Legislation

Industrial enterprises may be subject to consumption tax.

Companies prohibited from sending spam email.

Network service providers may be held liable for illegal uploads.

Scope of investment of pooled asset management plans of securities companies expanded.

Requirements on issuance of subordinated obligations lowered to decrease the cost of financing for securities companies.

Five-year multiple entry visas offered to foreign talents.

Crime of particularly serious bribery defined.

Identification of intangible assets clarified for mergers of enterprises not under the same control

The Circular cancels the approval requirements relating to foreign direct investment for opening of foreign exchange accounts, deposits into relevant accounts, purchase of foreign exchange for overseas payment and foreign exchange transfers within China.