China's rules on overseas bank card transactions to have limited effect on users -- China's new rules on overseas bank card transactions will have a limited effect on card holders as they aim only to gather information to curb money laundering, not spending, an official said Aug.8. From Sept. 1, banks are required to report all cash withdrawals on a daily basis, as well as domestic card transactions worth more than 1,000 yuan (about 148 U.S. dollars) at overseas brick-and-mortar and online stores, according to the State Administration of Foreign Exchange (SAFE).
China improves supervision of coal mine safety -- China improved supervision of coal mine safety in the first seven months of the year. From January to July, local authorities imposed 3,967 administrative penalties, up 91.7 percent year on year, according to the State Administration of Coal Mine Safety website. Fines totaled 333 million yuan (about 50 million U.S. dollars), up 93.9 percent year on year.
Beijing introduces joint ownership housing scheme -- In a new measure to stabilize the housing market, Beijing is planning to introduce homes with joint property rights shared between the government and buyers. According to a document published by local authorities August 3 to solicit public opinions, individual buyers will be able to buy a share of a house but still have the full "right of use."
New guidelines to keep China's bike sharing on track -- The colorful seas of haphazardly parked bicycles outside subway entrances and along sidewalks in Chinese cities will hopefully disappear soon thanks to new guidelines. The Chinese government issued guidelines on August 3 to regulate bike-sharing services, which have boomed nationwide but led to urban management challenges such as congested city sidewalks. Users of bike-sharing services in China should register under their real names, according to the guidelines released by the Ministry of Transport (MOT) and nine other government departments.
Association promotes training for growing international role -- More than 300 lawyers from 100 law firms have received training that will enable them to deal with cross-border lawsuits, according to the All China Lawyers Association. The legal professionals will handle transnational litigation cases involving overseas investments, multinational mergers and acquisitions, IPR protection, safeguarding oceanic and space interests, and antitrust and anti-dumping cases.
Lawyers work to resolve cross-border disputes -- Legal professionals from China and countries participating in the initiative are establishing a mechanism to counter a growing problem that could become an obstacle to development, as Zhang Yan reports. In recent years, China's rapid economic development and growing international role have seen a large number of Chinese enterprises expanding overseas or planning to invest in countries participating in the Belt and Road Initiative. However, the Ministry of Justice said the process of "going global" has seen a sharp rise in the number of cross-border legal disputes and cases of arbitration involving Chinese businesses. (Source: China Daily)
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