New Policies Take Effect on January 1
Time: 11:15: Dec-16, 20     Author :  
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Editor's note: China is set to further open up and optimize its business environment, thanks to a series of new policies taking effect on January 1 which will provide extensive opportunities for international businesses.

Let's see what policies are taking effect at the start of this year.

China to adjust tariffs on some imported goods

China decided to adjust tariffs on some imported goods from January 1, the Customs Tariff Commission of the State Council announced on December 23.

Temporary tariff rates may apply to more than 850 items of imported goods, which will be lower than the most-favored-nation tax rates, to increase imports and optimize the import structure, the commission said in a statement on the website.

From July 1, 2020, China will cut the most-favored-nation tax rates for 176 items of information technology products, and adjust some products' temporary tariff rates accordingly, it said.

Foreign Investment Law to take effect

The Foreign Investment Law, which was passed by the second session of the 13th National People's Congress on March 15, will come into force on January 1.

With unified provisions for the entry, promotion, protection and management of foreign investment, it is a new and fundamental law for foreign investment in China.

It aims to improve the transparency of foreign investment policies and ensure that foreign-invested enterprises participate in market competition on an equal basis.

Meanwhile, China has approved a draft implementation regulation of the Foreign Investment Law in a bid to foster a more inviting environment for foreign investors and better address their concerns through the building of a sound legal framework.

The draft is aimed at facilitating the implementation of the Foreign Investment Law, which was passed in March, and is scheduled to take effect on January 1.

New rules to optimize business environment

China will implement new regulations that aim to make it easier to do business from January 1, China's state planner said on October 23.

The new policies will guarantee equal market access and protect fair competition in the market and make sure that foreign and domestic companies should be treated equally, as should all types of market entities regardless of ownership.

China will set up a punitive damage system for infringements on intellectual property, according to the measures.

China's first cryptography law to take effect

China's first cryptography law, which was passed on October 26, is expected to take effect on January 1 next year.

Lawmakers approved the law at the closing meeting of a bimonthly session of the Standing Committee of the National People's Congress (NPC), which started on October 21, after a second review.

The enactment of the law was necessary for regulating the utilization and management of cryptography, facilitating the development of the cryptography business, and ensuring the security of cyberspace and information, according to the NPC Constitution and Law Committee.

According to the law, the state encourages and supports the research and application of the science and technology in cryptography and protects the intellectual property rights in cryptography.

The law outlines the training of talent in cryptography and says that those with outstanding contributions in work on cryptography can be awarded.

97 drugs in new medical insurance catalog to be available for purchase

A total of 97 drugs included in China's new national medical insurance catalog will enter the purchasing process within a fixed period on January 1, according to a circular recently issued by the National Healthcare Security Administration and the National Health Commission.

The drugs, including 70 new additions and 27 renewed drugs, were approved for inclusion in the catalog after price negotiations between the healthcare security administration and drug producers.

The circular also demanded that the drugs be posted on provincial procurement platforms to enable further purchasing.

Insurance open to HK, Macao, Taiwan residents

Residents of Hong Kong, Macao and Taiwan will be able to apply for Chinese mainland social insurance starting January 1 next year, according to provisional regulations issued by the Ministry of Human Resources and Social Security on December 3.

The regulations will apply to people who work, study or live in the Chinese mainland.

Residents lawfully recruited and employed by Chinese mainland enterprises should take part in five basic insurance programs — endowment, medical, work-related injury, unemployment insurance and maternity.

Those who live in the Chinese mainland but are not employed can join endowment and medical insurance programs according to the regulations of the cities they live in. The regulations also cover people who are self-employed or flexible employees.

The procedure to join social insurance programs and the benefits are the same as those for mainland residents.

Those already in social insurance programs in Hong Kong, Macao and Taiwan can provide documentation to be exempted from the Chinese mainland programs.



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