Legislation Digest

General Administration of Civil Aviation of China, Ministry of Commerce and National Development and Reform Commission, Supplementary Provisions (III) for the «Provisions for Foreign Investment in Civil Aviation» [Legislation Digest]
中国民用航空总局、商务部、国家发展和改革委员会<外商投资民用航空业规定>的补充规定（三）
Hong Kong and Macao investors allowed to establish computer reservation system joint ventures in the mainland.

Guangzhou City, Circular on the Issue of the New Model Text for the «Guangzhou Municipal Employment Contract» [Legislation Digest]
广州市关于印发新《广州市劳动合同》文本的通知
Employment contracts in Guangzhou considered unsigned if the employee is not given a copy.

PRC Lawyers Law (Amended) [Legislation Digest]
中华人民共和国律师法 (修订)
Meeting between a lawyer and the suspect or defendant not subject to monitoring.

Shenzhen City, Several Provisions for the Grant of Industrial and Other Leaseholds [Legislation Digest]
深圳市工业及其他产业用地使用权出让若干规定
Industrial leaseholders in Shenzhen not allowed to assign their leaseholds without authorization.

State Council General Office, Circular on Strengthening and Regulating the Administration of Newly Commenced Projects [Legislation Digest]
国务院办公厅关于加强和规范新开工项目管理的通知
Construction projects are screened before they can be started.

National Development and Reform Commission and Ministry of Commerce, Foreign Investment Industrial Guidance Catalogue (Amended in 2007) [Legislation Digest]
国家发展和改革委员会、商务部外商投资产业指导目录 (2007年修订)
China closes the gate to mining of important mineral resources by foreign investors but opens the door to investment in futures companies

Ministry of Personnel, Ministry of Commerce and State Administration for Industry and Commerce, Supplementary Provisions for the «Tentative Provisions on Sino-foreign Equity Joint Skilled Personnel Intermediary Agencies» [Legislation Digest]
人事部、商务部、国家工商行政管理总局关于《中外合资人才中介机构管理暂行规定》的补充规定
Hong Kong and Macao allowed to establish wholly-owned joint skilled personnel intermediary agencies in the mainland.

Shanghai Stock Exchange, Tentative Provisions on the Review System [Legislation Digest]
上海证券交易所复核制度暂行规定
Requests to review decisions on listing may be filed with the Shanghai Stock Exchange.

China Insurance Regulatory Commission, Circular on Issues Relevant to Reinsurance Business Safety [Legislation Digest]
中国保险监督管理委员会关于再保险业务安全性有关问题的通知
More stringent risk management required of reinsurance cedents.

China Insurance Regulatory Commission, Measures for the Administration of the Old-age Pension Insurance Business of Insurance Companies [Legislation Digest]
中国保险监督管理委员会保险公司养老保险业务管理办法
First set of measures to regulate old-age pension insurance.

China Insurance Regulatory Commission, Circular on Issues Relevant to the Engagement in the Enterprise Annuity Business by Old-age Pension Insurance Companies [Legislation Digest]
中国保险监督管理委员会关于养老保险公司经营企业年金业务有关问题的通知
Old-age pension insurance companies allowed to conduct enterprise annuity business throughout China.

Ministry of Land and Resources, Provisions for the Granting of State-owned Construction Leaseholds by way of an Invitation of Bids, Auction or Listing on a Land Exchange (Amended) [Legislation Digest]
国土资源部招标拍卖挂牌出让国有建设用地使用权规定 (修订)
Provisions on State-owned construction leaseholds amended to curb developers from stocking up land.

Ministry of Land and Resources, Ministry of Finance and People's Bank of China, Measures for the Administration of Land Reserves [Legislation Digest]
国土资源部、财政部、中国人民银行土地储备管理办法
China establishes land reserve management.

Ministry of Communications, Provisions for the Administration of Invitation and Submission of Bids for Commercial Highway Construction Projects by Investors [Legislation Digest]
交通部经营性公路建设项目投资人招标投标管理规定
Rigid requirements for highway construction project bidders.

Ministry of Commerce, Supplementary Provisions (III) for the Measures for the Administration of Foreign Investment in the Commercial Sector [Legislation Digest]
商务部外商投资商业领域管理办法补充规定（三）
Hong Kong and Macao investors allowed to hold a controlling interest in the commercial sector.

Other Recent Legislation for this Month [Legislation Digest]

China Securities Regulatory Commission, Circular on Issues Relevant to Audit of Companies that Issue Foreign Investment Shares Listed in China [Legislation Digest]
中国证券监督管理委员会关于发行境内上市外资股的公司审计有关问题的通知
Double audit requirement of B shares cancelled.

China Banking Regulatory Commission, Guidelines for the Syndicated Loan Business [Legislation Digest]
中国银行业监督管理委员会银团贷款业务指引
China promotes syndicated loans.

People's Bank of China, Provisions for the Administration of the Forward Rate Agreement Business [Legislation Digest]
中国人民银行远期利率协议业务管理规定
PBOC launches forward rate agreements.

China Banking Regulatory Commission, Circular on the Full Implementation of the «Enterprise Accounting Guidelines» by Financial Institutions in the Banking Industry [Legislation Digest]
中国银行监督管理委员会关于银行业金融机构全面执行《企业会计准则》的通知
New guidelines to control manipulation of profits by banks.

Supreme People's Court and Supreme People's Procuratorate, Supplementary Provisions (3) for the Implementation of the «PRC Criminal Law» in Respect of Determination of Charges [Legislation Digest]
最高人民法院、最高人民检察院关于执行《中华人民共和国刑法》确定罪名的补充规定（三）
Charges redefined to cope with new types of crimes.

State Administration of Foreign Exchange, Measures for the Control of Foreign Exchange in Bonded and Supervised Zones [Legislation Digest]
国家外汇管理局保税监管区域外汇管理办法
Foreign exchange control on customs supervised zones unified.

PRC Employment Promotion Law [Legislation Digest]
中华人民共和国就业促进法
Law to prevent employment discrimination.

Ministry of Labour and Social Security, Provisions on Employment Services and Employment Administration [Legislation Digest]
劳动和社会保障部就业服务与就业管理规定
"Salary negotiable" not allowed in job advertisements.

People's Bank of China and China Banking Regulatory Commission, Circular on Strengthening the Credit Management for Commercial Real Property [Legislation Digest]
中国人民银行、中国银行业监督管理委员会关于加强商业性房地产信贷管理的通知
Mortgage rate for purchase of a second set of residential premises raised.

China Banking Regulatory Commission, Opinion on Effectively Safeguarding against the Risks of Providing Security for the Issuance of Bonds by Enterprises [Legislation Digest]
中国银行监督管理委员会关于有效防范企业债担保风险的意见
CBRC stops security provision for corporate bonds.

China Insurance Regulatory Commission, Guidelines for Compliance Management by Insurance Companies [Legislation Digest]
中国保险监督管理委员会保险公司合规管理指引
Guidelines for insurance companies to cope with compliance risks.

General Administration of Quality Supervision, Inspection and Quarantine, Provisions for the Administration of Food Labelling [Legislation Digest]
国家质量监督检验检疫总局食品标识管理规定
Stricter provisions for food labelling.

State Administration of Taxation, Circular on Amending the Tax Returns for Self Declaration by Individuals with an Annual Income of Rmb120,000 or More [Legislation Digest]
国家税务总局关于修改年所得12万元以上个人自行纳税申报表的通知
Reporting of revenue from individuals' share transfer required in tax returns.

Guangzhou Municipality, Circular on Increasing the Minimum Amount Subject to Business Tax in the Municipality [Legislation Digest]
广州市关于提高我省营业税起征点的通知
Guangzhou reduces the lower threshold for business tax.

Shenzhen Stock Exchange, Working Guidelines for Information Disclosure of Listed Companies (No. 7): Changes to Accounting Policies and Accounting Estimates [Legislation Digest]
深圳证券交易所上市公司信息披露工作指引第7号–会计政策及会计估计变更
Shenzhen Stock Exchange curbs listed companies' tampering of accounting results.

Other Recent Legislation for this Month [Legislation Digest]

PRC Anti-monopoly Law [Legislation Digest]
中华人民共和国反垄断法
China's first law on anti-competitive activities promulgated.

China Securities Regulatory Commission, Measures for Pilot Projects for the Offering of Corporate Bonds [Legislation Digest]
公司债券发行试点办法
Trusts introduced for offering of corporate bonds.

China Securities Regulatory Commission, Circular on Matters Relevant to the Implementation of the «Measures for Pilot Projects for the Offering of Corporate Bonds» [Legislation Digest]
中国证券监督管理委员会关于实施《公司债券发行试点办法》有关事项的通知
Pilot projects for the offering of corporate bonds limited to certain listed companies.

China Securities Regulatory Commission, Measures for the Administration of Futures Companies [Legislation Digest]
期货公司管理办法
Futures brokerages renamed as futures companies.

China Securities Regulatory Commission, Guidelines on Contents and Formats for Information Disclosure by Companies that Offer Securities to the Public (No.23): Prospectuses for Public Offering of Corporate Bonds [Legislation Digest]
中国证劵监督管理委员会公开发行证劵的公司信息披露内容与格式准则第 23 号 - 公开发行公司债劵募集说明书
Disclosure of risk factors required in corporate bond prospectuses.

China Securities Regulatory Commission, Guidelines on Contents and Formats for Information Disclosure by Companies that Offer Securities to the Public (No 24): Application Documents for Public Offering of Corporate Bonds [Legislation Digest]
中国证券监督管理委员会公开发行证券的公司信息披露内容与格式准则第24号 - 公开发行公司债券申请文件
Nineteen application documents required for offering of corporate bonds.

China Securities Regulatory Commission, Circular on Regulating Information Disclosure of Listed Companies and Acts of Relevant Parties [Legislation Digest]
中国证券监督管理委员会关于规范上市公司信息披露及相关各方行为的通知
CSRC takes measures to prevent insider trading

China Securities Regulatory Commission, Tentative Measures for the Administration of Credit Rating Business Pertaining to the Securities Market [Legislation Digest]
中国证券监督管理委员会证券市场资信评级业务管理暂行办法
Credit rating agencies engaging in securities rating required to have Chinese legal personality.

PRC Law on Administration of Urban Real Property (Revised) [Legislation Digest]
中华人民共和国城市房地产管理法（修正）
Urban real property law revised to keep in line with the PRC Property Law.

Ministry of Health, Measures for the Administration of Novel Foods [Legislation Digest]
卫生部新资源食品管理办法
Genetically modified food requires safety assessment before placing on the market.

State Administration of Taxation, Circular on Revising the Rates on Taxable Income for Assessed Levy of Enterprise Income Tax [Legislation Digest]
国家税务总局关于调整核定征收企业所得税应税所得率的通知
SAT revises enterprise income tax rates for small businesses in eight industries.

Guangzhou Municipality, 2007 Enterprise Wage Guidelines [Legislation Digest]
广州市2007年企业工资指导线
Guangzhou sets wage increase baseline at 9%.

Shenzhen Stock Exchange, Guidelines for Information Disclosure of Listed Companies No.6: Major Contracts [Legislation Digest]
深圳证券交易所上市公司信息披露工作指引第6号 - 重大合同
The Shenzhen Stock Exchange requires disclosure of contracts exceeding Rmb 1 billion.

Shanghai Municipality, Collective Contracts Regulations [Legislation Digest]
上海市集体合同条例
Enterprises in Shanghai required to conduct collective bargaining with employees on wage adjustment.

Shanghai Stock Exchange, Supplementary Circular on Issues Relevant to the Securities Transactions of Qualified Foreign Institutional Investors [Legislation Digest]
上海证券交易所关于合格境外机构投资者证券交易有关事项的补充通知

Other Recent Legislation for this Month [Legislation Digest]

People's Bank of China, Circular on Issues Relevant to the Launch of Swap Transactions Between Renminbi and Foreign Currencies in the Interbank Foreign Exchange Market [Legislation Digest]
中国人民银行关于在银行间外汇市场开办人民币外汇货币掉期业务有关问题的通知
PBOC launches swaps between renminbi and foreign currencies.

Supreme People's Court, Provisions on Several Issues Concerning the Application of the Law in Trials of Foreign-related Civil and Commercial Contract Disputes [Legislation Digest]
最高人民法院关于审理涉外民事或商事合同纠纷案件法律适用若干问题的规定
Application of foreign laws excluded from five more types of contracts.

State Administration of Foreign Exchange, Circular on Retaining Foreign Exchange Income on the Current Account by Domestic Institutions [Legislation Digest]
国家外汇管理局关于境内机构自行保留经常项目外汇收入的通知
Lifting the restrictions on the amount of foreign exchange income on the current account that may be retained by domestic institutions.

State Administration of Foreign Exchange and Ministry of Commerce, Circular on Issues Relevant to the Repeal of the «Trial Measures for Verification of Foreign Exchange Received from Exports» [Legislation Digest]
国家外汇管理局、商务部关于废止《出口收汇考核试行办法》有关问题的通知
Policy encouraging foreign exchange from exports removed.

Supreme People's Court and Supreme People's Procuratorate, Opinion on Several Issues Concerning the Application of the Law in Handling Criminal Cases of Receiving Bribes [Legislation Digest]
最高人民法院、最高人民检察院关于办理受贿刑事案件适用法律若干问题的意见
Ten new types of bribe-taking by state personnel defined.

China Insurance Regulatory Commission, People's Bank of China and State Administration of Foreign Exchange, Tentative Measures for the Administration of Overseas Investment of Insurance Capital [Legislation Digest]
中国保险监督管理委员会、中国人民银行、国家外汇管理局保险资金境外投资管理暂行办法
Further relaxing overseas investment of insurance capital.

China Securities Regulatory Commission, Trial Measures for the Administration of Overseas Securities Investment by Qualified Domestic Institutional Investors [Legislation Digest]
中国证券监督管理委员会合格境内机构投资者境外证券投资管理试行办法
Overseas securities investment available for fund management companies and securities companies.

State Council, Regulations for the Administration of Futures Trading [Legislation Digest]
国务院期货交易管理条例
China to develop financial futures and options.

State Administration of Foreign Exchange, Plan for the Launch of Pilot Projects for Direct Investment in Overseas Stock Markets by Domestic Individuals [Legislation Digest]
国家外汇管理局开展境内个人直接投资境外证券市场试点方案
Individual Chinese citizens allowed to invest in the Hong Kong stock market.

China Securities Regulatory Commission, Measures on the Administration of the Qualifications of the Directors, Supervisors and Senior Management Personnel of Futures Companies [Legislation Digest]
中国证券监督管理委员会期货公司董事、监事和高级管理人员任职资格管理办法
The appointment of a chief risk officer required in futures companies.

State Council, Implementing Measures for Levy and Collection of Individual Income Tax on Interest Income from Savings Deposits (Revised) [Legislation Digest]
国务院对储蓄存款利息所得征收个人所得税的实施办法 (修订)
Individual income tax on savings interest significantly reduced.

State Administration of Taxation, Circular on Issues Relevant to the Pre-tax Deduction of Commission Expenses Incurred by Insurance Enterprises Related to the Surrendered Insurance Policies [Legislation Digest]
国家税务总局关于保险企业发生与退保业务相关佣金支出税前扣除问题的通知
Insurance enterprises allowd to obtain pre-tax deductions of commission expenses for surrendered insurance policies.

Ministry of Commerce and General Administration of Customs, Announcement [2007] No.44 (Catalogue for Commodities in the Restricted Category for Processing Trade) [Legislation Digest]
商务部、海关总署公告 2007 年第 44 号 (加工贸易限制类商品目录)
Labour-intensive processing trade discouraged.

State Administration of Taxation, Supplementary Circular on Issues Relevant to the Application of Agreed Tax Rates to the Interest Income of Foreign Nationals and Individual Residents of Hong Kong, Macao and Taiwan Derived from Their Savings Deposits [Legislation Digest]
国家税务总局关于外籍个人和港澳台居民个人储蓄存款利息所得适用协议税率有关问题的补充通知
Tax rates on interest income of foreigners may follow bilateral tax agreements.

State Administration of Taxation, Circular on Issues Relevant to the Cancellation of the Review Authority Required for Temporary Exemption of Individual Income Tax for the Promotion of Practical Application of Scientific and Technological Achievements [Legislation Digest]
国家税务总局关于取消促进科技成果转化暂不征收个人所得税审核权有关问题的通知
Individual income tax exemption formalities streamlined for winners for scientific and technological awards.

Ministry of Commerce, General Administration of Customs and China Banking Regulatory Commission, Announcement [2007] No.71: Announcement on the Methods for Paying Deposits into the Bank Account [Legislation Digest]
商务部、海关总署、银行业监督管理委员会公告2007年第71号 (台账保证金缴纳方式公告)
Requirements on deposit payment loosened for processing trade enterprises.

Shanghai Municipality, Circular on Issues Relevant to the Levy and Exemption of Land Value-added Tax on the Transfer of Non-ordinary Residential Premises by Individuals [Legislation Digest]
上海市关于个人转让非普通住房征免土地增值税有关问题的通知
Land value-added tax levied to cool down the property market in Shanghai.

Other Recent Legislation for this Month [Legislation Digest]

Supreme People's Court, Several Provisions on the Trial of Cases Involving Civil Tort Compensation in Connection with Audit Activities by Accounting Firms [Legislation Digest]
最高人民法院关于审理涉及会计师事务所在审计业务活动中民事侵权赔偿案件的若干规定
Accounting firms face stringent tort liability when conducting audits.

Ministry of Finance and China Securities Regulatory Commission, Circular on Issues Relevant to the Engagement in Securities- and Futures-related Businesses by Accounting Firms [Legislation Digest]
财政部、中国证券监督管理委员会关于会计师事务所从事证券、期货相关业务
Requirements on accounting firms engaging in securities- and futures-related businesses imposed.

China Banking Regulatory Commission, Measures for the Administration of Lease Financing Companies [Legislation Digest]
中国银行业监督管理委员金融租赁公司管理办法
New measures to open up the lease financing sector to foreign investment

People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission, Measures for the Administration of Customer Identification, and Preservation of Customer Identity Information and Transaction Records by Financial Institutions [Legislation Digest]
中国人民银行、中国银行业监督管理委员会、中国证券监督管理委员会、中国保险监督管理委员会金融机构客户身份识别和客户身份数据及交易记录保存管理办法
Financial institutions required to check customer identity to prevent money laundering.

State Council, PRC Measures for the Administration of Registration of Partnership Enterprises (Revised) [Legislation Digest]
国务院中华人民共和国合伙企业登记管理办法 (修订)
Partnership enterprises required to specify "general partnership", "special general partnership" or "limited partnership" in their names.

PRC Employment Contract Law [Legislation Digest]
中华人民共和国劳动合同法
New employment contract law imposes greater requirements on employers.

China Insurance Regulatory Commission, Guidelines for Contingency Administration of Major Unexpected Events in Insurance Asset Management [Legislation Digest]
中国保险监督管理委员会保险资产管理重大突发事件应急管理指引
The CIRC reinforces contingency administration of major unexpected events in insurance asset management.

China Securities Regulatory Commission, Rules for the Administration of the Shareholdings of Directors, Supervisors and Senior Management Personnel of Listed Companies and the Changes Thereto [Legislation Digest]
中国证券监督管理委员会上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则
Transfer of shares by directors, supervisors and senior management personnel curbed.

Ministry of Commerce and State Administration of Foreign Exchange, Circular on Further Strengthening and Standardizing the Examination, Approval and Regulation of Direct Investment in Real Property by Foreign Investors [Legislation Digest]
商务部、国家外汇管理局关于进一步加强、规范外商直接投资房地产业审批和监管的通知
Possession of the leasehold or property ownership is required before establishing a foreign-invested real property company.

State-owned Assets Supervision and Administration Commission of the State Council and China Securities Regulatory Commission, Tentative Measures for the Administration of the Transfer of Shares of Listed Companies Held by State-owned Shareholders [Legislation Digest]
国务院国有资产监督管理委员会、中国证券监督管理委员会国有股东转让所持上市公司股份管理暂行办法
Shares of listed companies held by state-owned shareholders transferred according to the market price.

State-owned Assets Supervision and Administration Commission of the State Council, Tentative Provisions for the Administration of the Acquisition of Shares of Listed Companies by State-owned Work Units [Legislation Digest]
国务院国有资产监督管理委员会国有单位受让上市公司股份管理暂行规定
First provisions on the acquisition of shares of listed companies by state-owned entities.

State Administration of Taxation, Official Reply on the Issue of the Income Tax Treatment of Sale-leaseback Transactions by Foreign-invested Enterprises that Engage in Real Property Development [Legislation Digest]
国家税务总局关于从事房地产开发的外商投资企业售后回租业务所得税处理问题的批复
Tax policy on sale-leaseback transactions by foreign-invested real property developers clarified.

PRC Individual Income Tax Law (4th Revision) [Legislation Digest]
中华人民共和国个人所得税法 (第四次修正)
Tax law revised to allow reduction and waiving of tax on savings interest.

Ministry of Finance and State Administration of Taxation, Circular on Reduction of Export Tax Rebate Rates of Certain Commodities [Legislation Digest]
财政部、国家税务总局关于调低部分商品出口退税率的通知
Export tax rebate rate for garments dropped to 11%.

Ministry of Finance and State Administration of Taxation, Circular on Revision of the Stamp Duty Rate for Securities (Stock) Transactions [Legislation Digest]
财政部、国家税务总局关于调整证券(股票)交易印花税税率的通知
Stamp duty reduced to curb securities speculation.

State Administration of Taxation, Official Reply on Tax Issues Concerning the Assignment of Land for Which the Formalities Relevant to the Leasehold Certificate Have Not Yet Been Completed [Legislation Digest]
国家税务总局关于未办理土地使用权证转让土地有关税收问题的批复
Taxes on assignment of land should be paid regardless of completion of formalities.

State Administration of Taxation, Circular on Issues Relevant to the Enjoyment of Preferential Treatment as Production Enterprises by Foreign Investors Investing in and Operating Natural Gas Projects [Legislation Digest]
国家税务总局关于外商投资经营天然气项目享受生产性企业有关问题的通知
Income from the processing and sale of natural gas entitled to preferential tax treatment.

State Administration of Taxation, Circular on Issues Relevant to the Payment of Enterprise Income Tax by Foreign-invested Enterprises Engaging in Telecommunications Business [Legislation Digest]
国家税务总局关于从事通信业务的外商投资企业缴纳企业所得税有关问题的通知
Time limits for depreciation of telecommunications equipment adjusted.

Shenzhen City, Circular on Regulating the Purchase of Commodity Premises by Foreign Organizations and Individuals [Legislation Digest]
深圳市关于规范境外机构和境外个人购买商品房的通知
Foreign purchases of real property in Shenzhen restricted.

Other Recent Legislation for this Month [Legislation Digest]

State Administration for Industry and Commerce and General Administration of Press and Publication, Circular on Strengthening the Regulation of Printed Advertisements with Fixed Forms [Legislation Digest]
国家工商行政管理总局、新闻出版总署关于加强固定形式印刷品广告监督管理工作的通知
News reports and public criticism not allowed in mass mail.

State Administration for Industry and Commerce, Circular on Further Regulating Acts in Connection with Print Advertising with Fixed Forms and the Release of Such Advertisements [Legislation Digest]
国家工商行政管理总局关于进一步规范固定形式印刷品广告经营发布行为的通知
SAIC conducts an inspection on mass mail.

China Banking Regulatory Commission, Measures for the Administration of Trust Companies [Legislation Digest]
中国银行业监督管理委员会信托公司管理办法
More provisions to segregate a trust company's business for its own account and its trust business.

China Banking Regulatory Commission and State Administration of Foreign Exchange, Tentative Measures for the Administration of the Entrusted Overseas Financial Management Business of Trust Companies [Legislation Digest]
中国银行业监督管理委员会、国家外汇管理局信托公司受托境外理财业务管理暂行办法
Trust companies admitted to the QDII group.

General Office of the China Banking Regulatory Commission, Circular on Revising the Scope of Overseas Investment for Overseas Financial Management Services on Behalf of Customers of Commercial Banks [Legislation Digest]
中国银监会办公厅关于调整商业银行代客境外理财业务境外投资范围的通知
Commercial bank QDIIs allowed to invest in overseas stocks.

China Banking Regulatory Commission, Circular on Further Preventing Risks Relevant to Business Transactions Between Banking Financial Institutions and Securities Companies [Legislation Digest]
中国银行业监督管理委员会关于进一步防范银行业金融机构与证券公司业务往来相关风险的通知
Banks required to ensure that loans are not used for stock trading.

People's Bank of China, Announcement on Enlarging the Floating Range of the Transaction Price Between the Renminbi and US Dollar on the Interbank Spot Foreign Exchange Market [Legislation Digest]
中国人民银行关于扩大银行间即期外汇市场人民币兑美元交易价浮动幅度的公告
Renminbi allowed to appreciate further.

China Securities Regulatory Commission, Implementing Measures for Restricting Securities Transactions [Legislation Digest]
中国证券监督管理委员会限制证券买卖实施办法
Restricting securities transactions as a means of trading regulation.

China Securities Regulatory Commission, Tentative Measures for the Administration of the Futures Investor Protection Fund [Legislation Digest]
中国证券监督管理委员会期货投资者保障基金管理暂行办法
The futures investor protection fund may grant full compensation for losses of Rmb 100,000 or below.

China Securities Regulatory Commission, Trial Measures for the Provision of Intermediary Services by Securities Companies to Futures Companies [Legislation Digest]
中国证券监督管理委员会证券公司为期货公司提供中间介绍业务试行办法
Securities companies mayoffer intermediary services for affiliated futures companies.

People's Bank of China and National Development and Reform Commission, Tentative Measures for the Administration of the Issuance of Renminbi Bonds in the Hong Kong Special Administrative Region by Domestic Financial Institutions [Legislation Digest]
中国人民银行、国家发展和改革委员会境内金融机构赴香港特别行政区发行人民币债券管理暂行办法
Hong Kong becomse the first renminbi bond market outside mainland China.

General Administration of Press and Publication, Guidelines on Formats for Publication of Periodicals [Legislation Digest]
新闻出版总署期刊出版形式规范
Foreign language periodicals must carry a Chinese name.

Ministry of Commerce, Measures for the Administration of Record Filings in Connection with Commercial Franchising [Legislation Digest]
商务部商业特许经营备案管理办法
Specific materials and procedures for franchise record filing detailed.

Ministry of Commerce, Measures for the Administration of Information Disclosure in Connection with Commercial Franchising [Legislation Digest]
商务部商业特许经营信息披露管理办法
Franchisors required to disclose certain information to their franchisees before signing the contract.

Ministry of Finance and State Administration of Taxation, Circular on Tax Policies Relevant to Promoting the Development of Venture Capital Investment Enterprises [Legislation Digest]
财政部、国家税务总局关于促进创业投资企业发展有关税收政策的通知
Tax reduction for venture capital investment enterprises investing in unlisted technology SMEs.

Beijing Municipality, Several Provisions on the Setting and Use of Reserve Prices in Invitation of Bids for Works of Construction Projects [Legislation Digest]
北京市工程建设项目施工招标标底编制和使用的若干规定
More specific requirements on the reserve price to control bribery in construction project bidding in Beijing.

Shenzhen Stock Exchange, Rules on the Administration of Proceeds of Companies Listed on the Small and Medium-sized Enterprise Board (2007 Revision) [Legislation Digest]
深圳证券交易所中小企业板上市公司募集资金管理细则(2007年修订)
Companies listed on the Shenzhen SME board required to establish a management system for proceeds.

Shanghai Municipality, Guiding Opinion on Strengthening Internal Wage Distribution of Enterprises [Legislation Digest]
上海市关于加强企业内部工资分配工作的指导意见
More attention should be paid to low-paid front-line workers.

Other Recent Legislation for this Month [Legislation Digest]

Beijing Municipality, Circular on Issues Relevant to the Administration of Levy and Collection of Land Value-added Tax [Legislation Digest]
北京市关于土地增值税征收管理有关问题的通知
Land value-added tax of 1% levied on newly-established premises in Beijing.

Supreme People's Court, Provisions for the Appointment of Administrators for Trials of Enterprise Bankruptcies [Legislation Digest]
最高人民法院关于审理企业破产案件指定管理人的规定
Criteria provided for selection of administrators of enterprise bankruptcies.

Supreme People's Court, Provisions for Determining the Remuneration of Administrators for Trials of Enterprise Bankruptcies [Legislation Digest]
最高人民法院关于审理企业破产案件确定管理人报酬的规定
Remuneration of administrators determined according to the value of property in the final repayment by the debtor.

PRC Property Law [Legislation Digest]
中华人民共和国物权法
The landmark new law provides the same protection to private property as that to state-owned property.

Shenzhen City, Implementing Opinion on Arranging the Construction of a Certain Ratio of Policy-type Residential Premises in the Grant of Leaseholds for Commodity Residential Premises in Shenzhen [Legislation Digest]
深圳市关于在我市出让商品住宅用地中安排建设一定比例政策性住房的实施意见
Developers in Shenzhen required to construct a certain ratio of policy-type premises.

China Securities Regulatory Commission and Ministry of Justice, Measures for the Administration of the Provision of Securities-related Legal Services by Law Firms [Legislation Digest]
中国证券监督管理委员会、司法部律师事务所从事证券法律业务管理办法
Requirements for securities-related legal opinions detailed.

General Administration of Customs, Measures for the Administration of Direct Return of Imports [Legislation Digest]
中华人民共和国海关进口货物直接退运管理办法
Imports may be directly returned by order of customs.

State Administration of Foreign Exchange, Circular on Issues Relevant to the Administration of Short-term Foreign Debts of Financial Institutions for the Year 2007 [Legislation Digest]
国家外汇管理局关于2007 年度金融机构短期外债管理有关问题的通知
SAFE reduces the short-term foreign debt indicators of financial institutions for 2007.

State Administration of Foreign Exchange, Circular on Adjusting the Administration Mode for Market Entry into and Exit from the Spot Settlement and Sale of Foreign Exchange Businesses of Banks [Legislation Digest]
国家外汇管理局关于调整银行即期结售汇业务市场准入和退出管理方式的通知
Application procedures for settlement and sale of foreign exchange businesses by banks simplified.

State Council, PRC Regulations for the Disclosure of Government Information [Legislation Digest]
国务院中华人民共和国政府信息公开条例
Disclosure of specific government information made more transparent.

State Administration of Taxation, Circular on Issues Relevant to the Interpretation and Implementation of Relevant Articles of the «Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income» [Legislation Digest]
关于《内地和香港特别行政区关于对所得避免双重征税和防止偷漏税的安排》有关条文解释和执行问题的通知
Avoidance of double taxation issues between Hong Kong and the mainland clarified.

State Administration of Taxation, Circular on Issues Relevant to Set-off of the Amount of Value-added Tax on Purchases in Connection with Imports of Taxpayers [Legislation Digest]
国家税务总局关于纳税人进口货物增值税进项税额抵扣有关问题的通知
Set-off of Value-added tax on purchases relating to imports clarified.

State Administration of Taxation, Official Reply on the Commencement Time for the Implementation of the Reduction and Exemption of Enterprise Income Tax on Newly-established Enterprises [Legislation Digest]
国家税务总局关于新办企业减免企业所得税执行起始时间的批复
Reduction and exemption of income tax of newly-established enterprises clarified.

Ministry of Commerce, Circular on Issues Relevant to Strengthening the Administration of Processing Trade [Legislation Digest]
商务部关于加强加工贸易管理有关问题的通知
Environmental protection, energy consumption, employee treatment and equipment quality included in the criteria for engaging in processing trade.

Other Recent Legislation for this Month [Legislation Digest]

China Securities Regulatory Commission, Circular on the Cessation of the Implementation of Special Audit Requirements on Specific Listed Companies [Legislation Digest]
中国证券监督管理委员会关于不再实施特定上市公司特殊审计要求的通知
Listed financial companies no longer required to hire international accounting firms for audits.

China Air Transport Association, Measures for the Approval of Sales Agency Qualifications for China Civil Air Transport [Legislation Digest]
中国航空运输协会中国民用航空运输销售代理资格认可办法
Approval of sales agency qualifications for China civil air transport delegated to the China Air Transport Association from CAAC.

China Banking Regulatory Commission, Report on Opening up China's Banking Industry to Foreign Investment [Legislation Digest]
中国银监会中国银行业对外开放报告
Foreign banks are encouraged to set up banks with legal personality.

Office of Anti-monopoly Investigations, Department of Treaty and Law, Ministry of Commerce, Guidelines for Anti-monopoly Filings in Connection with Mergers and Acquisitions of Domestic Enterprises by Foreign Investors [Legislation Digest]
商务部条法司反垄断调查办公室关于外国投资者并购境内企业反垄断申报指南
Anti-monopoly filings required before conducting mergers or acquisitions.

Ministry of Construction and Ministry of Commerce, Provisions for the Administration of Foreign-invested Construction Project Service Enterprises [Legislation Digest]
建设部、商务部外商投资建设工程服务企业管理规定
Wholly foreign-owned construction project service enterprises allowed.

Ministry of Health, Circular on Amending Article 4 of the «Measures for Classified Administration of Occupational Diseases and Hazards in Connection with Construction Projects» [Legislation Digest]
卫生部关于修订《建设项目职业病危害分类管理办法》第四条规定的通知
Only construction projects of a significant investment amount are now subject to health scrutiny by the Ministry of Health.

General Office of Ministry of Commerce, Guiding Opinion on Attracting Foreign Investment Nationwide in 2007 [Legislation Digest]
商务部办公厅关于2007年全国吸收外商投资工作指导性意见
Foreign investment in real property restricted in 2007.

State Administration of Foreign Exchange, Circular on Issues Relevant to Foreign Exchange Control Involved in the Restructuring of Foreign-invested Banks [Legislation Digest]
国家外汇管理局关于外资银行改制所涉外汇管理有关问题的通知
SAFE sets forth procedures concerning foreign exchange matters in the restructuring of foreign-invested banks.

China Securities Regulatory Commission, Circular on Further Regulating the Use of Proceeds of Listed Companies [Legislation Digest]
中国证券监督管理委员会关于进一步规范上市公司募集资金使用的通知
Curbs on listed companies' use of proceeds.

National Development and Reform Commission, Measures for the Administration of Tobacco Monopoly Licences [Legislation Digest]
国家发展和改革委员会草专卖许可证管理办法
Foreign-invested commercial enterprises prohibited from engaging in tobacco retail and wholesale businesses.

PRC Enterprise Income Tax Law [Legislation Digest]
中华人民共和国企业所得税法
Enterprise income tax rate for both FIEs and domestic companies set at 25%.

State Administration of Taxation, Circular on the Investigation of Tax Payment of Foreign-invested Enterprises and Foreign Enterprises Responsible for One Single Function of Production [Legislation Digest]
国家税务总局关于调查承担单一生产功能外商投资企业和外国企业纳税情况的通知
FIEs with one single production function under tax investigation.

Ministry of Finance and State Administration of Taxation, Circular on Tax Issues Relevant to the Restructuring of Branches of Foreign Banks into Wholly Foreign-owned Banks [Legislation Digest]
财政部、国家税务总局关于外国银行分行改制为外商独资银行有关税收问题的通知
Tax issues clarified in the restructuring of foreign-invested banks.

Shenzhen Stock Exchange, Members Administration Rules [Legislation Digest]
深圳证券交易所会员管理规则
Shenzhen Stock Exchange still allows memebers to purchase seats from it.

Shanghai Stock Exchange, Guidelines on the System for Management of Information Disclosure Affairs of Listed Companies [Legislation Digest]
上海证券交易所上市公司信息披露事务管理制度指引
Controlling and large shareholders required to disclose material information once known.

Shanghai Stock Exchange, Members Administration Rules [Legislation Digest]
上海证券交易所会员管理规则
Shanghai Stock Exchange no longer approves new seats.

Other Recent Legislation for this Month [Legislation Digest]

Ministry of Construction and Ministry of Commerce, Implementing Rules on the Provisions for the Administration of Foreign-invested Construction Design Enterprises [Legislation Digest]
建设部、商务部外商投资建设工程设计企业管理规定实施细则
Implementing Rules to clarify the qualification verfication requirements of foreign-invested construction design enterprises.

State Council, Regulations on Employment of the Disabled [Legislation Digest]
国务院残疾人就业条例
Employers required to employ a certain ratio of disabled persons.

China Insurance Regulatory Commission, Guidelines for Bond Investment Credit Ratings by Insurance Institutions (Trial Implementation) [Legislation Digest]
中国保险监督管理委员会保险机构债券投资信用评级指引 (试行)
Insurance institutions required to conduct internal credit, ratings on bond investments.

China Securities Regulatory Commission, Circular on Issues Relevant to Improving the Trading Seat System for Securities Investment Funds [Legislation Digest]
中国证券监督管理委员会关于完善证券投资基金交易席位制度有关问题的通知
New regulations on the trading seat system for securities investment funds.

Ministry of Communications, Circular on the Launch of Pilot Work of General Contracting for Design and Construction Work of Highway Projects [Legislation Digest]
交通部关于开展公路工程项目设计施工总承包试点工作的通知
Bidding for the design and construction work of highway projects will be combined.

State Council, Regulations for the Administration of Commercial Franchising [Legislation Digest]
国务院商业特许经营管理条例
New rules for franchising include regulations for new and existing businesses.

Supreme People's Court, Interpretation on Several Issues Concerning the Application of the Law in the Trial of Civil Unfair Competition Cases [Legislation Digest]
最高人民法院关于审理不正当竞争民事案件应用法律若干问题的解释
The PRC Anti-unfair Competition Law clarified.

State-owned Assets Supervision and Administration Commission of the State Council and Ministry of Finance, Circular on Matters Relevant to the Transfer of Enterprise State-owned Assets and Equity [Legislation Digest]
国务院国有资产监督管理委员会、财政部关于企业国有产权转让有关事项的通知
The transfer of state-owned assets must be done publicly, and be verified and approved in accordance with relevant provisions.

Ministry of Land and Resources, Tentative Measures for the Administration of Foreign Organizations or Individuals that Conduct Surveying and Mapping in China [Legislation Digest]
国土资源部外国的组织或者个人来华测绘管理暂行办法
Foreigners looking to conduct surveying and mapping in China must obtain consent from the authorities beforehand.

Ministry of Finance, General Provisions on Enterprise Finance (Revised) [Legislation Digest]
财政部企业财务通则 (修正)
After more than 10 years, the provisions on enterprise finance have been revised.

Ministry of Finance, Financial Rules for Financial Enterprises [Legislation Digest]
财政部金融企业财务规则
Financial rules for financial enterprises have been updated.

State Council, Decision on the Amendment of the «PRC Tentative Regulations on Urban and Rural Land Use Tax» [Legislation Digest]
国务院关于修改《中华人民共和国城镇土地使用税暂行条例》的决定
Foreign enterprises, among others, must pay the appropriate amount of land use tax.

Supreme People's Court, Several Provisions on Issues Concerning Specific Application of the Law to Trials of Disputes over the Infringement of Rights in New Varieties of Plants [Legislation Digest]
最高人民法院关于审理侵犯植物新品种权纠纷案件具体应用法律问题的若干规定
Increased protection of intellectual property is given to developers of new plant varieties.

Guangzhou City, Provisions on Encouraging Foreign Investors to Invest in and Establish Headquarters and Regional Headquarters [Legislation Digest]
广州市鼓励外商投资设立总部和地区总部的规定
Guangzhou offers incentives for the eestablishment of headquarters and regional headquarters.

Shenzhen Stock Exchange, Working Guidelines for Information Disclosure by Listed Companies No. 2 ­ Information Disclosure on Shareholders and De Facto Controllers [Legislation Digest]
深圳证券交易所上市公司信息披露工作指引第2号股东和实际控制人信息披露
The Shenzhen Stock Exchange gives guidelines for listed companies on how they should disclose company information.

Shenzhen Stock Exchange, Working Guidelines for Information Disclosure by Listed Companies No. 3 ­ Unusual Movements in Share Trading [Legislation Digest]
深圳证券交易所上市公司信息披露工作指引第3号 - 股票交易异常波动
The Shenzhen Stock Exchange gives guidelines for listed companies on how they should disclose company information.

Other Recent Legislation for this Month [Legislation Digest]

Civil Aviation Administration of China, Ministry of Commerce and National Development and Reform Commission, Supplementary Provisions for the «Provisions for Foreign Investment in Civil Aviation» (2 [Legislation Digest]
中国民用航空总局、商务部、国家发展和改革委员会《外商投资民用航空业规定》的补充规定（二）
Greater market access for Hong Kong and Macao air transport sales agencies.

China Banking Regulatory Commission, Implementing Rules for the PRC Regulations for the Administration of Foreign-invested Banks [Legislation Digest]
中国银行业监督管理委员会中华人民共和国外资银行管理条例实施细则
More detailed rules on the operation of renminbi business by foreign-invested banks.

China Banking Regulatory Commission, Implementing Measures for Matters Subject to Administrative Licensing of Chinese-invested Commercial Banks (Amended) [Legislation Digest]
中国银行业监督管理委员会中资商业银行行政许可事项实施办法(修订)
QFIIs no longer given preference as investors in Chinese banks.

PRC Banking Regulation Law (Revised) [Legislation Digest]
中华人民共和国银行业监督管理法 (修正)
Banking regulatory authorities given more power.

China Banking Regulatory Commission, Circular on Further Strengthening Market Risk Management of Commercial Banks [Legislation Digest]
中国银行业监督管理委员会关于进一步加强商业银行市场风险管理工作的通知
Commercial banks asked to pay attention to market risk management.

Ministry of Labour and Social Security, Circular on the Establishment of Record Filing Systems for Employment [Legislation Digest]
劳动和社会保障部关于建立劳动用工备案制度的通知
Employers required to file information on hiring and dismissal activities.

Ministry of Justice, Measures for the Administration of Association between Law Firms of the Hong Kong and Macao Special Administrative Regions and Mainland Law Firms (2nd Revision) [Legislation Digest]
司法部香港特别行政区和澳门特别行政区律师事务所与内地律师事务所联营管理办法 (第二次修正)
The requirement on the number of full-time lawyers employed by Mainland law firms that operate in association with Hong Kong or Macao law firms is waived.

Ministry of Justice, Measures for the Administration of Mainland Representative Offices of Law Firms from Hong Kong and Macao Special Administrative Regions (2nd Revision) [Legislation Digest]
司法部香港、澳门特别行政区律师事务所驻内地代表机构管理办法 (第二次修正)
Residency requirement for representatives of Hong Kong and Macao law firm representative offices lifted.

Ministry of Justice, Measures for the Administration of Engagement in Legal Practice in the Mainland by Residents of the Hong Kong and Macao Special Administrative Regions who have Acquired Mainland Legal Professional Qualifications (2nd Revision) [Legislation Digest]
司法部取得内地法律职业资格的香港特别行政区和澳门特别行政区居民在内地从事律师职业管理办法 (第二次修正)
Hong Kong and Macao lawyers allowed to engage in certain contentious cases in mainland China.

China Insurance Regulatory Commission, Measures for the Administration of Resident Representative Organizations in China of Foreign Insurance Institutions [Legislation Digest]
中国保险监督管理委员会外国保险机构驻华代表机构管理办法
More requirements imposed on representative offices of foreign insurance organizations.

China Securities Regulatory Commission, Measures for the Administration of Information Disclosure by Listed Companies [Legislation Digest]
中国証券监督管理委员会上市公司信息披露管理办法
Listed companies required to set up management mechanisms for information disclosure.

People's Bank of China, Provisions for the Administration of Market Makers of the National Interbank Bond Market [Legislation Digest]
中国人民银行全国银行间债券市场做市商管理规定
Access requirements to the National Interbank Bond Market for market makers lowered.

People's Bank of China Notice [2007] No.3 [Legislation Digest]
中国人民银行公告〔2007〕第 3 号
Mainland financial institutions allowed to issue renminbi-denominated bonds in Hong Kong.

Ministry of Commerce, National Development and Reform Commission, General Administration of Customs, General Administration of Quality Supervision, Inspection and Quarantine and Certification and Accreditation Administration, Circular on Regulating the Order of Motor Vehicle Exports [Legislation Digest]
商务部、国家发展和改革委员会、海关总署、国家质量监督检验检疫总局、国家认证认可监督管理委员会关于规范汽车出口秩序的通知
Stricter rules for export of automobiles.

National Development and Reform Commission, Circular Concerning the Opinion on Adjusting the Structure of the Motor Vehicle Industry [Legislation Digest]
国家发展和改革委员会关于汽车工业结构调整意见的通知
Car manufacturers required to be more careful in managing their production capacity.

State Administration of Taxation, Circular on Issues Relevant to the Administration of the Settlement of Land Value-added Tax on Real Property Developers [Legislation Digest]
国家税务总局关于房地产开发企业土地增值税清算管理有关问题的通知
The Circular changes the practice of pre-levying land value-added tax to settlement of the land tax after the project is complete.

State Administration of Taxation, Circular on Clarifying the Implementation of Personally Filing Tax Returns by Individuals with Annual Income of Rmb120,000 or More [Legislation Digest]
国家税务总局关于明确年所得12万元以上自行纳税申报口径的通知
Individuals required to report equity and property speculation gains in income tax returns.

Other Recent Legislation for this Month [Legislation Digest]