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Issue 53-May 2021 Veritas Update
Release date:
2021-05-24

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Issue 53-May 2021 Veritas Update

CATALOG

      ▏ Latest Hot Spot

 •The National Development and Reform Commission held a press conference in May to introduce macroeconomic operations


•The Financial Committee meeting reiterated that the word was stable and resolutely prevented and controlled financial risks


 ▏ New Law Express

•Decision of the Supreme People's Court on Amending the 'Regulations on the Jurisdiction of Shanghai Financial Court Cases'


•Beijing Releases Implementation Rules for Pilot Reform of Foreign Exchange Management at Free Trade Zone




【Latest Hot Spot】

The National Development and Reform Commission held a press conference in May to introduce macroeconomic operations


On the morning of May 18, the National Development and Reform Commission held the press conference of May. Jin Xiandong, Director of the Political Research Office of the National Development and Reform Commission and spokesperson of the Committee, attended the press conference and introduced the approval of power generation and investment projects, the operation of China-Europe trains, the promotion of the development of the Yangtze River Economic Belt, the evaluation of market access effectiveness, and the evaluation of the business environment. More than 80 journalists from nearly 70 domestic and foreign news media participated in this press conference through a combination of online and offline methods.


The first aspect of the notification is about economic performance. 

In April, the Commission approved 12 fixed asset investment projects with a total investment of RMB87.3 billion, mainly in transportation and information technology.

 

The second aspect of the notification is the operation of China-Europe Express trains.

In June 2016, the unified brand of China-Europe Railway Express was officially launched. In the past five years, China-Europe trains have continued to achieve mutual benefit and win-win 'acceleration', helping countries along the route to connect facilities, deepen trade cooperation and industrial linkage development. The international reputation and brand reputation have increased unprecedentedly, and countries and regions along the route have become more and more active in participating. In April 2021, China-Europe freight trains opened 1218 trains, transporting 117,000 TEUs, up 24% and 33% year-on-year, respectively, with a combined heavy container rate of 98%, maintaining a steady and progressing development momentum. Up to now, the total number of China-Europe freight trains has reached 38,000, transporting 3.4 million TEUs of goods, reaching 151 cities in 22 European countries, and the logistics and distribution network covering the whole of Europe.

 

The third aspect of the notification is about promoting the development of the Yangtze River. Economic Belt The Office of the Leading Group for Promoting the Development of the Yangtze River Economic Belt, together with the provinces and cities along the Yangtze River, and relevant departments have steadily promoted the protection and restoration of the ecological environment system and the green and high-quality development of the Yangtze River Economic Belt, continuously improving the system and mechanisms, and making significant progress. It is prominently reflected in three aspects:

One is to speed up the improvement of the top-level design. Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the 'Opinions on Establishing and Improving the Value Realization Mechanism of Ecological Products', which for the first time implemented the concept of green water and green mountains as golden mountains and silver mountains to the level of institutional arrangements and practical operations. In order to implement the 'Opinions' well, on May 12, our committee held a meeting to study and deploy related key tasks. In the next step, our committee will conscientiously implement the decisions and deployments of the Party Central Committee and the State Council with relevant departments to promote the ecological product value accounting system, market-oriented operation and development of ecological products, protection compensation and reasonable returns, and green finance to help realize the value of ecological products new progress.


The second is to accelerate the rectification and reform of outstanding ecological environment problems. As of the end of April, 322 of the 484 problems disclosed in the ecological environment warning film of the Yangtze River Economic Belt have been rectified.


The third is the steady progress of the “4+1” project of ecological environmental pollution control. From January to April, the length of sewage collection pipeline network in cities at the prefecture level and above in the Yangtze River Economic Zone was increased by 2,813 kilometers, and the daily domestic waste treatment capacity in cities and counties was 13,959 tons/day. A total of 8,731 chemical companies along the Yangtze River have been renovated and relocated.

 

The fourth aspect of the notification is about the evaluation of market access efficiency.

We will start with the following three aspects and gradually establish and improve the national market access effectiveness evaluation system.


One is to steadily expand the scope of trial evaluation. This year, some provinces with better basic conditions and higher enthusiasm will be added to gradually carry out trial evaluation work to verify the scientific and operability of evaluation indicators. After the conditions are ripe, the scope will be further expanded and full coverage will be achieved steadily.


The second is to continuously improve the efficiency evaluation index system. Taking into account the differences in basic conditions in different regions, on the basis of the trial evaluation work in Fujian and Yunnan, according to different dimensions of industry, field, and region, the market access efficiency is evaluated in the whole field, the whole process, and the whole range.


The third is to promote informatization construction. Make full use of the achievements in the construction of Digital China, and strengthen the support capacity of informatization application of market access effectiveness evaluation.

The fifth aspect of the notification is about the development of business environment assessment

Establishing a business environment evaluation system that conforms to China's actual conditions and conducting business environment evaluation are an institutional arrangement made by the 'Regulations on Optimizing the Business Environment.' Since 2018, in accordance with the deployment of the State Council, in line with the principles of international comparability, benchmarking with the World Bank, and Chinese characteristics, the National Development and Reform Commission has taken the lead in establishing and continuously improving China's business environment evaluation system. Up to now, it has achieved full coverage in 31 provinces (autonomous regions and municipalities). Through evaluation practice, the scientificity, rationality and operability of China's business environment evaluation index system have gradually improved, and the role of evaluation work in guiding and urging the optimization of the business environment has begun to appear. 


The Financial Committee meeting reiterated that the word was stable and resolutely prevented and controlled financial risks

The Financial Stability and Development Committee of the State Council held its 51st meeting a few days ago to study and deploy key tasks in the financial sector in the next phase. Industry insiders said that the monetary policy will remain firm throughout the year to better support the development of the real economy. In terms of risk prevention, we will strengthen all-round scanning and early warning of financial risks, and resolutely prevent individual risks from being transmitted to the social field.


The meeting of the Financial Committee requested to further serve the real economy. A prudent monetary policy should be flexible, precise, reasonable and appropriate, continue to implement policy tools that directly reach the real economy, enhance the vitality of micro-subjects, stabilize enterprises and ensure employment, and vigorously support the development of inclusive small and micro businesses, rural revitalization, manufacturing, technological innovation, and green transformation.


The meeting of the Financial Committee requested that financial risks should be resolutely prevented. Adhere to the bottom line thinking, strengthen the comprehensive scanning and early warning of financial risks, promote the reform of small and medium-sized financial institutions, focus on reducing credit risks, strengthen the supervision of platform corporate financial activities, crack down on Bitcoin mining and trading behavior, and resolutely prevent individual risks from being transmitted to the social field.

http://www.xinhuanet.com/money/2021-05/24/c_1127482911.htm




【New Law Express】


The National Development and Reform Commission held a press conference in May to introduce macroeconomic operations


The Decision of the Supreme People's Court on Amending the 'Regulations on the Jurisdiction of Shanghai Financial Court Cases' was adopted at the 1833th meeting of the Judicial Committee of the Supreme People's Court and is hereby promulgated as of April 22, 2021 From implementation.


In order to serve and guarantee the construction of the National Financial Management Center, and to further clarify the jurisdiction of Beijing Financial Court, the Supreme People’s Court recently formulated the 'Regulations of the Supreme People’s Court on the Jurisdiction of Beijing Financial Court Cases' (hereinafter referred to as the 'Regulations'). The adjudication committee deliberated and released it.


The promulgation of the 'Regulations' is an important measure to implement the Central Comprehensive Deepening Reform Commission's 'Plan on the Establishment of the Beijing Financial Court' and the National People's Congress Standing Committee 'Decision on the Establishment of the Beijing Financial Court'. In recent years, Beijing courts have conducted multi-faceted explorations in the professionalization of financial trials, and have basically formed a relatively complete financial trial organization system and effective trial working mechanism, accumulated rich practical experience in financial trials, and possessed good trial team talents. basis. The Supreme People’s Court earnestly investigated the realities of Beijing’s financial trials, and conducted discussions with the Legislative Affairs Commission of the Standing Committee of the National People’s Congress, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, etc. The Ministry of Justice and other national ministries and commissions have conducted multiple rounds of communication with the court system, and completed the formulation of the 'Regulations.'

 

The establishment of the Beijing Financial Court is an important measure taken by the People's Court to deepen the comprehensive reform of the judicial system and improve the court organization system. The 'Regulations' centered on the regional functional positioning and characteristics of Beijing as a national financial management center, based on the current financial adjudication work, serving the implementation of the national financial strategy, and providing institutional guarantees for the upcoming Beijing Financial Court to perform its professional adjudication functions.

http://www.court.gov.cn/fabu-xiangqing-297951.html

 

Beijing Releases Implementation Rules for Pilot Reform of Foreign Exchange Management at Free Trade Zone

Beijing Management Department of the State Administration of Foreign Exchange released on May 19, 2021 the Implementation Rules for Pilot Reform of Foreign Exchange Management at China (Beijing) Pilot Free Trade Zone, effective from May 14, 2021.


The rules are applicable to banks, domestic and foreign enterprises, non-bank financial institutions and individuals in the pilot zone. Market entities in the zone shall have a real and legal basis for conducting foreign exchange transactions, and must not use false contracts or other vouchers or fabricate transactions. In terms of current account business, if a single external payment, such as service trade, first income and secondary income, is equivalent to more than US$50,000, the tax filing form shall be submitted according to the regulation. Companies registered in the zone can carry out capital account facilitation according to the JH (2020) No. 16 document.