ISSUING AUTHORITY:

Shanghai Municipal People's Congress

DATE OF ISSUANCE:

November 23, 2023

EFFECTIVE DATE:

December 1, 2023

On November 23, 2023, the Decision of the Standing Committee of Shanghai Municipal People's Congress on Amending the Regulations of Shanghai Municipality on Optimizing Business Environment (the “Decision”) was published on the website of the Shanghai Municipal People's Congress, which shall become effective as of December 1, 2023.

In according with the Decision, 37 provisions of the Regulations of Shanghai Municipality on Optimizing Business Environment are amended (the “Amended Regulations”). Specifically, the Amended Regulations emphasize benchmarking against the new business environment evaluation system developed by the World Bank and set out new requirements for property rights protection, optimizing financing environment for small and medium-sized enterprises, implementing policies of benefiting enterprises, improving the systems for business dispute resolution and bankruptcy, regulating law enforcement and other aspects. The need to support enterprises and other business entities to carry out practices for sustainable environmental, social and governance development and protect legitimate rights and interests of small and medium shareholders is also specified in the Amended Regulations. In addition, the overseas emergency assistance mechanism for intellectual property rights of enterprises, the system for trade secret protection and the system for clarifying information on legal proceedings of small and medium-sized enterprises will be established and improved and the fiscal regulations on policies of benefiting enterprises will be perfected.

Reference:

《上海市人民代表大会常务委员会关于修改〈上海市优化营商环境条例〉的决定》