Legislation

While prohibited to make bad debt provisions, foreign telecom operators may now treat customers' bill overdue for a year or more as bad debt.

Producers now has to bear the burdens for the tax portion that is not refunded.

Application requirements for the recognition and protection of well-known trademarks.

Clarifies definitions for the applicable trade privileges given to Macao enterprise in the Mainland.

The revised Provisions add one more section on recognition of a company with an investment nature by foreign investors as a regional headquarters.

The Procedures undertake to reduce illegal and fraudulent activities in the PRC securities market by promoting sound corporate practices of both issuing companies and sponsors.

An important step forward, China modernizes its commercial banks by ensuring a sound financial position through the newly-issued measurable capital adequacy standards.

The Procedures detail the qualifications and application procedures of foreign investors establishing export procurement centres in the PRC.

By increasing transparency, and protection of ordinary people, the “Ten Measures” represents an institutional answer to the perceived unfairness in the allocation and development of land and resources within the PRC.