Legislation roundup: Epidemic FDI, distributed ledger technology and port charges
March 12, 2020 | BY
Susan MokIn view of coronavirus outbreak, government support is offered to foreign investment projects and port charge rates are reduced. People's Bank of China issues first specifications on distributed ledger technology.
FDI
National Development and Reform Commission, Circular on Responding to the Epidemic and Further Intensifying Reform to Duly Carry Out the Work Associated with Foreign Investment Projects
With respect to a foreign investment project in the manufacturing or hi-tech service industry with a total investment of at least US$1 billion that is currently being negotiated, at the contract execution stage or under construction, if the same involves matters requiring coordination by state ministerial-level authorities, the provincial-level development and reform commission is required to report the same to the National Development and Reform Commission in a timely manner, and if such a project satisfies the conditions, it shall, in accordance with the procedure, be included for coordination by the special work team for major foreign investment projects.
The scale of technologically advanced or epidemic prevention and medical projects or of projects in key sectors, central or western China or northeast China may be suitably relaxed.
Further reading
Banking and Finance
People's Bank of China, Security Specifications for Financial Distributed Ledger Technology
中国人民银行金融分布式账本技术安全规范
The appropriate consensus protocol selected based on business needs, including but not limited to proof of work, proof of stake, delegated proof of stake, Byzantine fault tolerance, etc., shall satisfy the prerequisites necessary for the secure operation of different consensus protocols as well as the business incentive rules and the mechanism for secure operation and maintenance of technology.
For a consensus protocol to satisfy monitorability, the entire consensus history of each consensus process and system operation is required to be auditable and monitorable, and such history shall be unalterable.
Further reading
Transport
Ministry of Transport and National Development and Reform Commission, Circular on Matters Such as Reducing Port Charge Rates for a Period of Time
Between March 1 and June 30, 2020, the rates for the two port operation service charges of harbor dues on cargo and the port facility security fee that are subject to government pricing shall be reduced by 20% respectively; and the mandatory emergency response service and the charge therefor are cancelled for non-tanker cargo vessels.
See the digest for more details.
Further reading
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