VAT tax period and rates are revised

China, U.S. agree terms of limited phase one trade deal; draft implementing regulations for foreign investment law approved; and draft law published on promoting China's cultural industry

State Council has lowered the investment capital percentage requirements, the QFII system is streamlined and the entry conditions for foreign insurance companies are relaxed.

CAC specifies procedures for reporting of cybersecurity threats

Fang Zhou and Yue (Brett) Zhang of JunHe review the old regulatory system of cryptography law and how the newly introduced PRC Cryptography Law brings a more flexible approach for cipher products to flourish in China.

The State Administration for Market Regulation prohibits bad faith trademark registrations

New consumption tax draft law puts State Council center stage; major mobile apps caught for illegal data collection practices; and NPC launches online platform for submitting constitutional review requests

China will set up a punitive damages system for intellectual property infringements

Law drafts are released on value-added and consumption taxes redefining eligible taxpayers while online audio and video information service providers are required to establish a rumor refutation mechanism.