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Issue 44-August 2020 Veritas Update
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Issue 44-August 2020 Veritas Update6373414076257846801069860.pdf

Issue 44-August 2020 Veritas Update


Latest Hot Spot

MOFCOM Circular on Overall Plan for Innovative Development of Trade in Services

New Law Express

General Office of the State Council Urging Further Efforts to Stabilize Foreign Trade and Foreign Investment

Shanghai Releasing Draft Regulation for Foreign Investment

Our firm’s Trend

Shanghai Veritas Law Corporation’s Strategic Alliance with SBA Stone Forest

Latest Hot Spot】

MOFCOM Circular on Overall Plan for Innovative Development of Trade in Services

On August 14, 2020, the Ministry of Commerce issued the Circular on Overall Plan for Innovative Development of Trade in Services (“Circular”), which clarifies the tasks, measures and duty divisions for 28 pilot regions.

The Circular sets eight major tasks, including comprehensive exploration and perfection of management system, further opening-up to foreign investors, enhancement of convenient level to facilitate the free flow of technologies, capitals and human resources, innovation of development mode to push the congregated developments of the Beijing-Tianjin-Hebei Region, the Guangdong-Hong Kong-Macau Greater Bay Area and Yangtze River Delta Region as well as to develop new business models, vigorously develop digital trade and explore new impetus of traditional service trade activities. The Circular also clarifies the measures and duty divisions for the eight major tasks.

(Sourced by: Official Website of the Ministry of Commerce)

【New Law Express】

General Office of the State Council Urging Further Efforts to Stabilize Foreign Trade and Foreign Investment

On August 12, 2020, the General Office of the State Council released the Opinions on Further Stabilizing Foreign Trade and Foreign Investment (“Opinions”), which brought up 15 policy measures on stabilizing foreign trade and Foreign investment.

In addition to greater fiscal, tax and financial support, the Opinions also require related government authorities to play a more important role for export credit insurance, copy or amplify the financing model of 'credit plus guarantee insurance' in eligible regions, give financial support to key foreign-invested enterprises (for example, the special line of refinancing and rediscount is also applicable to foreign-invested enterprises), develop new trade forms (including the increase of pilot projects in market procurement and trading in eligible areas nationwide), further promote the standardization and reduction of import and export compliance costs, etc.

(Sourced by:

Shanghai Releasing Draft Regulation for Foreign Investment

On August 10, 2020, the General Office of the Standing Committee of Shanghai Municipal People's Congress released an announcement to gather public opinions on the Regulation for Foreign Investment in Shanghai (Draft) (“Draft Regulation”) until September 10, 2020.

The Draft Regulation has six chapters (including general principles, expanding opening-up, investment promotion, investor protection, investment services and supplementary rules) and 51 articles, in which there are 4 main aspects: the expansion of opening-up at a higher level, the introduction of better-quality foreign investment, the provision of more equal protection for foreign investment and the offering of more convenient and efficient government services. The Draft Regulation also sets rules on free flow of foreign capital, intellectual property right protection, trade secret protection, government procurement, policy & document formulation, policy commitment and participation in franchised operations, etc.

(Sourced by: Official Website of Shanghai Municipal People's Congress)

【Our firm’s Trend】

Shanghai Veritas Law Corporation’s Strategic Alliance with SBA Stone Forest

In view of confronting the emerging market demands and radical competitive environment, Shanghai Veritas Law Corporation keeps attaching great importance to be cooperative with business partners in business development layout, and therefore is dedicated to creating more appropriate commercial value for clients.

Hereby we are very pleased to announce that Shanghai Veritas Law Corporation and SBA Stone Forest Corporate Advisory (Shanghai) Co., Ltd., a Singaporean WOFE, has formally set up a strategic alliance so as to expand the variety of our services and provide our mutual clients with more outstanding and sophisticated 'one-stop' legal and corporate consulting services.

About Veritas

Shanghai Veritas Law Corporation is a comprehensive law corporation in China that provides perfect and comprehensive legal services to clients. With our professional skills and in-depth understanding of business, we provide a complete set of value-added legal service solutions for clients at home and abroad to help them achieve business goals.

We boast an excellent legal team paying close attention to client needs continuously, providing clients with practical solutions and pioneering professional advice. We strive to provide excellent services and take pride in establishing friendly and long-term partnership with our clients.

Through our international partners' offices in more than 20 cities including New York, Los Angeles, Singapore, Taiwan, Myanmar, Vietnam, Malaysia, India, Indonesia, Sri Lanka, Mexico, London and Oman, we are committed to providing professional services for Chinese enterprises to develop business in Asia, the United States, the Middle East, Latin America, the United Kingdom and other countries.