Legal

Manufacturing and service industries further opens up to foreign investment but loophole allowing foreign investment in restricted sectors is plugged; food producers warn of major disruptions as all foodstuffs now subject to import regulation; and trial macroprudential policy guidelines provide key definitions and high-level guidance for managing systemic financial risks

SPC issues draft provisions protecting consumer rights in online trading disputes. Injunctive preservation measures may be imposed on eco-environmental tort cases. CSRC permits Chinese firms listing overseas with VIE structure.

CBIRC revised regulations to enhance the effective use of insurance capital

Higher People's Court required to file review opinions with the Supreme People's Court

Guo Yongmao of Haiwen & Partners discusses the various types of taxes under the PRC tax regime that new companies must consider when setting up a business in mainland China and highlights how tax impacts investors of a PRC company if they are foreign entities when considering dividends distribution, interest payment and transfer pricing

CSRC permits Chinese companies to list overseas with VIE structure after filing; SEC updates disclosure guidance for China-based companies to highlight VIE risks; and Xinjiang forced labor ban signed into law

Both multinationals and domestic companies have already enacted changes to their internal policies and operations in response to China's new data and personal information processing requirements, from human resources management to customer privacy authorizations

CBIRC revises regulations to enhance the effective use of insurance capital. Wealth management companies shall consider impact of sales agency on liquidity risk. Project approval procedures are streamlined.

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