Legislation roundup: Government procurement, foreign exchange and insurance asset management

Government procurement

State Council, Implementing Regulations for the PRC Government Procurement Law
国务院中华人民共和国政府采购法实施条例

The Regulations specify that information on government procurement projects shall be published in designated media; that the budgeted amount for a procurement project shall be disclosed in the procurement documents; and that the name of the single-source supplier must be announced in the designated media. Furthermore, the procurement documents, awarding of the contract, details of the outcome and procurement contract must also be disclosed.

See the digest for more details.

Further reading
PRC Government Procurement Law (Revised in 2014)
Measures for the Administration of Government Procurement Methods Other Than an Invitation for Bids


Foreign exchange

State Administration of Foreign Exchange, Circular on Further Simplifying and Improving Exchange Control Policies Relating to Direct Investment
国家外汇管理局关于进一步简化和改进直接投资外汇管理政策的通知

The Circular cancels:

(1) registration of the confirmation of non-monetary capital contributions of foreign investors in direct investments in China and registration of the confirmation of the capital contributions of foreign investors that acquire equity from a Chinese party;
(2) foreign exchange record filing for overseas re-investments; and
(3) annual foreign exchange inspection relating to direct investment is replaced by the implementation of registration of existing equity.

Further reading
Circular on Issues Relevant to Improving Foreign Exchange Control on Foreign Direct Investment
PRC Regulations for the Control of Foreign Exchange (2nd Revision)


Insurance

China Insurance Regulatory Commission, Circular on Matters Relevant to Risk Owners of Insurance Asset Management Products
中国保险监督管理委员会关于保险资产管理产品风险责任人有关事项的通知

An insurance asset management company engaging in insurance asset management product business shall designate two qualified risk owners of insurance asset management products.

See the digest for more details.

Further reading
Tentative Provisions for the Administration of Insurance Asset Management Companies
Provisions for the Administration of Insurance Companies