"These CEPA-related changes are part of the PRC government’s ongoing efforts to streamline regulatory formalities in relation to foreign investments. The switch to a record-filing system was previously made in the Shanghai Free Trade Zone and is contemplated in China’s draft Foreign Investment Law. Helpful for the investors having invested into relevant service industries via a CEPA structure to be the beneficiaries of the next stage in this incremental liberalization."

"The new regulations together with the 2007 Regulations constitute an integrated regulatory framework on the new audiovisual media (other than the traditional media) which enhances governmental regulation and control in this area. The new rules restate the business should be state-owned or state-controlled in term of equity ownership, prohibiting the entry of foreign investors into this industry, while permitting joint venture or cooperation model in some specific areas. We need to wait and see what impact the new rules will bring to the industry potentially."

"This is one of the recent efforts of the Chinese central government to implement "supply-side reform" in the real estate sector, aiming to increase the usage efficiency of un-occupied or non-performing real estate. Some of the new policies are quite innovative – in particular, while traditionally it is extremely difficult (and rarely seen in the market) to get approvals for converting the permitted usage of real estate, it now appears that the local real estate authorities may allow conversion of commercial properties into residential use for rent. It is also very encouraging to see that pretty much all players in the residential renting businesses – landlords, tenants and real estate agents – may receive meaningful tax benefits. There have been decent deal flows in China’s rental apartment industry in the past, and we expect that this industry will draw more interest from domestic and international investors in terms of both equity and debt opportunities."

"China’s population is aging quickly, posing great challenges to the country’s retirement system. Enterprise annuity is a second-pillar retirement system in China, in addition to the first-pillar of Chinese public retirement system. Hence the success of enterprise annuity is of vital importance to China. Clearly, the more flexible and practical rules provided by the draft amendments will have positive effect on the development of enterprise annuity plans. However, the retirement system is complicated and many issues such as governance, taxation, supervision and investment need to be tackled. The draft amendments are just a step toward the development of enterprise annuities in China."

"The step taken by SAFE to expand the "at will" conversion and use of foreign debt proceeds on a nationwide basis shows an increasing degree of flexibility of the regulator in tackling the PRC’s prominent foreign exchange issues, based on a macro-prudential regulatory approach. While it is quicker than originally expected after SAFE allowed the FTZs to carry out a pilot test in this area, this move should be welcomed by foreign debt borrowers because it not only provides a useful tool for managing foreign debt proceeds onshore but also potentially expands such proceeds’ scope of use."

"The notice shows SAPPRFT’s determination to strictly regulate mobile games. Most provisions in the notice restate and specify previous regulations such as the Provisions on the Administration of Network Publishing Services. To ensure enforcement, the notice imposes on operating platforms and manufacturers of mobile terminals the responsibility to review mobile games licenses. Though no specific penalty rules are contained in the notice, pressure can be imposed on operating platforms and manufacturers of mobile terminals to encourage compliance."