Legislation roundup: FX, cybersecurity reviews and emerging industry catalogue
February 09, 2017 | BY
Katherine Jo &clp articles &SAFE has further facilitated MNCs' FX fund management, the CAC has enhanced security reviews of online products and the NDRC has promoted AI and new energy vehicles as strategic emerging industries
Foreign Exchange
State Administration of Foreign Exchange, Circular on Further Promoting Exchange Control Reform and Improving Genuineness and Compliance Reviews
The Circular further facilitates the centralized operation and management of foreign exchange funds by multinational corporations. The domestic application percentage of the deposits attracted by a domestic bank through master international foreign exchange fund accounts is increased from not more than 50% to 100% of the daily average deposit balance during the preceding six months.
See the full translation.
Further reading
Cybersecurity
Cyberspace Administration of China, Measures for Security Reviews of Network Products and Services (Draft for Comments)
Reviews of network products and services shall focus on their security and controllability, mainly including:
(1) the risks of a product or service being illegally controlled, interfered with or its operation being interrupted; and
(2) the risks of a product or service provider exploiting users' reliance on its product or service to engage in unfair competition or harm users' interests.
See the full translation.
Further reading
Investment
National Development and Reform Commission, Guiding Catalogue of Key Products and Services in Strategic Emerging Industries (2016)
As compared to the 2013 version, the 2016 version adds close to 900 items, and artificial intelligence and digital creative industries enter the Guiding Catalogue for the first time. The detailed catalogue for alternative energy vehicles expands from the single existing item “electric vehicles and plugin hybrid electric vehicles” to three items “alternative energy vehicle products”, “battery charging, battery replacement and hydrogen refueling facilities” and “production testing equipment”.
See the digest for more details.
Further reading
Foreign Exchange
State Administration of Foreign Exchange, Circular on Further Promoting Exchange Control Reform and Improving Genuineness and Compliance Reviews
The Circular further facilitates the centralized operation and management of foreign exchange funds by multinational corporations. The domestic application percentage of the deposits attracted by a domestic bank through master international foreign exchange fund accounts is increased from not more than 50% to 100% of the daily average deposit balance during the preceding six months.
See the full translation.
Further reading
Cybersecurity
Cyberspace Administration of China, Measures for Security Reviews of Network Products and Services (Draft for Comments)
Reviews of network products and services shall focus on their security and controllability, mainly including:
(1) the risks of a product or service being illegally controlled, interfered with or its operation being interrupted; and
(2) the risks of a product or service provider exploiting users' reliance on its product or service to engage in unfair competition or harm users' interests.
See the full translation.
Further reading
Investment
National Development and Reform Commission, Guiding Catalogue of Key Products and Services in Strategic Emerging Industries (2016)
As compared to the 2013 version, the 2016 version adds close to 900 items, and artificial intelligence and digital creative industries enter the Guiding Catalogue for the first time. The detailed catalogue for alternative energy vehicles expands from the single existing item “electric vehicles and plugin hybrid electric vehicles” to three items “alternative energy vehicle products”, “battery charging, battery replacement and hydrogen refueling facilities” and “production testing equipment”.
See the digest for more details.
Further reading
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