Top news of the week:

• China plans to advance agricultural and rural modernization

  February 14, 2022

  The State Council recently released a plan to advance agricultural and rural modernization during the “14th Five-Year Plan” period. The plan clarified that China would make significant advancements in modernizing agricultural and rural areas by 2025. By 2035, the country will have made decisive progress in rural revitalization, achieving the modernization of agriculture and rural areas. The plan proposed that efforts should be made to improve supportive policies of food production, to develop modern animal husbandry, and to accelerate fishery upgrades and overhauls.

• Eight authorities: Strengthening supervision in the online ride-hailing sector

  February 15, 2022

  On 14 February, eight authorities, including the Ministry of Transport, the Ministry of Industry and Information Technology and others, released a notice on strengthening supervision in the online ride-hailing sector. The notice increases the requirements of ex-ante joint supervision and improves the joint supervision across the whole chain. China will explore the establishment of a multi-party collaborative governance mechanism involving government departments, enterprises, practitioners, passengers, and industry associations.

• China tries to implement the classified management of enterprises' credit risks in three years

  February 16, 2022

  On February 15, the State Administration for Market Regulation declared that the market supervision system will strive to fully implement the classified management of enterprises’ credit risks in three years. It was said the result of enterprise credit risk classification is a reference basis for market supervision departments to implement differentiated enterprise supervision. It introduced the promotion of the classified management of enterprises’ credit risks to further enhance regulatory effectiveness.

• Authorities agree to start the construction of hub nodes for four regions

  February 17, 2022

  The National Development and Reform Commission and other authorities agreed to start the construction of China’s hub nodes for the national integrated computing power network in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the Chengdu-Chongqing region, the Yangtze River Delta region, and the Beijing-Tianjin-Hebei region. The goal was to develop high-density, energy-efficiency, low-carbon data center clusters, which will achieve coordination and sustainability of large-scale arithmetic deployment and resources such as land, energy, water, and electricity.

• China has conducted study and assessment on the content of Trans-Pacific Partnership

  February 18, 2022

  On February 17, the Ministry of Commerce stated that China has conducted a full, comprehensive, and in-depth study and assessment on the content of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). China is willing to make efforts to fully meet the CPTPP rules and standards through reform, and to make a high-level commitment to openness in the field of market access that exceeds China’s existing contracting practices, to provide members with market access opportunities with huge commercial benefits.