China Law News

This week Chinese leaders met to approve the next Five-Year Plan, officials were told by the IMF that the RMB is likely to join the reserve currencies basket and the merger control regulator allowed Western Digital and Hitachi to combine research and manufacturing

The PRC Insurance Law is being amended, the PBOC has granted foreign central banks access to its interbank FX market and has lowered the threshold for MNCs' cross-border renminbi cash pooling

This week China issued draft rules for private car-hailing services, Volkswagen's global emissions scandal hit China and Eli Lilly and Innovent further collaborated on cancer drugs

The down payment for first-time housing loans has been lowered, the Shanghai FTZ has allowed interbank deposit certificates in foreign currency and the State Council have put bonded zones under customs watch

This week US drugmaker Bristol-Myers Squibb paid the SEC to settle China bribery charges, Xiaomi faced accusations of violating the new Advertising Law and Tsinghua Unigroup paid $3.8 billion for Western Digital shares

The SAT's new draft reflects its alignment with the BEPS Action Plan, the State Council has lowered minimum capital requirements for infrastructure projects and market access for foreign investors in real estate has been increased

This week China pledged to sustain its pro-investment reforms, Apple mobile apps were infected with malware and MOFCOM predicted outbound direct investment will exceed US$1 trillion for the first time this year

The CPC and State Council have promoted more private investment in commercial SOEs, and the CIRC has permitted insurance companies to establish PE funds and invest in asset-backed plans

This week Apple's China unit was reported to have underpaid its 2013 taxes, Nissan's China JV was fined for AML violations in Guangdong and President Xi confirmed SOEs will continue to play a key role in the economy