Legislation roundup: Red chips, PPP and construction workers

March 14, 2019 | BY

Susan Mok

CSRC issues financial reporting requirements for the return of red chips, PPP projects are put under more stringent scrutiny and construction projects are required to record worker information.

Capital Markets

China Securities Regulatory Commission, Compilation Rules for Information Disclosure by Companies that Offer Securities to the Public (No.24): Special Provisions on the Information in the Financial Reports of Pilot Innovative Red Chip Enterprises on the Science and Technology Innovation Board

中国证券监督管理委员会公开发行证券的公司信息披露编报规则第24号——科创板创新试点红筹企业财务报告信息特别规定

The financial report information disclosed by a pilot innovative red chip enterprise listed on the Science and Technology Innovation Board may be prepared in accordance with Chinese enterprise accounting rules or the International Financial Reporting Standards (IFRS) or the Generally Accepted Accounting Principles of the US (US GAAP).

Further reading

Implementing Opinions on Establishing a Science and Technology Innovation Board on the Shanghai Stock Exchange and Launching a Pilot Registration System

Shanghai Stock Exchange, Rules for Listing Shares on the Science and Technology Innovation Board (Draft for Comments)

 

PPP

Ministry of Finance, Implementing Opinions on Promoting the Compliant Development of Public-private Partnerships

财政部关于推进政府和社会资本合作规范发展的实施意见

A compliant PPP project shall be a public benefit project in the public service sector, its term shall, in principle, be at least 10 years and a value for money assessment and a procedure for proving fiscal bearing capacity shall be carried out therefor.

See the digest for more details.

Further reading

The Policy Interpretation of PPP

Operational Guidelines for Public-private Partnerships (Trial Implementation)

Tentative Measures for the Administration of the Public Finances of Public-private Partnership Projects

Construction

Ministry of Housing and Urban-rural Development and Ministry of Human Resources and Social Security, Measures for the Administration of the Real Name System of Construction Workers (Trial Implementation)

住房和城乡建设部、人力资源社会保障部建筑工人实名制管理办法 (试行)

All of the project management personnel and construction workers of the owner, contractors and supervisor who enter the construction site fall under the administration of the real name system of construction workers.

This applies to housing construction and urban infrastructure works.

Further reading

A Round-up of China's Real Estate Market and Construction Sector in 2018

Circular on Launching a Pilot Project to Reform the Examination and Approval System for Construction Projects

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