1. On May 31, 2009, the China Securities Regulatory Commission released the Provisions for the Classified Supervision and Administration of Securities Firms, which simplify the original 69 risk management capacity indices in 6 categories to 27 indices in 6 categories.
2. In a recent move, China's Ministry of Finance and the China Banking Regulatory Commission have jointly released the Opinions on Strengthening the Financial and Risk Management of Banking Sector Financial Institutions under the Financial Crisis and required that banking sector financial institutions strengthen their support for economic development, tighten their financial and risk management controls, and enhance their capacity to prevent and deal with the attendant risks.
3. Authorities including the Ministry of Commerce and Ministry of Foreign Affairs have jointly released the Circular on Special Activities to Maintain an Orderly Labor Dispatch Market and decided to conduct special nationwide activities between June 10 and August 31, 2009.
4. The State Council executive meeting presided over by China's Premier Wen Jiabao on May 27, 2009 decided to further stabilize external demand via six policies and measures. The policies include: raising the coverage ratio for export credit insurance, and establishing and modifying the financial risk compensation mechanisms for export credit insurance.
5. In the Circular Promoting the Stable Development of Consumer Loan Guarantees and Insurance for Vehicles released on June 5, 2009, the China Insurance Regulatory Commission has urged all property insurance firms and the Insurance Association of China to develop consumer loan guarantees and insurance for vehicles to stimulate domestic vehicle purchases.
6. In the Opinions on Implementing Medical Reforms and Actively Engaging in the Establishment of a Multi-tier Medical Guarantee System released on June 11, 2009, the China Securities Regulatory Commission has for the first time set out eight requirements applicable to commercial insurance institutions engaged in all types of medical guarantee administrative services.
7. On June 3, 2009, the China Insurance Regulatory Commission released the Circular Promoting Insurance Proposal Work, which stipulates that from October 1, 2009, all insurance companies must require their salespersons to provide hard copy insurance proposal letters to policyholders before they fill in insurance proposal forms.
8. The Circular on Raising Processed Oil Prices released on May 31, 2009 outlines the decision of China's National Development and Reform Commission to raise gas and diesel prices by RMB 400 per ton from June 1, 2009.
9. The Circular Raising Ex-factory Aviation Kerosene Prices shows that the National Development and Reform Commission has raised prices for such kerosene from 19 May, 2009.
10. The China Banking Regulatory Commission released the Guidelines on Risk Management for Commercial Banks' Information Technology on June 1, 2009, urging legal-person commercial banks established lawfully in China to strengthen their risk management practices for information technology.
11. One May 25, 2009, the People's Bank of China, the Ministry of Finance, the China Banking Regulatory Commission, the China Insurance Regulatory Commission and the Bureau of Forestry jointly issued the Guiding Opinions on Effectively Implementing the Reform of the Collective Forestry Rights System and Financial Services for Forestry Development, stipulating that qualifying forestry enterprises can raise capital needed for production and operating activities by issuing all types of bonds in the bond market. Small and medium-sized enterprises with good performance records and sound credit history can issue collective bonds.
12. In the Circular on Further Raising the Export Rebate Rate for Certain Goods issued on June 3, 2009, China's Ministry of Finance and the State Administration of Taxation have announced an increase in the export rebate rate to 17% for goods such as transmission equipment for televisions, sewing machines, etc.
13. Under the Circular on Issues Concerning Enterprise Income Tax Pre-tax Deductions for Small and Medium-sized Enterprise Reserves by Credit Guarantee Institutions jointly released by China's Ministry of Finance and the State Administration of Taxation on June 1, 2009, credit guarantee institutions for small and medium-sized enterprises can calculate guarantee compensation reserves at the rate of 1% of the balance of the guaranteed liability at the end of the current year. Such reserves shall be deducted before enterprise income tax is calculated.
14. China's National Copyright Administration has released the Measures for the Implementation of Copyright Administrative Penalties (the Measures), which come into effect on June 15, 2009. In accordance with relevant regulatory provisions, the Measures expand the range of illegal conduct subject to administrative penalties and add new types of administrative penalties such as warnings, confiscation of infringing products, confiscation of equipment installed to store infringing products, etc.