Following the tragic Yancheng explosion, China is reviewing its related safety regulations; the government released the names of 197 information providers now registered in the use of blockchain-based technology; and laws controlling production of the drug Fentanyl have now been extended to all its derivatives.
Interim measures are offered in mainland China for Hong Kong arbitration cases, repayment sequence is clarified for bankruptcy cases and full disclosure of VIE structure is required for listing on the Science and Technology Board.
China's policy makers have boosted efforts to tackle unfair competition in recent months, but foreign companies remain skeptical of whether policy and legislation will actually translate into practice.
Casper Sek and Ben Qi of Jin Mao Partners examine the newly introduced provisions on blockchain information services and discuss their regulatory scope and how they will regulate such services.
China's State Council plans to improve competition by establishing a fair play review system; food safety violations will incur much stiffer penalties, and the People's Bank of China's governor says domestic and foreign financial firms will soon play by the same rule book.
VAT rates are lowered, commercial banks are required to disclose NSFR information and advisory services are encouraged for the entirety of construction projects.
Improved product safety is central to China's pivot to a consumption-led economy. New regulations, stiffer penalties, encouraging consumer complaints and even public shaming are all part of its strategy.
