1. 15部门联合发布投资审批事项清单

近日，国家发展改革委、工业和信息化部等15部门联合印发《全国投资审批项目在线审批监管平台审批管理事项统一名称和申请材料清单》。

《清单》共包括了当前各类投资项目开工前需要办理的42项审批、核准、备案类事项以及需要提交审查的258项申报材料，同时明确了各项审批及其申报材料针对的项目类别及适用情形。

1. List of Examination and Approval Items for Investment Projects Issued

Recently, 15 departments including the National Development and Reform Commission and the Ministry of Industry and Information Technology jointly issued the List of Unified Names and Application Materials for the Items Subject to Examination and Approval Administration on the Online Approval, and Supervision Platform for National Investment Projects.

The List contains 42 items for approval, confirmation, and recordation required to be handled before the commencement of the current various investment projects and 258 items of application materials to be submitted for review, and elaborates on their respective project types and applicable circumstances.

2. 《关于2019年进一步提升小微企业金融服务质效的通知》发布

3月4日，中国银保监会印发《关于2019年进一步提升小微企业金融服务质效的通知》。

《通知》在信贷投放、成本管理、风险管控等方面提出了一系列目标。信贷投放方面，强调对普惠型小微企业贷款（单户授信总额1000万元及以下），全年要实现“贷款增速不低于各项贷款增速、贷款户数不低于上年同期”的“两增”目标。其中，要求五家大型银行发挥行业“头雁”作用，力争总体实现普惠型小微企业贷款余额较年初增长30%以上。

成本管理方面，通知要求银行保持“量”“价”平衡，巩固2018年减费让利工作成效，今年继续将普惠型小微企业贷款利率保持在合理水平。对使用人民银行支小再贷款或政策性银行转贷资金，以及获得政府性融资担保公司担保的普惠型小微企业贷款，严格控制利率定价。

风险管控方面，通知提出，在目前小微企业信贷风险总体可控的前提下，将普惠型小微企业贷款不良率容忍度放宽至不高于各项贷款不良率3个百分点。

2. Notice on Further Enhancing the Quality and Efficiency of Financial Services for Micro and Small Enterprises in 2019 Issued

On March 4, 2019, the China Banking and Insurance Regulatory Commission (CBIRC) issued the Notice on Further Enhancing the Quality and Efficiency of Financial Services for Micro and Small Enterprises in 2019.

The Notice sets a series of objectives for credit offering, cost management, and risk management and control. As for credit offering, the objective should be achieved that the growth rate of inclusive loans for small and micro enterprises with a total credit line for each single client is 10 million yuan or less is not lower than the growth rate of other various loans, and the number of micro and small enterprises receiving loans is not lower than the figure over the same period of the last year, and in particular,  five large banks are required to maximize their “head geese” effect in the industry so that the overall balance of inclusive loans for micro and small enterprises may increase by more than 30% compared with the beginning of the year.

As for cost management, the Notice requires banks to maintain a balance between “quantity” and “price”, consolidate the work of reducing charges and giving profits in 2018, continue to maintain the rate for inclusive loans for small and micro enterprises at a reasonable level this year, and strictly control interest rate pricing for inclusive loans for small and micro enterprises using the PBC's re-loans in support of micro and small enterprises or on-lending funds of policy banks, or guaranteed by governmental financing guarantee companies.

As for risk management and control, the Notice proposes that, under the premise that the credit risk of micro and small enterprises is generally controllable at present, the tolerance of non-performing loans for small and micro enterprises should be relaxed to not higher than three percentage points of the non-performing ratio of various loans.

3. 外商投资法获通过

3月15日，十三届全国人民代表大会第二次会议表决通过了《中华人民共和国外商投资法》，自2020年1月1日起施行。

《外商投资法》分为6章，包括总则、投资促进、投资保护、投资管理、法律责任和附则，共42条。总则部分明确“国家对外商投资实行准入前国民待遇”和“负面清单管理制度”，取消了逐案审批制管理模式。

该法多角度强化外商投资权益保护，促进投资便利。设有投资保护专章，8项条款，明确保护知识产权权利人和相关权利人的合法权益，不得利用行政手段强制转让技术，建立外商投资企业投诉工作机制等。同时，该法明确，外商投资企业依法平等适用国家支持企业发展的各项政策；国家建立健全外商投资服务体系；国家保障外商投资企业依法平等参与标准制定工作、通过公平竞争参与政府采购等。此外，《外商投资法》明确，外商投资企业可以依法通过公开发行股票、公司债券等证券和其他方式进行融资。

3. Foreign Investment Law Adopted

On March 15, 2019, the Foreign Investment Law of the People's Republic of China passed the 2nd Session of the Thirteenth National People's Congress, effective from January 1, 2020.

With a total of 42 articles in six chapters, the Foreign Investment Law includes General Provisions, Investment Promotion, Investment Protection, Investment Administration, Legal Liability, and Supplemental Provisions. The General Provisions clarify that the state applies the administrative system of pre-establishment national treatment and negative list to foreign investment, and cancels the case-by-case approval system.

The Law strengthens the protection of rights and interests for foreign investment in a multi-angle way in a bid to promote the investment facilitation. A separate chapter with eight articles is devoted to investment protection, under which it is required to protect the lawful rights and interests of owners of intellectual property rights and relevant right holders, prohibit the act of forcing any technology transfer by administrative means, and establish a working mechanism for complaints of foreign-funded enterprises. Pursuant to the Law, the state's various policies to support the development of enterprises should equally apply to foreign-funded enterprises according to the law; the state should establish and improve a foreign investment service system, and guarantee that foreign-funded enterprises equally participate in standard development work and government procurement activities through fair completion according to the law; and a foreign-funded enterprise may conduct financing according to the law by means such as the public offering of stock, corporate bond, and other securities.

4. 最高法发布五五改革纲要

2019年 2月27日，最高人民法院发布《最高人民法院关于深化人民法院司法体制综合配套改革的意见——人民法院第五个五年改革纲要（2019—2023）》。

《五五改革纲要》由总体要求、主要内容和组织实施三大版块组成，把党的政治建设摆在首位，提出了加强组织领导、强化主体责任、科学周密部署、加强舆论引导等具体要求。主要内容包含10个方面65项改革举措，通过科学构建坚持党的领导制度体系、服务和保障大局制度体系、以人民为中心的诉讼服务制度体系等10大体系，推动公正高效权威的中国特色社会主义司法制度更加成熟、更加定型。

《五五改革纲要》强调“综合配套改革”，在改革的整体性、系统性、协同性上下功夫。在完善人民法院组织体系和机构职能体系方面，提出优化四级法院职能定位，深化与行政区划适当分离的司法管辖制度改革，深化人民法院内设机构改革等。同时，纲要对员额法官的选任、交流、退出机制和配套生活待遇保障，审判辅助人员和司法行政人员的职业通道等问题作出回应，确保人民法院各类人员职能分工明晰、职业前景明确、职业保障到位。

4. SPC Issues the Fifth Five-Year Reform Outline

On February 27, 2019, the Supreme People's Court (SPC) issued the Opinions of the Supreme People's Court on Deeping Comprehensive Ancillary Reform of Judicial System of People's Courts—The Fifth Five-Year Reform Outline for People's Courts (2019-2023)。

The Fifth Five-Year Reform Outline consists of general requirements, main contents, and organization and implementation, puts the party's political construction in the first place, and sets forth specific requirements such as strengthening the organizational leadership, enhancing primary responsibilities, making scientific and careful arrangements, and reinforcing the public opinion guidance. With a total of 65 reform measures in ten aspects, the Outline aims to promote the fair, effective and authoritative judicial system of socialism with Chinese characteristics in being more mature and better shaped, by scientifically establishing ten systems including the system of adhering to the Party's leadership, the system of serving and safeguarding the general situation, and the people-centered litigation service system.

The Outline emphasizes “comprehensive supporting reform”, and thus attaches importance to the integrity, systematicness, and synergy of reform. With respect to the improvement of the organizational and functional system of the people's courts, it is proposed to optimize the positioning of the functions of the four-level courts, deepen the reform of judicial jurisdiction system which is properly separated from the administrative divisions, and deepen the reform of the organizational structure of the people's courts. Meanwhile, the Outline also responds to such issues as the election, exchange, withdrawal mechanism, and supporting living benefits for judges within the quota, and the career development plans for trial supporting personnel and administrative judicial personnel, in order to ensure that all kinds of personnel in people's courts have specific division of functions, clear career prospects, and reliable occupation guarantees.

5. 证监会规范科创板创新试点红筹企业财务信息披露

2019年3月8日，证监会发布《公开发行证券的公司信息披露编报规则第24号——科创板创新试点红筹企业财务报告信息特别规定》，自公布之日起施行。

《规定》指出，红筹企业披露的财务报告信息，可按照中国企业会计准则或经财政部认可与中国企业会计准则等效的会计准则编制，也可在按照国际财务报告准则或美国会计准则编制的同时，提供按照中国企业会计准则调整的差异调节信息。

红筹企业在财务报告信息披露中应明确所采用的会计准则类型。红筹企业首次申请境内公开发行股票或者存托凭证时按照中国企业会计准则编制财务报告的，境内上市后不得变更。

红筹企业在境内公开发行股票或存托凭证，应在发行上市安排中明确会计年度期间，一经确定、不得随意变更。

5. CSRC to Regulate Financial Information Disclosure of Red Chip Enterprises Under Innovation Pilot Program on Science and Technology Innovation Board

On March 8, 2019, the China Securities Regulatory Commission (CSRC) issued the Preparation Rules for Information Disclosure by Companies Offering Securities to the Public No. 24—Special Provisions on the Financial Report Information of Red Chip Enterprises Covered by the Pilot Program of Innovation on the Science and Technology Innovation Board, which came into force on the date of issuance.

According to the Provisions, the financial report information disclosed by a red-chip enterprise may be prepared according to Accounting Standards for Business Enterprises of China or its equivalent recognized by the Ministry of Finance, or the International Financial Reporting Standards or the US Generally Accepted Accounting Principles (GAAP)， in which case the information on the difference adjustment made according to China's Accounting Standards for Business Enterprises should be provided.

A red chip company should clearly indicate the type of accounting standards adopted in the disclosure of financial report information. Where a red chip enterprise prepares a financial report in accordance with Accounting Standards for Business Enterprises of China when it applies for the domestic public offering of stocks or depositary receipts within China for the first time, it may not change the financial report after being listed within China.

A red chip enterprise that offers stocks or depositary receipts to the public within China should clarify the accounting year or period in the offering and listing arrangements, and should not alter it without approval once determined.