1. The State Council Publishes the Guiding Opinions on the Establishment and Strengthening of the Credit-Based Incentive and Punishment System in Order to Accelerate the Build-up of Social Credit and Moral Awareness
On 12th June 2016 the State Council published the Guiding Opinions on the Establishment and Strengthening of the Credit-Based Incentive and Punishment System in Order to Accelerate the Build-up of Social Credit and Moral Awareness (“Guiding Opinions”)
The Guiding Opinions indicates the necessity of the rapid development of the social credit system, making information about a person’s credit more widely available and shared, by using motivation and restraint in a legal way and creating a credit-based incentive and punishment mechanism involving government authorities and other communities in various regions, departments and areas, in order to make sure that people could do businesses in legal and honest ways without violating the good market order, in a society with good moral awareness. [Full Text]
2. The State Administration for Industry and Commerce Publishes the Opinions on the Administration of Expansion of the Opening-up to Hong Kong and Macao Residents’ Applications for the Registration of Individual Industrial and Commercial Households in the Mainland
On 31st May 2016, the State Administration for Industry and Commerce published the Opinions on the Administration of Expansion of the Opening-up to Hong Kong and Macao Residents’ Applications for the Registration of Individual Industrial and Commercial Households in the Mainland to liberalize rules about business registration, approval of foreign investment, identity verification, etc. for the Chinese citizens who have the right to live in Hong Kong or Macao permanently (“Permanent Residents in Hong Kong or Macao”) in order to encourage their investment in mainland China. [Full Text]
3. The State Administration of Foreign Exchange Issues the Notice of the State Administration of Foreign Exchange on Changing and Improving Policies on Foreign Exchange Administration under Capital Accounts
On 15th June 2016, the State Administration of Foreign Exchange issued the Notice of the State Administration of Foreign Exchange on Changing and Improving Policies on Foreign Exchange Administration under Capital Accounts (“Notice”).
The Notice, which came into effect on the same day when it was issued, has clarified issues connected with a. full implementation of the administrative rules on the settlement of foreign exchange on a voluntary basis for payment of external debts, b. uniform rules on the settlement of foreign exchange under capital accounts by domestic organizations on a voluntary basis, c. the compliance with foreign exchange administration rules by domestic organizations having foreign exchange under capital accounts or funds used for foreign exchange settlement, the application of and removal of a few items from the negative list for administrating the use of money under capital accounts, and significantly reduce the number of relevant negative list, d. further standardize the act of administrating the payment of foreign exchange under capital accounts and funds used for foreign exchange settlement, and the bank’s responsibility for verifying the authenticity of documents and certificates received under the “three banking business principles”, e. strengthen the on-going and post-event administration by the State Administration of Foreign Exchange, including post-event supervision and punishment. [Full Text]
4. Shanghai Municipal Human Resources and Social Security Bureau Publishes a New Edition of Measures for Payment of Wages by Enterprises
Last 27th June the Human Resources and Social Security Bureau of Shanghai published a revised edition of Measures of Shanghai for Payment of Wages by Enterprises (“Measures”). The current edition of the Measures will continue in effect until the revised edition is put into action from 1st August 2016.
The revised edition of the Measures has clarified some issues that used to cause a lot of disputes, such as methods of calculating overtime pay and leave pay, special rules on payment of leave pay, etc., and added that the employees who are suspected to suffer an infectious disease or be infected by a virus that can cause an infectious disease and therefore are being isolated for medical observation should be paid as usual. [Full Text]
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