NPC adopts anti-foreign sanctions law in response to U.S., European restrictions; NPC adopts data security law with significantly increased penalties for illegal cross-border data transfer; and Shenzhen five-year plan promises greater financial services opening-up
Entities and individuals may bear legal liability for failure to enforce or cooperate in the implementation of sanction countering measures. Data that have a bearing on national security or key public interest are subject to more stringent administration. Private banking or insurance institutions shall establish a Party organizational structure.
Specific non-financial organizations are also subject to anti-money laundering obligations
China establishes its national carbon trading regime
Biden administration expands Trump-era investment ban on Chinese firms with alleged military ties; China customs names and shames foreign brands for importing defective children's products; and SAFE approves record QDII quota
Specific non-financial organizations are also subject to anti-money laundering obligations. Restrictions on establishment of entertainment venues are relaxed for foreign investment. Shenzhen imposes heavy penalties to protect data privacy.
Second draft of Data Security Law broadens its scope of application
Regulations are revised emphasizing the public welfare attribute of private education
Jianwei (Jerry) Fang and Dianmeng Zhu of Zhong Lun Law Firm introduce the second draft of the Law on the Protection of Personal Information, which marks another step towards a complete legislative regime of personal information protection in China
Goldman Sachs receives initial approval for majority-controlled wealth management JV with ICBC; CBIRC finalizes wealth management product sales rules with new six month transition period; and government push for more financing options for agricultural firms
