Legal

Foreign banks allowed more businesses, construction project approval procedures streamlined and QDIIs prohibited from purchasing forex

Tax credit policy has been revised to align with outbound investment needs.

Tax credit policy has been revised to align with outbound investment needs.

Foreign shareholding in securities firms relaxed, foreign investment in futures companies allowed and online defamation of historical Chinese heroes banned

Substantive business activities required for beneficial owner status

China allows CDRs, tax breaks only require retention of documentation, and curbs are imposed on large exposures of banks

Social insurance reductions will continue, and a pool of foreign-related legal talent and the Shanghai Financial Court are established.

Criteria for unmanned aircraft permits set out, securitization of housing lease assets promoted in certain areas, and calculation of environmental tax clarified.

PRC outbound investment has received another boost via a new tax credit regulation that simplifies procedures and provides greater options to Chinese companies keen on multi-jurisdictional forays. It would be wise for these corporates to review and restructure their tax credit strategies to capitalize on the government's commitment to expanding outward.