"The new SAFE rules reiterate and strengthen the compliance requirements on outbound guarantees by PRC banks and will significantly impact cross-border financing structures that support overseas investment and acquisitions by Chinese companies. Specifically, it will be more difficult for ODI transactions that have not completed the necessary PRC regulatory procedures to obtain offshore financing or to transfer money out of China."

"The reforms may not necessarily change the current market landscape but will definitely benefit the industry because of the best practices that may be brought to China. This could usher in a new era of foreign competition, which could force China's domestic financial institutions to become more efficient. The lack of a timetable is, however, equally significant, and the proof will lie in each piece of legislation and how each piece is interpreted and enforced over time."

"There may still be a split among the courts regarding how to calculate statutory severance for the pre-2008 years of service, since some local courts have been applying the Labour Contract Law rules on severance even for this period (such as imposing relevant caps), while other courts apply the pre-2008 rules for severance calculation in line with the grandfathering provisions in the Labour Contract Law. It remains to be seen whether this repeal will have any impact on how courts handle this issue.”

"With the release of a second draft of the Electronic Commerce Law, the NPC is one step closer to promulgation of the final law. Sensibly, the drafters trimmed certain provisions from the first draft and, for example, cross-referenced the data privacy provisions of the Cyber Security Law rather than including discrete data privacy clauses. The specifics of e-commerce operators' obligations in relation to consumer data will become clearer as various ambiguities and uncertainties under the Cyber Security Law are addressed."