Legislation

China establishes land reserve management.

Hong Kong and Macao investors allowed to establish computer reservation system joint ventures in the mainland.

Construction projects are screened before they can be started.

Old-age pension insurance companies allowed to conduct enterprise annuity business throughout China.

The amendment has boosted right and protection of criminal lawyers, and allows lawyers who have been practising for five years to establish individual law firms.

The Circular provides guidelines to reinsurance contracts and retrocession contracts whose term commences on or after January 1 2008 as to risk management mechanism, financial strength ratings, paid-in monetary capital, solvency and trading history requirements for the selection of a reinsurance cedent.

The new guidance catalogue has re-defined industries into those that are encouraged, restricted or prohibited for foreign investment.

Reporting of revenue from individuals' share transfer required in tax returns.

Shenzhen Stock Exchange curbs listed companies' tampering of accounting results.