China Laws and Regulations Update in August 2015

  1. The People’s Bank of China and the Other Nine Authorities Jointly Issue Policies on Boosting the Internet Finance Industry            

On 18th July 2015, the People’s Bank of China, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Finance, the State Administration for Industry and Commerce, the Legislative Affairs Office, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Internet Information Office jointly issued the Policies on Boosting the Internet Finance Industry (“Policies”).

Such Policies provide a range of instructions on supporting and encouraging internet finance activities and specify duties of administration and control over major internet finance activities such as payment over the internet, network lending, equity crowd-funding, sale of funds via the internet, internet insurance, internet trust, doing and closing transactions through the internet.

Sourced from the official website of the National Government of the P.R.C.: http://www.gov.cn/xinwen/2015-07/18/content_2899360.htm

  1. The Supreme People’s Court Issues the Decision on the Dispute of Arbitration Jurisdiction between China International Economic and Trade Arbitration Commission(CIETAC) and its Former Branches

On 15th July 2015, the Supreme People’s Court of the P.R.C. issued a decision to solve the dispute of Arbitration Jurisdiction between China International Economic and Trade Arbitration Commission and its Former Branches in Guangzhou and Shanghai. The decision has become effective since 17th July 2015.

(Note: As the rule is complicated, for more details, please refer to your lawyer.)

Sourced from the official website of China Court Newspaper of 16th July 2015: http://rmfyb.chinacourt.org/paper/html/2015-07/16/content_100141.htm?div=-1

  1. The Supreme People’s Court Publishes Regulations on Affirmation and Enforcement Procedures of Civil Rulings Delivered by Courts and Arbitration Tribunals in Taiwan

On 29th June 2015, the Supreme People’s Court of the P.R.C. published the Regulations on Affirmation and Enforcement Procedures of Civil Cases Rulings Delivered by Courts in Taiwan and the Regulations on Affirmation and Enforcement Procedures of Arbitration Awards Issued in Taiwan, both of which have become effective since 1st July 2015.

Sourced from the official website of the Supreme Court of the P.R.C.:

http://www.court.gov.cn/fabu-xiangqing-14839.html

http://www.court.gov.cn/fabu-xiangqing-14840.html

  1. Wage Growth Guideline for 2015 Applicable to Businesses in Shanghai Issued

On 13th July 2015, Shanghai Human Resource and Social Security Bureau, Shanghai Federation of Trade Union, Shanghai Federation of Enterprises/Entrepreneur Association, Shanghai Federation of Industry and Commerce jointly issued the Wage Growth Guideline for 2015 Applicable to Businesses in Shanghai.

According to the guideline, the suggested average pay rise rate applicable to Shanghai-based businesses in 2015 is 10%, the maximum rate is 16% and the minimum rate is 4%. The guideline also suggest that, for businesses that have achieved good economic results but are offering relatively low wages now should offer relatively higher pay rises; as for those already offering relatively high wages could offer pay rises at relatively lower rates and those facing operational difficulties may offer less than 4% pay rises.

Sourced from the official website of Shanghai Human Resource and Social Security Bureau:

http://www.12333sh.gov.cn/201412333/xxgk/flfg/gfxwj/ldbc/bcfp/201507/t20150715_1211208.shtml

  1. The National People’s Congress Releases the Internet Security Law(Draft Version) For Public Comment    

On 6th July 2015, the National People’s Congress of the P.R.C. released the Internet Security Law(Draft Version) for public comment. The deadline of accepting comments on this draft law will be 5th August 2015.

Sourced from the official website of National People’s Congress of the P.R.C.:

http://www.npc.gov.cn/npc/xinwen/lfgz/flca/2015-07/06/content_1940614.htm

Lawyer Contacts

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