Legislation

Safe streamlines foreign exchange approval procedures.

Insurance companies require Rmb200 million to commence business.

CIRC strengthens regulation of the agricultural insurance business.

Approval of outbound resources investment project relaxed.

Banks required to meet capital adequacy ratio requirements of Basel III.

Sponsors and investment consultants may be liable for disclosure violations.

QFIIs may trade stock index futures only for hedging purposes.

The Measures set forth the conditions that a law firm from Taiwan shall fulfil when applying to establish a representative office and second representatives in Fuzhou or Xiamen.

The Announcement clarifies six income tax issues of non-tax-resident enterprise including: issue of withholding enterprise income tax on payable but unpaid income and issue of levy of tax on income derived from the assignment of land use rights.