Extends the valid period for IP customs record to 10 years, and clarifies grounds for rejecting an application to filing of IP customs record.

Controls the shareholding of international freight forwarding agencies.

By Tarrant M. MahonyAs part of China¡¦s on-going battle to rationalize the management and operation of its water industry, promote national development…

By Tarrant M. MahonyAs part of China¡¦s on-going battle to rationalize the management and operation of its water industry, promote national development…

China has revised two of the country's key commercial banking laws, and has issued a concrete formulation of the role and responsibilities of the China Banking Regulatory Commission and this has been welcomed by industry watchers.

The Procedures represents the China Banking Regulatory Commission's administration of offshore financial institutions' investment and equity participation in Chinese-invested banks, credit cooperatives, and finance companies. Rules are stipulated as to the eligibility of investing offshore institutions (including the year-end total assets, credit ratings, profitability, capital adequacy ratio) and the maximum investment and equity participation ratio. CBRC's approval is required under the Procedures for the application for foreign investment, the change in registered capital or equity structure, as well as shareholders composition. Hong Kong, Macao and Taiwan institutions are regarded as foreign institutions under the Procedures.

The PRC Banking Regulation Law establishes a new banking supervision institution – the China Banking Regulatory Commission (CBRC) – to oversee the regulation for all banking institutions and activities in China. The CBRC's functions, responsibilities and authorities are detailed in the Law, which relates to, inter alia, drafting and promulgating regulations and rules, examining and approving establishment and changes of business scope, vetting bank's capital increases and funds, vetting directors and senior manager, enacting prudent operating procedures and standards, setting up a monitoring database on banks' activities and risks, on-site inspections, unified financial statements, risk rating and monitoring system, crisis management.

Tightens control over sales of state assets.

The new Procedures exempt state authorities, individuals and mobile small rural merchants from tax registration requirements.