Earlier this month, the Chinese government tightened rules for exports of certain medical products used to combat COVID-19 in response to high-profile complaints about their quality. In light of these new requirements, exporters and importers of these goods can expect that the customs process will be delayed.
China Market Intelligence
After years of under-regulation in online retail, China’s Ecommerce Law officially entered into force at the start of 2019. Although the law introduced sweeping reforms, the industry did not experience overnight change. China’s State Administration of Market Regulation (SAMR), the supervisory authority behind the law, has instead maintained a steady drip of measures and policies designed to implement and clarify various provisions of the Ecommerce Law. The result has been a more predictable...
The system is still far from comprehensive implementation, with several bureaucratic challenges remaining. It is still too early to estimate a measurable impact on companies. The biggest risk for companies to-date is inaccurate data captured in the various social credit databases. Companies should monitor their records vigilantly in sector-specific databases.
Nearly three years after the Cybersecurity Law went into effect, regulatory clarity remains elusive, including around the MLPS 2.0. Many companies are conducting self-evaluations, with a few filing directly with MLPS 2.0.
On November 15, China’s National Development and Reform Commission (NDRC) released the Guiding Opinion to Deeply Integrate Advanced Manufacturing and Modern Service Industries, outlining a plan for updating China’s manufacturing capabilities by 2025.
Several provincial governments appointed banking executives to key political positions, which may indicate a greater focus on financial reform and intensifying competition between regions. China recently announced personnel changes, including at the Ministry of Foreign Affairs and the State Council offices in charge of Macau and Taiwan affairs.
When Hong Kong was returned to China by the United Kingdom in 1997, it was supposed to maintain its independent social, legal, and economic systems until at least 2047. This served as the basis for the United States-Hong Kong Policy Act passed in 1992, which upholds that the United States continue to treat Hong Kong separately from the mainland for trade, export controls, and other purposes, unless the president determines through an executive order that Hong Kong is no longer sufficiently...
On July 20, China announced 11 opening measures for its financial services industry. While they have been portrayed in the media as game-changing, very few of the openings are in sectors that US financial services companies are interested in. For those measures in sectors of interest, the reforms could lead to real openings only if China removes the underlying regulations and requirements that ultimately act as barriers to entry.
Little progress has been made in the last month to improve processing times in Shanghai for US business visa applications. According to updated data provided by the US State Department, wait times in Shanghai have extended to two and a half months, though shorter times continue to be reported for other locations in China.