Issue 89

Shanghai Weekly Bulletin

No.2,April 2025

Shanghai Weekly Bulletin is an information service presented by the Foreign Affairs Office of Shanghai Municipal People’s Government in collaboration with Wolters Kluwer to foreign-funded enterprises, foreign-related institutions as well as people from overseas living in Shanghai. Covering major national and Shanghai foreign-related news, event information, policy Q&A and interpretations in the past week, it keeps you up-to-date with the latest foreign-related policies and developments in Shanghai.

 

 

 

Laws and Regulations

 

【National】

 

1. The General Office of the CPC Central Committee and the General Office of the State Council Issue a Document to Improve the Social Credit System

【Keywords: credit】

 

Recently, the Opinions of the General Office of the CPC Central Committee and the General Office of the State Council on Improving the Social Credit System was issued, outlining a systematic plan to advance credit development.

 

Source: Xinhuanet

http://www.news.cn/20250331/074077e26fe846b09302fbefca567bf9/c.html

 

2.GAC Launches Pilot Reform for Optimization of “Two-step Declaration” for Imported Goods

【Keywords: Imported goods, Two-step declaration】

 

Recently, the General Administration of Customs (GAC) issued the Announcement on Launching the Pilot Reform for Optimization of “Two-step Declaration” to optimize five aspects including the declaration models and summary declaration items. The pilot reform will be carried out in 11 customs nationwide, including Wusong Customs and Waigaoqiao Port Comprehensive Bonded Area Customs both under Shanghai Customs. This announcement will be implemented from May 6, 2025.

 

Source: General Administration of Customs

 

3.Administrative Provisions for Integrated RMB and Foreign Currency Cash Pooling for Multinational Corporations Soliciting Comments

【Keywords: Multinational corporations, RMB and foreign currency】

 

On April 1, the Notice of the People’s Bank of China and the State Administration of Foreign Exchange on Issuing the “Administrative Provisions for Integrated RMB and Foreign Currency Cash Pooling for Multinational Corporations” (Draft for Comments) was released for public comments, with feedback accepted until May 1. The Notice aims to extend the advanced version of integrated RMB and foreign currency cash pooling, which has proved to be relatively mature in the previous pilot, to the whole country.

 

Source:People’s Bank of China

http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/5650333/index.html

 

【Shanghai】

 

1.First-ever Regulation on the Development of Free Trade Account Business Released

【Keywords: Free trade account】

 

Recently, the Provisions of the Shanghai Pudong New Area on Promoting the Development of Free Trade Account Business in the China (Shanghai) Pilot Free Trade Zone was passed by the 20th session of the Standing Committee of the 16th Shanghai Municipal People’s Congress and will take effect from May 1, 2025. The document, with a total of 20 articles, aims to encourage overseas companies to open free trade accounts for investment and financing.

 

Source:Shanghai Municipal People’s Congress

 

2.Shanghai Issues 10 Measures to Support Huangpu District in Building Shanghai International Jewelry Fashion Functional Zone

【Keywords: Huangpu District, Jewelry】

 

Recently, the General Office of the Shanghai Municipal People’s Government issued Several Measures to Support Huangpu District in Building Shanghai International Jewelry Fashion Functional Zone, proposing 10 measures in five aspects, including building a gold and jewelry trading cluster, design center, consumption center, integrated innovation center, and professional service base. The measures have been implemented since April 1, 2025, and remain in effect until March 31, 2030.

 

Source: International Services Shanghai

https://english.shanghai.gov.cn/en-PolicyInsights/20250403/d7b6283f76ab4134943796bda4fd0524.html

One Week in Shanghai

【Latest News】

 

1.Pudong Releases White Paper on Foreign-related Rule of Law Development

【Keywords: Foreign-related, Rule of law development】

 

Recently, the White Paper of the Pudong New Area on Foreign-related Rule of Law Development (Chinese and English Version) was released. The White Paper systematically expounds on the mechanisms and paths by which Pudong New Area has continuously piloted systems, tested pressures, and explored new approaches in the field of foreign-related rule of law development in recent years, and summarizes Pudong’s experience and practices in promoting foreign-related rule of law development.

 

Source: Pudong Release

 

【Competitive Event】

 

1. The 2025 Shanghai Longines Global Champions Tour Kicking off in May

【Keywords: Shanghai Longines Global Champions Tour】

 

The 2025 Shanghai Longines Global Champions Tour will take place from May 2 to 4 at the Shanghai Juss International Equestrian Center. Last year’s highly acclaimed night race will be back, unlocking a new all-day viewing experience for equestrian enthusiasts.

 

Source:Shanghai Longines Global Champions Tour

 

【Culture & Art】

 

1.Shanghai Hosting Multiple Spring Flower Events

【Keywords: Outing and flower viewing】

 

Recently, various districts in Shanghai have launched a variety of spring outings and flower viewing events, including the 2025 Pudong Senlan Peony Festival, Yuyuan Garden Mid-Spring Flower Festival, Thousand Trees Cherry Blossom Season - Hanami Festival, and the 24th Urban Forest Hundred Flowers Exhibition.

 

Source：Shanghai Release

 

2.Peace and Prosperity: Exhibition on Auspicious Culture in Ancient China Opens at the Shanghai History Museum

【Keywords: Exhibition on Auspicious Culture in Ancient China】

On March 26, the “Peace and Prosperity: Exhibition on Auspicious Culture in Ancient China” opened at the Shanghai History Museum. This exhibition features 131 treasured artifacts from the Tianjin Museum’s collection, covering a variety of categories such as porcelain, jade, and textiles. Structured around five themes, namely, “blessings”, “prosperity”, “longevity”, “happiness”, and “wealth”, the exhibition showcases ancient Chinese people’s love for life and celebration of existence through the exquisite craftsmanship and artistic expression of the displayed objects.

 

Source: International Services Shanghai

https://english.shanghai.gov.cn/en-ArtExhibitions/20250331/ee3975c4e91945b09d1cec9f1b4878e1.html

 

3.Fabrice Hyber: De la Vallée Exhibition Opens

【Keywords: Fabrice Hyber】

From April 2 to June 29, the Power Station of Art in Shanghai is hosting “De la Vallée”, a solo exhibition by French artist Fabrice Hyber, in collaboration with the Fondation Cartier pour l’art contemporain. The exhibition features more than 70 works spanning the artist’s career since the 1990s, including over 20 new pieces created specifically for Shanghai. 

 

Source:Power Station of Art, Shanghai

 

4.100% DORAEMON & FRIENDS Tour Launched

【Keywords: Doraemon】

The 100% DORAEMON & FRIENDS Tour is held from March 29 to May 5 at the Jing An Kerry Centre (JAKC) in Shanghai. The exhibition not only continues the popular exhibition that premiered globally in Hong Kong, China in 2024, but also has many hot-selling highlights making their debut at JAKC, bringing new surprises to the fans in the Chinese mainland.

 

Source:International Services Shanghai

https://english.shanghai.gov.cn/en-Events/20250331/5b04dd33699b459abf7cb386428446d2.html

 

【Corporate Activities】

 

1.L'Oréal Increases its Presence in Pudong

【Keywords: L'Oréal】

 

Recently, L'Oréal, the world’s largest cosmetics group, shared its latest performance and strategic priorities in China at the 2024/2025 Development Strategy Communication Conference. L’Oréal announced plans to increase local R&D investment, strengthen R&D and innovation capabilities, and unlock the potential of an open innovation ecosystem. 

 

Source: Pudong Release

 

2.The Latest Sino-French Hydrogen Energy Cooperation Project Put into Operation in Shanghai

【Keywords: Air Liquide Group】

 

Recently, the inauguration ceremony of Shanghai Chemical Industry Park Air Liquide Shenergy Hydrogen Energy Development Co., (also known as Shanghai Hydrogen Energy Supply Basin), a joint venture of French industrial gas giant Air Liquide Group in China, was held in the Shanghai Chemical Industry Park. The project, with RMB 180 million investment, represents a critical advancement in hydrogen energy infrastructure for both the city and the wider Yangtze River Delta region.

 

Source:Shanghai Municipal Commission of Economy and Informatization

 

Q&A

 

Q: Relevant officials of the National Development and Reform Commission（NDRC） answered reporters’ questions at a press conference held by the State Council’s Information Office to introduce the relevant situation of improving the social credit system — We know that credit information is the foundation for developing the social credit system. What are the considerations of NDRC in the development and utilization of credit information in the next step, and how to better leverage the value of data?

 

A: Credit information is the foundation for developing the social credit system. Without the support of data, various application scenarios of credit will be difficult to implement. The effectiveness of data depends on whether credit information can be used effectively, accurately and properly. In recent years, NDRC has vigorously promoted the sharing and application of credit information. The national credit information sharing platform we took the lead in establishing has been horizontally connected to 46 central government departments and vertically connected to 31 provinces (autonomous regions and municipalities) and the Xinjiang Production and Construction Corps, forming a nationally connected credit information network. We aim to connect information silos and realize the interconnection, sharing and use of information. Looking forward, we will focus on continuously promoting the development and utilization of credit information from three aspects.

Firstly, consolidating the foundation of data collection and sharing. We understand from surveys and research that for some data with high application value, the problem of repeated collection often occurs, which increases the burden on the data source units, wastes a lot of resources, reduces efficiency, and also affects the data aggregation effect. To deal with this problem, we will strengthen the role of the national credit information sharing platform as the “general hub” for collecting and sharing credit information, unify the collection of credit information across all sectors, and carry out quality and efficiency evaluation for credit information collection and sharing to improve the overall level of information sharing.

Secondly, strengthening data governance. Due to different data standards, incomplete fields, unstandardized update frequencies, and inconsistent sharing methods, simply aggregated data is often not useful. To address this, we will focus on strengthening data source governance, improving the credit information standard system, and establishing specialized databases tailored to different needs with enhanced data accessibility.

Lastly, promoting the open circulation of data in an orderly manner. Data must flow to unleash its full value as a productive factor.  On the one hand, we will rely on the national credit information sharing platform to share information with departments and localities according to demand, provide credit information services, vigorously promote the sharing of public credit information, mutual recognition of credit evaluation, and coordination of credit rewards and punishments among regions, and support the development of a unified national market. On the other hand, we will formulate the management measures for the authorized operation of public credit information, open credit information to credit service institutions in accordance with laws and regulations, effectively cultivate the credit market, and develop and expand the credit economy. In addition, when our enterprises “go global” and foreign-funded enterprises “come in”, they urgently need to understand the credit status of their counterparties, which generates demand for the cross-border circulation of credit information. The Guangdong-Hong Kong-Macao Greater Bay Area has made useful explorations in this regard. For example, Zhuhai has established a cross-border credit service platform for Zhuhai, Hong Kong and Macao, focusing on actual needs of the enterprises in the three regions for cross-border market development, risk management, trade financing, etc., to provide enterprises with convenient, efficient and safe cross-border credit services. We will summarize the experience in this regard in a timely manner, promote the cross-border mutual recognition of credit products in an orderly manner, and effectively support high-standard opening-up to the outside world.

 

Source:State Council Information Office

http://www.scio.gov.cn/live/2025/35594/tw/

 

Expert Perspective

 

New Opportunities for Foreign Investment: The First Batch of 13 Foreign-funded Enterprises (Including Wholly Foreign-owned Enterprises) Received Approval for the Pilot Operation of Value-added Telecommunications Services

 

By Li Rui, Zhong Junpeng, Xie Xueqian (Zhong Lun Law Firm)

 

On February 28, 2025, the Information and Communications Administration Bureau of the MIIT announced that it had issued pilot operation approvals to the first batch of 13 foreign-funded enterprises (“Pilot Approval Announcement”). According to the approvals, these enterprises can carry out value-added telecommunications services such as Internet access and information services. The granting of approval is a major step taken by China to further promote the opening-up of the telecommunications industry, providing policy space for foreign-funded enterprises to start and expand value-added telecommunications services in China and for foreign investors to explore new business formats in China. This article will briefly introduce the pilot projects and trace the historical evolution of foreign investment market access policies in value-added telecommunications services, hopefully to provide reference for investors.

I. The First Batch of 13 Foreign-funded Enterprises Received Approval for Pilot Operation

The Pilot Approval Announcement shows that by the end of February 2025, there were more than 2,400 foreign-funded telecommunications enterprises in China, a 30% increase over the same period in 2024. The first batch of 13 foreign-funded enterprises that received the approval for pilot operation include wholly foreign-owned enterprises with 100% foreign control and foreign-funded enterprises with more than 50% foreign equity. Most of the approved companies are China-based subsidiaries of well-known multinational corporations with diverse parent company origins, including Germany, France, and the United States. For example, Siemens Digital Health Technology (Shanghai) Co., Ltd. is a wholly-owned subsidiary of Germany’s Siemens Healthineers AG; Deutsche Telekom (China) Communications Technology Co., Ltd. is a wholly-owned subsidiary of Deutsche Telekom AG in China; Hainan D&B Data Technology Co., Ltd. is a wholly-owned subsidiary of Dun & Bradstreet Holdings, Inc. headquartered in the United States. 

In addition, we notice that the approved companies also include companies with Chinese backgrounds, which may be foreign-funded enterprises established by domestic investors through overseas return investment, for example, Shanghai TongdaoLiepin Technology Co., Ltd.

The Pilot Approval Announcement does not specify the types of value-added telecommunications services that each foreign-funded company is approved to engage in. It only broadly authorizes operations such as Internet access and information services in accordance with the approval content. From the perspective of industry distribution, the main business types of the companies approved in this batch are diverse, including emerging fields such as communication technology, vehicle-to-everything (V2X), commercial information services, fintech, new human resources services, and digital healthcare.

[To be Continued]