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China Insights

SwedCham China Insights for the week of March 29 – April 2, 2021

Top news of the week:

  • Five authorities jointly tighten regulation over credit rating industry
    March 29, 2021

    Five ministries and commissions, including the PBOC, the NDRC, the MOF, the CBIRC, and the CSRC, have jointly published the Notice on High-quality and Healthy Development of the Rating Industry (draft soliciting public opinions), aimed at remediating the issues that have become evident in credit rating over the past years.

  • Three authorities jointly issue notice to extend import tariff exemption for integrated circuit and software companies
    March 30, 2021

    Three Chinese authorities, including the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration, have jointly issued a notice to extend an import tariff exemption through 2030 on the raw materials and equipment needed by the nation’s integrated circuit and software developers to help support their development. Eligible businesses include those that meet certain technical standards for producing memory and integrated circuits and that import materials and consumables that cannot be made in China or domestic supplies do not meet their needs.

  • China's top legislature adopts amended annexes to HKSAR Basic Law
    March 31, 2021

    The Standing Committee of the 13th National People’s Congress (NPC), China’s top legislature, have voted to adopt the amended Annex I and Annex II to the Basic Law of the Hong Kong Special Administrative Region (HKSAR). The two annexes respectively concern the method for the selection of the HKSAR Chief Executive and the method for the formation of the HKSAR Legislative Council and its voting procedures.

  • Shenzhen Stock Exchange to merge main board and SME board
    April 1, 2021

    The Shenzhen Stock Exchange, one of two stock exchanges operating independently in mainland China, will merge its main board and SME board on April 6 with the approval of the China Securities Regulatory Commission, the national regulatory body that oversees the securities and futures industry.

  • The 14th Five-Year development plan for e-commerce to be issued in the second half of the year
    April 2, 2021

    China’s Ministry of Commerce spokesperson Gao Feng has said that the ministry has collected opinions from all relevant parties including enterprises, scholars, and local authorities regarding the 14th Five-Year development plan for e-commerce, adding that the plan will be issued in the second half of the year.

Starting from March 24, H&M has been retaliated against by Chinese netizens over its statement made last year about the removal of Xinjiang cotton from its supply chain following the decision by the Better Cotton Initiative (BCI) to suspend licensing and assurance activities for Xinjiang cotton. Major domestic online retailers have pulled H&M products from their platforms. The impact has also been spreading over other big foreign brands including Nike, Adidas, Zara, Gap, Uniqlo, Fila (international) and Burberry. Celebrity ambassadors for these brands in China have announced retreat rapidly. It is worth noticing that those calls for boycott come only days after the EU Parliament decided to cancel a review meeting for the Comprehensive Agreement on Investment (CAI) as a response to China’s countersanction on the EU. Earlier in March 22, the EU, the UK, the US, and Canada jointly imposed sanctions over four Chinese individuals and entities for alleged human rights abuses in Xinjiang.

SwedCham China Insights is an initiative by SwedCham China in cooperation with KREAB being the full provider of the editorial content published every week.

About Kreab

Founded in Stockholm, Sweden, in 1970, Kreab is a global strategic communications consultancy with offices in 25 countries, serving over 500 global clients. Kreab advises on communication issues of strategic importance in business, finance, and politics, helping clients solve complex communications challenges and achieve their strategic goals. The Kreab Beijing team is well known for its track record of helping clients manage and strengthen their reputation through services spanning corporate communications, financial communications, public affairs, and social media. Contact Kreab at kchina@kreab.com, follow Kreab on WeChat (ID: KreabChina), or visit Kreab’s website at https://www.kreab.com/beijing.