions, the pace of sales is subject to control, requiring that the total number of shares sold within any consecutive 90-day period not exceed 1% of the company’s total share capital. Fourth, proceeds from such sales must be allocated to the company’s principal business operations.

Strengthen restrictions on share reductions and disclosure obligations during the buyback period for designated entities. The buyback rules further tighten information‑disclosure requirements for specific shareholders: first, when a company conducts a buyback to safeguard its corporate value and shareholder interests, the restriction on share reductions applicable to such entities is now triggered at the time the company first discloses the buyback; second, upon the initial disclosure of the share‑buyback plan, the company must also disclose the results of inquiries directed to directors, supervisors, senior management, controlling shareholders, actual controllers, proposers, and shareholders holding 5% or more of the shares, detailing whether any plans to reduce holdings exist, and, based on these responses, provide full and clear warnings about the risks associated with such reductions.

Standardize the amendment of purposes for repurchased shares and other material matters to prevent “deceptive” share buybacks. The detailed rules on share repurchases have added a “negative list” governing changes to the intended use of repurchased shares. Specifically: first, if the repurchased shares are intended for cancellation, they may not be repurposed for any other purpose; second, if the repurchased shares are intended for future sale, such intention must be clearly stated and disclosed at the outset; otherwise, they may not be sold.

A relevant official from the Shenzhen Stock Exchange stated that the main revisions include: first, broadening the circumstances under which share repurchases may be conducted and clarifying the requirements for repurchases “necessary to safeguard the company’s value and the rights and interests of its shareholders”; second, streamlining the deliberation procedures for repurchases in specific situations and standardizing the process for proposing share repurchases; third, refining the disclosure requirements and amendment procedures for share‑repurchase plans and introducing a “step‑by‑step” repurchase clause; fourth, specifying the sources of funds for repurchases and treating cash payments for repurchased shares as equivalent to cash dividends; fifth, clearly defining the requirements and restrictions on the sale of shares repurchased “necessary to safeguard the company’s value and the rights and interests of its shareholders”; and sixth, strengthening ongoing oversight of share repurchases to prevent illegal and non‑compliant conduct.

Strengthen monitoring of repurchase transactions

“Going forward, we will continue to uphold the principle of balancing service with regulation, focusing on providing policy advice, interpreting rules, and conducting market training related to the detailed guidelines on share repurchases. We will support and guide listed companies in carrying out share buybacks in compliance with laws and regulations, thereby safeguarding corporate value and shareholders’ rights,” said a relevant official at the Shanghai Stock Exchange. The Exchange will strengthen self-regulatory oversight of share repurchases, proactively prevent and rigorously investigate illegal and non-compliant practices such as using buybacks to transfer benefits, engage in insider trading, or manipulate the market, and fully leverage the positive effects of the new share‑repurchase regime to promote the stable and sound development of the capital market.

A relevant official from the Shenzhen Stock Exchange stated that the Exchange will strengthen monitoring of share repurchase transactions and the trading activities of specific entities in the company’s shares, enhance coordination between trading surveillance and information-disclosure oversight, promptly impose regulatory measures upon detecting abnormal trading patterns, and report any suspicious activity to the China Securities Regulatory Commission. The Exchange will rigorously crack down on illegal and non‑compliant practices such as insider trading and market manipulation, effectively uphold market order, safeguard the interests of small and medium investors, and ensure that the share‑repurchase mechanism plays a positive role.

“Controlling shareholders and actual controllers of listed companies shall support the company’s lawful share repurchases and must not abuse their rights or use such repurchases to engage in insider trading, market manipulation, or other unlawful practices. During the repurchase process, directors, supervisors, and senior management of listed companies are required to act with honesty and integrity, exercise due diligence, and safeguard the interests of the listed company as well as the legitimate rights and interests of its shareholders and creditors,” said a relevant official from the Shenzhen Stock Exchange.

The official stated that the Shenzhen Stock Exchange will proactively and prudently advance the implementation of its rules, supporting listed companies in conducting share repurchases in compliance with applicable laws and regulations. The Exchange will organize specialized training, provide policy guidance, and offer regulatory instruction to help listed companies promptly familiarize themselves with and master the new repurchase rules. It will also continuously review and assess emerging circumstances and issues identified during supervision, refine relevant business rules, and optimize related operational procedures.

Commercial & Corporate

A major policy on trade in services is set to be unveiled, offering greater facilitation for pharmaceutical R&D.

During the 2018 National Commerce Work Conference, Xian Guoyi, Director-General of the Department of Service Trade at the Ministry of Commerce, stated that the five major catalogs—namely, the “Guidance Catalogue for Priority Areas in Service Exports,” the “Catalogue of Services Encouraged for Import,” the “Guidance Catalogue for Key Development Areas in the Service Outsourcing Industry,” the “Catalogue of Technologies Prohibited or Restricted from Import,” and the “Catalogue of Technologies Prohibited or Restricted from Export”—have now all completed their revision. Under the revised frameworks, priority areas for both service imports and exports will be clearly delineated, while the corresponding support and incentive policies will be more precise and emphasize practical feasibility at the operational level.

Experts involved in the revision disclosed that this update to the catalog prioritizes two key objectives: first, addressing the new demands arising from the development of digital technologies in the service sector’s open‑access areas; and second, bolstering support for critical national and livelihood‑related needs. In particular, the pharmaceutical R&D sector is expected to benefit from a range of facilitative measures, spanning customs clearance for experimental products to the recruitment of technical personnel.

Data indicate that by 2020, China’s health services sector is expected to boast a market potential of as much as RMB 8 trillion. Meanwhile, the overall size of the lifestyle services market is projected to reach RMB 33 trillion by 2023. Chi Fulin, President of the Hainan Institute for Reform and Development, noted that this scale of the market not only offers substantial investment opportunities for private capital but will also become one of the key areas of focus for global investors.

Chi Fulin stated that China’s current opening-up is transitioning from a “first‑stage opening” focused on merchandise trade to a “second‑stage opening” centered on trade in services. It is imperative to accelerate the establishment of a new, comprehensive pattern of opening-up with service trade as its core, and the institutional framework underpinning this “second‑stage opening” must likewise be adjusted and refined accordingly.

“The revision of the catalog is precisely aimed at meeting the needs of emerging service‑industry developments, while also addressing and refining the issues identified in the previous version,” said Nie Pingxiang, deputy director and researcher at the Institute of Foreign Investment of the Academy of International Trade and Economic Cooperation under the Ministry of Commerce. During field surveys, she noted that biopharmaceutical companies often need to import R&D‑related equipment or reagent products, all of which require expedited customs clearance. Under the conventional customs‑supervision procedures, however, this process can be lengthy, significantly prolonging the R&D cycle—explaining why many offices choose not to locate their R&D centers within China. This, in turn, is one of the key factors contributing to supply shortages and persistently high drug prices in the Chinese market.

“At present, China records 4.29 million new cancer cases annually, accounting for 30% of the global total, which underscores a substantial demand for relevant pharmaceuticals and technologies,” noted Chi Fulin. He added that, in practice, the efficacy of certain domestically produced drugs still lags significantly behind that of developed countries.

In addition to further reducing import tariffs on relevant pharmaceuticals and medical devices, efforts will be made to expand imports of services such as medical technology, thereby compelling domestic pharmaceutical companies to raise their quality and standards in order to better meet the service‑oriented consumption needs of the entire society.

“The revised catalog fully takes these practical needs into account. In terms of encouraging imports of services, research and development as well as design will be designated as key areas for support, and measures to facilitate the movement of personnel will also be expanded,” revealed Li Jun, Director and Researcher at the Institute of International Trade in Services of the Academy of International Trade and Economic Cooperation under the Ministry of Commerce, who was involved in revising the catalog.

Related supporting measures are also being expedited. At present, the Ministry of Commerce, in coordination with the General Administration of Customs and other relevant departments, is conducting explorations in the area of pharmaceutical bonded R&D and has reached a consensus; new optimized policies will be introduced shortly.

In addition, new policies are being formulated to boost exports of high‑tech products and medical‑health services. Xian Guoyi revealed that the Ministry of Commerce is currently working with the Cyberspace Administration of China and the State Administration of Traditional Chinese Medicine to plan and develop a National Digital Services Export Base and a National TCM Export Base, and that preliminary proposals have largely reached consensus.

Li Jun stated that, in the area of service exports, the catalog will add new technologies, business forms, and models—such as the digital economy, the digital industry, internet‑related sectors, and key areas for developing service outsourcing.

It is worth noting that this round of policy measures places greater emphasis on practical implementation. “Because the policies cover a wide range of sectors, relying solely on a guidance catalog—without sufficiently detailed, sector‑specific measures—has made it challenging to effectively roll out many preferential policies supporting trade in services,” said Nie Pingxiang. She cited tax incentives for high‑tech services as an example: while the previous version of the catalog did aim to provide credit and tax benefits to priority areas, in practice, due to insufficient operational convenience, many enterprises failed to access these incentives. With the revision of the catalog and the refinement of related policies, the preferential corporate income tax rate of 15% for technologically advanced service enterprises (in the trade‑in‑services category) will be better implemented. Li Jun added that, following the catalog’s adjustment, policy descriptions will become more specific and actionable. Through these revisions, the catalogs will truly serve as national guiding documents for promoting service exports and expanding service imports, clearly outlining and precisely defining future priorities for import and export development, thereby providing a solid basis for formulating supportive policies and enhancing their operability, making it easier for local authorities to put these policies into practice.

Major overhaul of state-owned enterprise payroll management enhances offices’ autonomy in compensation decisions.

Since the State Council issued the “Opinions on Reforming the Wage-Determination Mechanism of State-Owned Enterprises” in May 2018, the “Administrative Measures for the Total Wage Management of Central Enterprises” (hereinafter referred to as the Measures) have been circulated internally and officially came into full effect on January 1 of this year. According to reports, the Measures have expanded enterprises’ autonomy in wage allocation and introduced a differentiated wage‑determination mechanism based on functional categories. For competitive central enterprises, total wages have shifted from an approval‑based to a filing‑based system, with total wages linked to corporate performance, enabling wages to rise or fall accordingly, while tilting incentives toward frontline production workers and highly skilled personnel.

According to reports, the measures comprise four key components: First, refining tiered management by adopting a filing‑based approach for the total payroll of central enterprises and continuing to explore cyclical management; second, implementing categorized management—distinguishing functional roles to establish differentiated policy orientations and governance frameworks—while aligning with reform pilot programs, developing tailored policies for individual enterprises, and instituting a special‑item checklist system to enhance separate‑account wage management; third, improving the decision‑making mechanism by establishing a “one adaptation, two linkages” framework—ensuring alignment with the labor market and linking remuneration to corporate economic performance and labor productivity through a multi‑factor, comprehensive decision‑making process—while, in line with functional positioning, exploring structured management, optimizing the SASAC’s wage‑regulation methods, and clarifying that increases in headcount do not entail additional funding, nor do reductions result in cuts to capital, thereby enabling a mechanism of using surpluses to offset shortfalls; fourth, strengthening supporting management by emphasizing that enterprises are the primary entities responsible for internal allocation, deepening reforms of the three major systems, and enhancing mid‑term and post‑event oversight measures to ensure that regulatory responsibilities are commensurate with authority.

Zhou Lisha, an associate researcher at the SASAC Research Center, stated that the measures feature three key highlights: First, they establish a coordinated and efficient wage‑determination mechanism. Total wages are linked to the performance of central enterprises—wages rise only when performance improves, and fall appropriately when performance declines. The policy emphasizes that increases in headcount do not lead to increases in total wages, nor do reductions in headcount result in cuts to total wages, while also introducing industry‑benchmarking adjustments. Second, it strengthens the implementation of enterprises’ autonomy in wage allocation. By expanding the scope of the filing‑based system according to functional positioning, total wages for competitive‑type enterprises will shift from approval to filing, and for other state-owned enterprises, the process will move from approval to ratification. The policy underscores that enterprises bear primary responsibility for advancing internal wage‑reform efforts, while reinforcing ongoing monitoring and post‑event oversight, with clear penalties for violations. Third, it adopts a differentiated wage‑determination mechanism based on functional categories. Enterprises in Category II commercial and public‑service sectors may apply to divide their total wages into “guarantee‑oriented” and “performance‑oriented” components, implementing structured management of total wages. The SASAC will, in light of each enterprise’s functional positioning, stage of development, and other relevant factors, rationally determine the proportion of guarantee‑oriented versus performance‑oriented wages, with the overall ratio remaining broadly unchanged over a three‑year period.

Zhou Lisha argues that state-owned enterprises should remain officely oriented toward performance, further refine their systems and methods of regulation, and strengthen wage-setting mechanisms closely linked to economic efficiency and investment returns. This will help effectively address the mismatch between wage growth and profit expansion in some enterprises, ensuring that overall employment levels and wage scales are aligned with corporate performance and competitiveness. Linking wages to labor productivity enables offices to reflect workers’ contributions within the organization; rising labor productivity is a concrete manifestation of employees’ value‑added output. Such an approach incentivizes workers to enhance both economic performance and labor productivity, thereby honoring the value of labor while fostering the development of SOEs and preserving and increasing the value of state assets. It balances universal market principles with the unique circumstances of individual enterprises, fully conforming to the laws governing market‑based economic development and enterprise evolution.

Li Jin, Executive Dean of the China Enterprise Research Institute, believes that, as a supporting document to the state’s efforts to deepen reform of the remuneration system for senior executives of state-owned enterprises, additional medium- and long-term incentive policies—such as stock options—are expected to be introduced in the future, thereby both motivating and constraining corporate leaders to focus on long-term performance.

China Banking and Insurance Regulatory Commission: In 2018, a total of RMB 980 billion in non-performing loans was written off, creating more room for small and micro enterprises.

At the “CBIRC Briefing on Recent Key Regulatory Work” held on the 11th, Liu Zhiqing, Deputy Director of the Statistics and Information Department of the CBIRC, stated that, based on preliminary statistical data for 2018, China’s banking and insurance sectors are currently operating steadily, with risks generally under control.

He stated that the banking sector continues to expand, with the share of loans steadily increasing. According to preliminary data, as of the end of December 2018, the banking sector’s total domestic assets reached RMB 261.4 trillion, up 6.4% year on year. Among these, outstanding loans totaled RMB 140.6 trillion, an increase of 12.6% year on year, while bond investments stood at RMB 45.2 trillion, up 14.1% year on year. The proportions of loans and bond investments in total assets rose by 3 and 1.2 percentage points, respectively, compared with year-end 2017. In the first 11 months of 2018, new RMB loans accounted for 83.4% of the incremental social financing, providing substantial funding to the real economy. Meanwhile, the banking sector’s total domestic liabilities amounted to RMB 239.9 trillion, up 6% year on year, with time deposits totaling RMB 164.2 trillion, an increase of 6.7% year on year.

Credit quality remained broadly stable, while write-offs were stepped up. Commercial banks’ non‑performing loan balance stood at RMB 2 trillion, with a non‑performing loan ratio of 1.89%; the balance of special mention loans was RMB 3.4 trillion, corresponding to a special mention loan ratio of 3.16%, down 1 percentage point from its 2016 peak. The ratio of loans past due by more than 90 days to non‑performing loans was 92.8%, a decline of 6.9 percentage points from year‑end 2017. In 2018, commercial banks wrote off a total of RMB 988 billion in non‑performing loans, an increase of RMB 259 billion over the previous year, thereby creating additional capacity to support private enterprises and small and micro businesses.

Provision levels remain high, bolstering risk‑resilience. Commercial banks’ loan loss provisions totaled RMB 3.7 trillion, up RMB 676.2 billion from year‑end last year. The provision coverage ratio and the loan loss reserve ratio stood at 185.5% and 3.5%, respectively—increases of 5.1 and 0.24 percentage points from year‑end 2022. Even after adjustments to regulatory requirements for loan loss provisions, both ratios continued to trend upward.

Liquidity remains broadly stable, and interbank liabilities continue to shrink. Commercial banks’ RMB excess reserve ratio stands at 2.64%, and their loan‑to‑deposit ratio is 74.3%, both within reasonable ranges; the share of high‑quality liquid assets is significantly above the international average. Interbank liabilities declined by 9.1% year on year, and the issue of some small and medium-sized institutions relying excessively on short-term wholesale funding has eased.

The insurance sector has fully leveraged its risk‑protection function, with its service capabilities continuously improving. Preliminary statistics show that total assets in the insurance industry reached RMB 18 trillion, up 7.2% year on year. In 2018, original insurance premium income totaled RMB 3.8 trillion, a 3.9% increase over the previous year, while claims and benefit payments amounted to RMB 1.2 trillion, up 9.8% year on year. During the first 11 months of 2018, the insurance industry cumulatively provided risk coverage totaling RMB 646.3 trillion for the entire society.

In 2018, more than 1.8 million enterprises were deregistered in China, with nearly 40% operating in the wholesale and retail sectors.

In 2018, China saw 1.8135 million enterprises deregistered, with one enterprise exiting the market for every 3.69 that entered. Among these, the wholesale and retail sectors accounted for the largest share, with 673,900 businesses dissolved—nearly 40 percent of the total.

On the 10th, Ma Zhengqi, Deputy Director of China’s State Administration for Market Regulation, stated at the State Council’s regular policy briefing that the aforementioned figures are consistent with the over 70% enterprise activity rate derived from the Administration’s sample-based statistical monitoring, and they also clearly demonstrate that channels for businesses to exit the market through deregistration remain unimpeded. “The overall ‘metabolic’ rate of the market has remained at a normal, stable level.”

Statistical data show that since the implementation of commercial system reforms, as the number of market entities has increased year by year, the number of business deregistrations has also risen compared with the pre-reform period. From 2014 to 2018, the annual numbers of business deregistrations were 505,900, 788,400, 974,600, 1,243,500, and 1,813,500, respectively.

According to Ma Zhengqi, the five industries with the highest number of business deregistrations in 2018 were: wholesale and retail trade, with 673,900 entities; leasing and business services, with 270,900; manufacturing, with 174,300; scientific research and technical services, with 125,000; and construction, with 102,600—accounting for 37.2%, 14.9%, 9.6%, 6.9%, and 5.7% of the total, respectively.

According to the survey, the difficulties businesses face in deregistering—commonly reported by the public—are primarily attributable to the large volume of required documents, complex administrative procedures, lengthy processing times, a lack of clear guidance, and inadequate implementation of the “one-time notification” system.

Ma Zhengqi believes that the main reasons why it is difficult for enterprises to deregister are as follows: First, business operations typically give rise to complex creditor–debtor relationships, which objectively make the deregistration process more complicated. Second, as the social integrity system continues to improve, a large number of “abnormal‑status” enterprises subject to joint disciplinary measures imposed by various departments must spend considerable time resolving outstanding issues, resulting in numerous and time‑consuming steps in their own deregistration procedures; at the same time, interdepartmental coordination and collaboration remain inadequate. Going forward, China will strengthen ongoing and post‑event supervision to ensure that enterprises carry out deregistration in accordance with the law.

State Administration for Market Regulation: Integrate and streamline application materials to further facilitate business registration.

On January 7, the State Administration for Market Regulation issued a notice promulgating the revised “Standards for Enterprise Registration Application Documents” and “Standards for Materials Submitted for Enterprise Registration,” which will take effect on March 1, 2019.

According to the notice, the revised “Document Standards” and “Material Standards” have removed the relevant document and material requirements pertaining to enterprise group registration, filing for the establishment of branch offices, and filing for the establishment, amendment, or cancellation of branch offices by foreign-invested partnership enterprises. In addition, the standards for submitting materials for the establishment of limited liability companies and joint-stock companies have been consolidated; the standards for submitting materials in cases of corporate merger and division have been integrated; and the standards for submitting materials by foreign-invested companies and non‑corporate foreign‑invested enterprises have also been unified.

The National Equities Exchange and Quotations Company has issued information disclosure guidelines for four industries, including the retail sector.

Recently, the National Equities Exchange and Quotations Co., Ltd. issued the “Announcement on the Release of Information Disclosure Guidelines for Four Industries, Including the Professional Technical Services Sector” (NEEQ Announcement [2018] No. 1497). The guidelines cover the professional technical services sector, the retail sector, the internet and related services sector, and the computer, communications, and other electronic equipment manufacturing sector, and all of them shall take effect from the date of their publication.

Announcement on the Issuance of Information Disclosure Guidelines for Four Industries, Including the Professional Technical Services Industry (NEEQ Announcement [2018] No. 1497)

To further standardize the preparation and information disclosure practices of public offering prospectuses for companies applying for listing, as well as annual reports and ad hoc reports of listed companies, enhance the relevance and effectiveness of industry‑specific disclosures, and meet investors’ information needs, the National Equities Exchange and Quotations Co., Ltd. has formulated information disclosure guidelines for four sectors—professional technical services, retail, the internet and related services, and the manufacturing of computers, communications, and other electronic equipment. These guidelines include both public offering prospectus disclosure requirements and ongoing disclosure requirements. They are hereby announced and shall take effect from the date of this announcement. Specifically, the public offering prospectus disclosure requirements apply to companies applying for listing, while the ongoing disclosure requirements apply to companies in the Innovation Layer; companies in the Basic Layer are encouraged to adopt these requirements by analogy.

Appendix 1-1: Information Disclosure Guidelines for the Public Transfer Prospectus of the National Equities Exchange and Quotations System—Professional Technical Services Company

Appendix 1-2: Information Disclosure Guidelines for Companies Listed on the National Equities Exchange and Quotations System—Professional Technical Services Companies

Appendix 2-1: Information Disclosure Guidelines for the Public Transfer Prospectus of the National Equities Exchange and Quotations System—Retail Companies

Appendix 2-2: Information Disclosure Guidelines for Companies Listed on the National Equities Exchange and Quotations System—Retail Companies

Appendix 3-1: Information Disclosure Guidelines for the Public Transfer Prospectus of the National Equities Exchange and Quotations System—Internet and Related Services Companies

Appendix 3-2: Information Disclosure Guidelines for Companies Listed on the National Equities Exchange and Quotations System—Internet and Related Services Companies

Appendix 4-1: Information Disclosure Guidelines for the Public Transfer Prospectus of the National Equities Exchange and Quotations System—For Companies Engaged in the Manufacturing of Computers, Communications, and Other Electronic Equipment

Appendix 4-2: Information Disclosure Guidelines for Companies Listed on the National Equities Exchange and Quotations System—Companies Engaged in the Manufacturing of Computers, Communications, and Other Electronic Equipment

Taxation TAXATATION

Five tax-cut measures at the State Council Executive Meeting: Small and micro enterprises receive another “tax‑cut package.”

The meeting noted that, in line with the spirit of the Central Economic Work Conference, it is of great importance to keep this year’s economic performance within an appropriate range and to strive for a stable start to the first quarter. A multi-pronged approach is essential. The healthy development of small and micro enterprises is vital to ensuring both economic stability and employment security. The meeting decided to introduce a new package of universal tax‑cut measures targeting small and micro businesses. First, the eligibility criteria for small, low‑profit enterprises to enjoy corporate income tax preferences will be substantially relaxed, while the level of tax relief will be increased. Specifically, for such enterprises, the portion of annual taxable income up to RMB 1 million and the portion between RMB 1 million and RMB 3 million will be taxed at effective rates of 25% and 50%, respectively, thereby reducing the overall tax burden to 5% and 10%. Following these adjustments, the preferential policies will cover more than 95% of taxpayer enterprises, 98% of which are privately owned. Second, for small‑scale taxpayers—primarily including small and micro enterprises, individual business households, and other individuals—the VAT threshold will be raised from a monthly sales volume of RMB 30,000 to RMB 100,000. Third, provincial (autonomous region, municipality) governments will be authorized to reduce, by up to 50%, local taxes—including resource tax, urban maintenance and construction tax, stamp tax, urban land use tax, and cultivated land occupation tax—as well as the education surcharge and local education surcharge, for small‑scale VAT taxpayers. Fourth, the scope of preferential policies available to investors in early‑stage technology offices will be expanded, providing venture capital offices and angel investors who fund such enterprises with additional tax incentives. Fifth, to offset the fiscal shortfalls at the local level resulting from large‑scale tax and fee reductions, the central government will increase general transfer payments to local governments. These tax‑cut measures will take effect retroactively from January 1 of this year, with an initial implementation period of three years, and are expected to relieve small and micro enterprises of approximately RMB 200 billion in tax burdens annually.

The meeting emphasized the need to focus on optimizing the economic structure and stabilizing domestic demand, while more effectively leveraging fiscal and monetary policies. It called for the full implementation of the recently announced across-the-board reduction in the reserve requirement ratio, continued adherence to a prudent monetary policy—while officely avoiding excessive liquidity injections—and timely, targeted adjustments to ease financing difficulties and high borrowing costs faced by private enterprises and small and micro businesses. This will help ensure adequate market liquidity, boost employment, and stimulate consumption. At the same time, progress in issuing and utilizing local government special-purpose bonds must be accelerated. The meeting decided on the following measures: First, promptly commence issuance of the RMB 1.39 trillion in local government bonds that have already been authorized in advance by the National People’s Congress. A comprehensive annual allocation plan for these bonds should be finalized without delay, with efforts made to complete most issuances by the end of September. Second, further enhance the role of special-purpose bonds in stabilizing investment and boosting consumption. Proceeds from these bonds should be prioritized for ongoing projects to prevent unfinished “half‑built” initiatives, support major projects included in national plans, and address outstanding payments owed to contractors on government‑funded projects. In areas where construction conditions are met, a batch of major projects in transportation, water conservancy, and ecological and environmental protection should be launched expeditiously to quickly generate tangible output. Even in regions where conditions are not yet ready, preparatory work such as material procurement should be expedited. Third, monetary and credit policies should be coordinated with the issuance of special-purpose bonds and the accompanying project financing, guiding financial institutions to strengthen their services and ensure adequate follow‑on funding for major projects. Fourth, management of special-purpose bonds must be standardized, repayment responsibilities rigorously enforced, and implicit local government debt strictly controlled.

The meeting called for strengthened measures to address wage arrears among rural migrant workers. Local authorities are required to prioritize settling wage debts arising from unpaid wages on government‑funded projects. For enterprises that fail to pay wages, they must be ordered to rectify the situation within a specified timeframe; failure to comply by the deadline will result in strict legal penalties.

Attention exporting enterprises! The State Taxation Administration has issued the Measures for the Administration of Export Rebate (Exemption) at the Port of Shipment.

To optimize the administration of export‑port tax refunds (exemptions), the State Taxation Administration hereby promulgates the revised “Administrative Measures for Export‑Port Tax Refunds (Exemptions)” (revised on December 28, 2018), as announced in State Taxation Administration Announcement No. 66 of 2018, which shall take effect from January 1, 2019.

Among these, exporting enterprises are not required to file a separate registration for export‑port tax refund (exemption). When the tax authority responsible for export tax refunds accepts an exporting enterprise’s initial declaration for export‑port tax refund (exemption), such filing is deemed to have been completed. When submitting a declaration for export‑port tax refund (exemption), the following points should also be noted: First, when completing the detailed declaration form, exporting enterprises must enter the “QYGTS” code in the “Tax Refund (Exemption) Business Type” field. Second, foreign trade enterprises must use a separate associated number when filing their export‑port tax refund (exemption) declarations.

Attachment: Interpretation of the “Announcement of the State Taxation Administration on the Issuance of the Measures for the Administration of Export‑Port Refund (Exemption) of Taxes (Revised on December 28, 2018)”

The following is an interpretation of the relevant provisions of the “Announcement of the State Taxation Administration on the Issuance of the ‘Administrative Measures for Export‑Port Refund (Exemption) of Taxes (Revised on December 28, 2018)’” (hereinafter referred to as the “Announcement”):
I. Background to the Issuance of the Announcement
To further refine the export‑port tax rebate policy and enhance its effectiveness, the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration jointly issued the “Notice of the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration on Improving the Export‑Port Tax Rebate Policy” (Cai Shui [2018] No. 5, hereinafter referred to as the “Notice”). To implement the provisions of the Notice, the State Taxation Administration has revised and improved the “Administrative Measures for Export‑Port Tax Rebates (Exemptions)” (originally promulgated by Announcement No. 52 of 2014 of the State Taxation Administration and subsequently amended by Announcement No. 31 of 2018 of the State Taxation Administration), and has issued the corresponding “Announcement.”
II. Interpretation of the Main Contents of the Announcement
(1) Conditions that export enterprises must meet to qualify for the port-of-shipment tax refund (exemption) policy
Export enterprises seeking to benefit from the port-of-shipment tax refund (exemption) policy must meet the following conditions:
First, the exporting enterprise must be classified as Category I or Category II under the export tax refund (exemption) management system, and its customs credit rating must be either “General Credit Enterprise” or “Certified Enterprise.”
Second, the exporting enterprise must export goods that qualify for the export tax rebate (exemption) policy and be able to obtain the electronic information of the customs‑issued export declaration form from the port of departure.
Third, unless otherwise provided in this announcement, export goods shall complete customs clearance and verification procedures within two months from the date of departure (with the export date indicated on the electronic information of the export customs declaration at the port of departure serving as the reference; the same shall apply hereinafter).
(II) How to Determine the Export Tax Refund Rate for Goods Eligible for the Port-of-Departure Tax Refund (Exemption) Policy
For export goods eligible for the port-of-shipment tax refund (exemption) policy, the applicable tax refund rate shall be determined by the export date indicated in the electronic customs declaration data for the goods at the port of shipment.
(3) How export enterprises file for registration of export tax refund (exemption) at the port of departure
To alleviate the tax burden on taxpayers and streamline export refund (exemption) procedures, Article 5 of the Announcement clarifies that exporting enterprises are no longer required to file a separate registration for export port refund (exemption). When the tax authority responsible for export tax refunds accepts an exporting enterprise’s initial application for export port refund (exemption), such filing shall be deemed to have been completed.
(4) How export enterprises file for export‑port tax refund (exemption) declarations
Export enterprises shall, within two months from the date of shipment, submit an electronic declaration of the export customs declaration for goods at the port of departure, together with the relevant supporting documents, to the tax authority responsible for export tax rebates to apply for the port-of‑departure tax rebate (or exemption). When filing the port-of‑departure tax rebate (or exemption) application, the following matters should also be noted: First, when completing the detailed declaration form, export enterprises must enter the “QYGTS” code in the “Type of Tax Rebate (Exemption) Business” field. Second, foreign trade enterprises must use a separate associated number when filing the port-of‑departure tax rebate (or exemption) application.
(5) How the tax authorities review and process export‑port refund (exemption) tax procedures
The tax authority responsible for export tax rebates shall, in conjunction with the enterprise customs‑credit‑rating information disaggregated by the State Taxation Administration, use the customs declaration data for goods exported from the port of departure—marked with an export‑tax‑rebate identifier for the port of departure (hereinafter referred to as “departure data”)—to review and process the export enterprises’ applications for export‑tax rebates or exemptions at the port of departure. Furthermore, it shall conduct follow‑up reviews of export‑tax rebates or exemptions at the port of departure by utilizing customs declaration data that have been duly closed and verified—also marked with an export‑tax‑rebate identifier for the port of departure (hereinafter referred to as “closed‑declaration data”)—as well as customs declaration data that have been revoked by the customs authorities (hereinafter referred to as “revoked data”).
The tax authority responsible for export tax rebates shall handle, on a case-by-case basis, the following irregularities identified during verification and comparison:
First, where the quantities, units, total values, and other items of exported goods in the shipment‑origin data are inconsistent with those in the customs‑clearance data, the tax authority responsible for export tax rebates shall adjust or recover the corresponding refunded (or exempted) tax amounts in accordance with the customs‑clearance data.
Second, with respect to export goods that have already been granted port-of-shipment tax refunds or exemptions, if data cancellation is involved, the tax authority responsible for export tax refunds shall, in accordance with applicable regulations, adjust or recover the corresponding refunded or exempted tax amounts.
Third, except in cases of force majeure or other circumstances prescribed by law, if, more than two months from the date of shipment, the relevant customs clearance data has not been received (hereinafter referred to as “expired unprocessed clearance data”), the tax authority responsible for export tax rebates shall, in accordance with applicable regulations, recover any taxes already refunded or exempted. In such cases, the export enterprise’s corresponding export transaction shall no longer be eligible for the port-of-shipment export tax rebate or exemption policy.
(6) If an exporting enterprise fails to complete customs clearance and verification procedures or to declare the port of departure for tax refund (exemption) within two months from the date of shipment, how should it be handled?
If, from the date of shipment, an exporting enterprise fails to complete customs clearance and verification procedures or to file a declaration for port-of-shipment tax refund (exemption) within two months, the export transaction in question will no longer be eligible for the port-of-shipment tax refund (exemption) policy. The exporting enterprise shall instead use the electronic information of the export customs declaration form and the relevant supporting documents for standard customs clearance and verification, and file and process the export tax refund (exemption) in accordance with applicable regulations.
However, in cases where customs clearance and tax‑refund verification cannot be completed within two months due to force majeure events such as natural disasters or sudden social emergencies, an exception is provided: within two months from the date of shipment, the exporter may submit an application to the tax authority responsible for export tax refunds; upon approval, the refunded (or exempted) tax shall be temporarily withheld. If, by the deadline for filing the following year’s refund/exemption return, the competent tax authority still has not received the customs‑clearance data corresponding to the aforementioned goods (hereinafter referred to as “uncleared‑in‑the‑following‑year data”), it shall, in accordance with current regulations, recover the previously refunded (or exempted) tax. In such cases, the export enterprise shall no longer be eligible for the port‑of‑shipment refund/exemption policy.
(7) Subsequent Handling of Export Goods at the Port of Shipment Subject to Adjustment or Recovery of Previously Refunded (Exempted) Taxes
For outstanding customs clearance data—whether for adjusted or recovered tax refunds (exemptions) that have reached their due date, or for data from the following year that remains unsettled—if subsequent customs clearance and verification procedures are completed, the exporting enterprise may, on the basis of the duly cleared data and relevant supporting documents, re‑file an application for export tax refund (exemption). The tax authority responsible for export tax refunds shall, in accordance with the current regulations and based on the customs clearance data consolidated by the State Taxation Administration, review and process the refund (exemption).
Where goods have not arrived at the port of departure and are therefore no longer eligible for export, and the customs authority has revoked the export declaration, the exporting enterprise shall, in accordance with current regulations, apply to the tax authority responsible for export tax rebates for the issuance of a “Certificate of Reimbursement of Taxes Paid (and Non-Refunded) on Exported Goods Returned.” Upon issuing this certificate, the competent tax authority shall conduct verification and comparison using the revocation data. If the exporting enterprise has not yet filed for a tax rebate or exemption, it may no longer submit such a claim; if it has already filed and obtained a tax rebate or exemption, it must remit any taxes that were previously refunded or exempted.
(8) Declaration Requirements Following the Paperless Submission of Export Customs Declarations at the Port of Shipment
Given that, effective April 10, 2018, Customs no longer issues paper customs declaration forms for goods exported under the port-of-shipment policy, export enterprises are not required to submit paper customs declaration forms when filing for port-of-shipment tax refunds or exemptions for shipments exported from ports of shipment on or after April 10, 2018—subject to the export date indicated in the electronic data of the customs export declaration.
III. Effective Date of the Announcement
This Announcement shall take effect as of January 1, 2019. With respect to export tax refund (exemption) matters for goods exported from the port of departure, where the export date indicated in the electronic information of the customs declaration is on or after January 1, 2019, the provisions of this Measures shall apply.

Multiple departments: Enterprises within the comprehensive bonded zone will be granted general VAT taxpayer status.

Recently, the General Administration of Customs, the Ministry of Commerce, and 12 other departments jointly issued the “Several Opinions on Promoting High-Level Opening-Up and High-Quality Development of Comprehensive Bonded Zones” (hereinafter referred to as the “Opinions”). The document outlines 21 specific measures and initiatives, including granting enterprises within the zones the status of general VAT taxpayers and streamlining procedures for the import registration or filing of medical devices, with the aim of supporting comprehensive bonded zones in achieving high-level opening-up and high-quality development.

Li Guo, Deputy Director-General of the General Administration of Customs, stated that newly established special customs supervision zones are now uniformly designated as Comprehensive Bonded Zones, while existing special customs supervision zones are being rapidly consolidated and optimized into Comprehensive Bonded Zones. In response to the most pressing demand from processing enterprises within these zones—the qualification as a general VAT taxpayer—measures have been introduced to grant such status to enterprises operating inside the zones; enterprises planning to enter the zones are permitted to import machinery and equipment for their own use, with the relevant duty‑free policies applying retroactively from the date the State Council approved the establishment of the Comprehensive Bonded Zone; and customs approval procedures have been streamlined, with facilitative measures such as self‑registration by enterprises now in place.

Litigation & Arbitration

The Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security: Severely punish acts that endanger the safe operation of public transportation vehicles!

The “Opinions” focus on criminal and unlawful conduct that has drawn widespread public concern—namely, acts that endanger driving safety and public order—and further clarify the requirements for applying the law. For passengers who engage in highly dangerous behaviors that compromise driving safety, such as seizing the steering wheel or gearshift, or assaulting or pulling at the driver, they shall be convicted and punished under the crime of endangering public safety by dangerous methods. The Opinions also emphasize that, even if no serious consequences have yet occurred, probation is generally not applicable; moreover, where specific circumstances apply—such as “attacking the driver while armed”—more severe penalties shall be imposed.

The Ministry of Housing and Urban–Rural Development has clarified circumstances involving illegal subcontracting, among other matters.

On January 9, the Ministry of Housing and Urban–Rural Development issued the Measures for the Identification and Handling of Illegal Practices in the Awarding and Contracting of Construction Projects (hereinafter referred to as the “Measures”).

Among them, the Measures clearly define the circumstances constituting illegal subcontracting:

(1) Where the project owner contracts the project to an individual;

(2) Where the project owner contracts the project to an entity that does not possess the requisite qualifications;

(3) Where tendering is required by law but has not been conducted, or where contracting has not been carried out in accordance with the statutory tendering procedures;

(4) The project owner establishes unreasonable tendering and bidding conditions that restrict or exclude potential bidders or bidders;

(5) Where the project owner divides the construction of a single project into several parts and awards them to different general contractors or specialized contractors.

Liu Zhonglin Case: 1.97 million yuan in compensation for emotional distress sets a record high.

Liu Zhonglin, who was wrongfully convicted for 28 years and subsequently exonerated, has been awarded 4.6 million yuan in state compensation. He was imprisoned for more than 25 years on charges of intentional homicide, making him the longest‑incarcerated wrongly convicted person publicly documented.

Liu Zhonglin has been awarded a total of RMB 4.6 million in state compensation, including RMB 2,624,448.58 for deprivation of personal liberty over the 9,217 days of his detention (at RMB 284.74 per day), and RMB 1,975,551.42 as compensation for mental distress. Liu Zhonglin has waived claims for transportation expenses, accommodation expenses, document‑related expenses, lost wages, subsequent medical treatment costs, and any other requests for relief, such as measures to eliminate adverse effects, restore his reputation, or issue a public apology.

The more than 1.97 million yuan in compensation for emotional distress set a new national record for the highest amount awarded in state compensation cases involving wrongful convictions; the previous record stood at 1.3 million yuan, granted in the Nie Shubin case. Liu Zhonglin said he was satisfied with the size of the state compensation but added, “My best years have already been stolen from me.”

The People’s Court Daily has named the Top Ten Criminal Cases of 2018, with cases such as the nanny arson case among those selected.

On January 10, the People’s Court Daily editorial team announced its list of the Top Ten Criminal Cases of 2018. All ten cases selected were those reported by the People’s Court Daily in 2018 that had significant social impact, attracted widespread public attention, involved complex and difficult facts, posed substantial challenges to adjudication, or yielded landmark rulings with important implications for future jurisprudence.

These ten landmark cases are: the retrial and acquittal of Zhang Wenzhong; the arson case involving a domestic helper in Hangzhou; the bribery case of Sun Zhengcai; the parrot case in Shenzhen; the sexual assault of young girls by Zhao Zhiyong and others; the child-abuse case at the Ctrip Parent‑Child Center in Shanghai; the nation’s first organized‑crime case involving “routine loan” fraud; the massive transnational telecom‑fraud scheme in Beijing; the “tomb‑raiding mafia” case in Wenxi, Shanxi; and the retrial and acquittal of Jin Zhehong.

These ten landmark cases reflect the courts’ efforts over the past year to ensure that the public experiences fairness and justice in judicial proceedings, showcase the achievements made in advancing reforms to the criminal procedure system centered on trial, highlight the courts’ contributions to combating all types of criminal offenses, safeguarding social harmony and stability, and protecting human rights, and underscore the rationality, conscience, and warmth of the judiciary.

At the invitation of the People’s Court Daily, Professor Lu Jianping of the Law School at Beijing Normal University, Professor Chen Weidong of the Law School at Renmin University of China, and Professor Zhou Guangquan of the Law School at Tsinghua University offered insightful commentary on the aforementioned Top Ten Criminal Cases of 2018, providing an in-depth analysis of their exemplary significance and far-reaching impact.

Other

The Ministry of Justice has abolished 28 certification requirements!

Pursuant to the Decision, 20 certification requirements—such as the “certificate of the applicant’s professional experience”—previously stipulated in departmental regulations like the Measures for the Administration of Lawyers’ Practice, have been abolished and replaced with procedures involving the applicant’s written commitment, government agency investigations or internal verification, and online validation. Additionally, eight certification requirements—including the “certificate of no criminal record”—as set forth in normative documents such as the Rules on the Administration of Internships for Applicants for Lawyers’ Practice, have been eliminated and substituted with methods that rely on the applicant’s written commitment, verification by the bar association or online validation, review by the research administration department of the applicant’s employing institution, and investigation and conofficeation by community correction agencies regarding the conduct of individuals subject to community correction.

Attachment: Decision on the Abolition of Proof Requirements Established in Certain Regulations and Normative Documents

To the Justice Departments (Bureaus) of all provinces, autonomous regions, and municipalities directly under the central government, and to the Justice Bureau of the Xinjiang Production and Construction Corps:

To implement the decisions and arrangements of the CPC Central Committee and the State Council on reducing documentation requirements to better serve the public and optimizing services, and in accordance with the requirements of the General Office of the State Council’s Notice on Carrying Out the Review and Streamlining of Certification Requirements (Guobanfa [2018] No. 47), the Ministry of Justice has conducted a review of certification requirements stipulated in its regulations and normative documents. Pursuant to relevant provisions, it has decided to abolish the following certification requirements.

I. Abolishing 20 certification requirements established by departmental regulations.

(1) The requirement in Article 14 of the Measures for the Administration of Lawyers’ Practice and Article 21 of the Measures for the Administration of Law Offices that “applicants shall submit relevant supporting documents” is hereby abolished, and such verification shall instead be conducted by the judicial administrative authorities.

(2) The requirement set forth in Article 35 of the Measures for the Administration of Law Offices—namely, “proof that the applicant meets the conditions stipulated in Article 19 of the Lawyers Law and Article 33 of these Measures”—is hereby abolished. Instead, such proof shall be obtained through the applicant’s written commitment, government departmental investigations, internal verification, online checks, or other appropriate means.

(3) The requirement in Article 35 of the Measures for the Administration of Law Offices to submit a copy of the office’s practice license is hereby abolished and replaced with procedures that rely on the applicant’s written commitment, government departmental investigations, internal verification, online checks, and other means.

(4) The requirement set forth in Article 35 of the Measures for the Administration of Law Offices—namely, “proof that the proposed head of a branch office meets the conditions stipulated in Paragraph 5 of Subparagraph 1 of Article 34 of these Measures”—is hereby abolished. Instead, such verification shall be conducted through the applicant’s written commitment, government departmental investigations, internal reviews, online verification, or other appropriate means.

(5) The requirement for a certificate of experience in legal education or research at institutions of higher learning or research institutes, as stipulated in Article 12 of the Measures for the Administration of Lawyers’ Practice, is hereby abolished. Instead, such verification shall be conducted through the applicant’s written commitment, government departmental investigations, internal reviews, online verification, and other appropriate means.

(6) The requirement set forth in Article 20 of the Measures for the Administration of Lawyers’ Practice—namely, “a certificate issued by the county-level judicial administrative authority where the applicant’s former law office was located, conofficeing that the applicant does not fall under any of the circumstances specified in Article 21 of these Measures”—is hereby abolished. Instead, such matters shall be processed through the applicant’s written undertaking, government departmental investigations, internal verification, online checks, and other appropriate means.

(7) The requirement set forth in Article 20 of the Measures for the Administration of Lawyers’ Practice—namely, “proof of termination of the employment or partnership relationship with the former law office and completion of handover procedures regarding cases, files, finances, and other matters”—is hereby abolished. Instead, such proof shall be obtained through the applicant’s written commitment, government departmental investigations, internal verification, online checks, or other appropriate means.

(8) The requirement under Article 20 of the Measures for the Administration of Lawyers’ Practice, namely “a certificate from the intended new law office conofficeing its acceptance of the applicant,” is hereby abolished and replaced by the labor contract or employment contract entered into between the applicant and the law office.

(9) The requirement in Article 20 of the Measures for the Administration of Lawyers’ Practice to submit “proof of the applicant’s professional experience” is hereby abolished and replaced with a procedure whereby such proof is obtained through the applicant’s written commitment, government departmental investigations, internal verification, online checks, or other appropriate means.

(10) The “annual financial audit report” stipulated in Article 16 of the Measures for the Annual Inspection and Assessment of Law Offices is hereby abolished and replaced with procedures that rely on the applicant’s written commitment, government departmental investigations, internal reviews, online verification, and other such methods.

(11) The provision in Article 16 of the Measures for the Annual Inspection and Assessment of Law Offices, which required submission of approval documents for significant changes approved during the year, is hereby repealed. Instead, such matters shall be processed through the applicant’s written commitment, government departmental investigations, internal reviews, online verification, or other appropriate means.

(12) The requirement in Article 16 of the Measures for the Annual Inspection and Assessment of Law Offices—namely, “proof of the establishment of funds for professional risk management, career development, and other purposes”—is hereby abolished. Instead, such proof shall be obtained through the applicant’s written commitment, government departmental investigations, internal reviews, online verification, or other appropriate means.

(13) The requirement in Article 16 of the Measures for the Annual Inspection and Assessment of Law Offices—namely, “supporting documentation demonstrating receipt of administrative or professional awards and honors, or imposition of administrative penalties or professional disciplinary measures”—is hereby abolished. Instead, such matters shall be processed through the applicant’s written commitment, government departmental investigations, internal verification, online verification, or other appropriate means.

(14) The requirement in Article 16 of the Measures for the Annual Inspection and Assessment of Law Offices—namely, “proof documents for enrolling employed lawyers and support staff in social insurance schemes such as old-age, unemployment, and medical insurance”—is hereby abolished. Instead, such matters shall be handled through written commitments by applicants, government departmental investigations, internal verification, online checks, or other appropriate means.

(15) Repeal the “tax payment certificate” stipulated in Article 16 of the Measures for the Annual Inspection and Assessment of Law Offices.

(16) The requirement in Article 16 of the Measures for the Annual Inspection and Assessment of Law Offices—namely, “proof of fulfillment of legal aid obligations, participation in social services, and other public welfare activities”—is hereby abolished. Instead, such matters shall be processed through the applicant’s written commitment, government departmental investigations, internal verification, online checks, or other appropriate means.

(17) The requirement for “proof of compliance with the obligations of a bar association member,” as stipulated in Article 16 of the Measures for the Annual Inspection and Assessment of Law Offices, is hereby abolished. Instead, such verification shall be conducted through the applicant’s written commitment, government departmental investigations, internal reviews, online verification, or other appropriate means.

(18) The requirement for notarization of “Proof of Taiwan Resident Status” stipulated in Article 5 of the Measures for the Administration of the Practice of Law by Taiwan Residents Who Have Obtained the National Legal Professional Qualification shall be abolished. Instead, such proof shall be processed through written commitments by applicants, government departmental investigations, internal verification, online checks, and other means.

(19) The “certificate of employment” stipulated in Articles 6 and 7 of the Measures for the Administration of the Employment of Hong Kong Legal Practitioners and Macao Practicing Lawyers as Legal Advisors at Mainland Law Offices is hereby abolished, and applicants shall instead submit an employment contract.

(20) The “Certificate of Good Professional Conduct for Representative Offices and Representatives” stipulated in Articles 10 and 11 of the Regulations of the Ministry of Justice on the Implementation of the Regulations on the Administration of Representative Offices of Foreign Law Offices in China is hereby abolished, and shall instead be subject to investigation and verification by the judicial administrative authorities or online verification.

II. Abolition of the eight certification requirements stipulated in normative documents.

(1) The provision in Article 4 of the Measures for the Implementation of Community Correction, which required the “village (residents’) committee of the place of residence” to issue a certificate attesting to the “defendant’s or offender’s consistent conduct,” is hereby repealed. Instead, the community correction agency under the judicial administrative organ shall conduct an investigation and verification of the conduct of persons subject to community correction.

(II) The requirement for the principal investigator of key projects under the “Administrative Measures for Ministry-Level Scientific Research Projects on Rule of Law Development and Legal Theory Research (Trial)” — namely, submission of a professional title certificate or an appointment/deployment document issued by the personnel department — is hereby abolished. Instead, applicants shall certify that their professional title or position meets the prescribed requirements, and the scientific research administration department of the applicant’s institution shall be responsible for reviewing such certification.

(3) The requirement in the “Administrative Measures for Ministry-Level Scientific Research Projects on Rule of Law Construction and Legal Theory Research (Trial)” that principal investigators of general projects submit “proof of professional title, an appointment or removal document issued by the personnel department, or a doctoral degree certificate” is hereby abolished. Instead, applicants shall certify that their professional title or position meets the stipulated requirements, and the scientific research administration department of the applicant’s affiliated institution shall be responsible for reviewing such certification.

(4) The requirement stipulated in the “Administrative Measures for Ministry-Level Scientific Research Projects on Rule of Law Development and Legal Theory Research (Trial)” — namely, that mid-career and young project leaders and team members must submit proof of professional title, appointment or dismissal documents issued by the personnel department, or a doctoral degree certificate — is hereby abolished. Instead, applicants shall certify that their professional title or position meets the prescribed requirements, and the scientific research administration department of the applicant’s affiliated institution shall be responsible for reviewing such certification.

(5) The requirement stipulated in the “Administrative Measures for Ministry-Level Scientific Research Projects on Rule of Law Development and Legal Theory Research (Trial)”—namely, the official seal of the host’s affiliated institution on the cover of the application form, the official seal of the funding management unit on Form 4, and the signature and seal of the head of the institution on Form 5—is hereby abolished.

(6) The requirement for the official seal of the project‑undertaking institution to be affixed to the cover of the contract, as stipulated in the “Administrative Measures for Ministry‑Level Scientific Research Projects on Rule of Law Construction and Legal Theory Research (Trial),” is hereby abolished.

(7) The requirement for a “certificate of no criminal record” as stipulated in the Rules on the Administration of Internships for Applicants for Lawyer’s Practice is hereby abolished and replaced with procedures such as written commitments by applicants, verification by the bar association, or online validation.

(8) The requirement under the “Rules on Annual Assessment of Lawyers’ Practice” to submit “supporting documents demonstrating administrative or professional commendations and awards, administrative penalties, or disciplinary measures imposed by the profession” is hereby abolished. Instead, such matters shall be handled through the applicant’s written undertaking, verification by the bar association, or online validation, among other methods.

Ministry of Science and Technology: Encourages and supports private enterprises in participating in major national science and technology initiatives.

Minister of Science and Technology Wang Zhigang recently stated that the Ministry will encourage and support private enterprises in participating in major national science and technology initiatives, leveraging their advantages—such as flexible institutional mechanisms and high market sensitivity—to facilitate the transfer and commercialization of research outcomes from universities and research institutes within the private sector, thereby accelerating the development of market‑competitive products.

At the same time, we will support private enterprises in increasing their investment in science and technology, making full use of various policy instruments, and providing assistance for pre‑competitive R&D through upfront funding, post‑project subsidies, and other measures. We will encourage capable private offices to explore cutting‑edge, uncharted territories. Furthermore, we will refine the science‑and‑technology finance system, strengthen financial support for private tech companies at the innovation, entrepreneurship, and growth stages, and help alleviate the challenges of difficult and costly financing faced by high‑growth enterprises.

In addition, the Ministry of Science and Technology will intensify efforts to cultivate innovative talent within private enterprises, streamline mechanisms for talent mobility between universities, research institutes, and private high-tech offices, and ensure that top scientific and technological professionals are retained in the private sector. It will also study and formulate policy measures to support the development of technical talent in technology‑based small and medium‑sized enterprises, encourage more science and technology professionals to leverage their research achievements to start businesses in the market, and foster new clusters of technologies and sources of industrial growth.

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