On 30 September 2024, China's State Council announced the finalized Regulation for the Administration of Network Data Security (《网络数据安全管理条例》, "Network Data Regulation"), which will take effect on 1 January 2025. This regulation provides a framework for personal information (PI) protection, cross-border data transfers, network data security management and the responsibilities of internet platform providers. In this article, we draw on our experience in advising foreign-funded banks on PI protection policies and cross-border data transfers, to outline the key provisions of the regulations, their implications for the operations of these banks and their clients, and to provide guidance on how to align with the new regulatory requirements.

On 6 September 2024, the China Securities Regulatory Commission (CSRC) publicly released feedback regarding an application submitted by Mizuho Securities Co., Ltd. (Mizuho Group) for the establishment of Mizuho Securities (China) Co., Ltd. (“瑞穗证券（中国）有限公司”). If approved, Mizuho Group will become the fifth foreign financial group to establish a wholly foreign-owned (WFOE) securities company in China, joining the ranks of J.P. Morgan, Goldman Sachs, Standard Chartered, and BNP Paribas, which currently represent the four existing WFOE securities companies. Overall, this would increase the total number of foreign-invested securities companies in China to 19. Additionally, a number of other foreign financial groups are also seeking entry into the Chinese financial services market. Based on public information on CSRC's website, Citigroup and Intesa Sanpaolo have also submitted applications to CSRC to establish their own securities companies in China.

On September 8, 2024, the Ministry of Commerce, together with the National Health Commission and the National Medical Products Administration (hereinafter referred to as the "Three Departments"), publicly issued the Notice on Carrying Out Pilot Programs to Expand Opening-Up in the Healthcare Sector (hereinafter referred to as the "Notice"), announcing that, effective immediately, foreign-invested enterprises are permitted to engage in the development and application of human stem cells, gene diagnostic and therapy technologies for product registration and manufacturing in the China (Beijing) Pilot Free Trade Zone, China (Shanghai) Pilot Free Trade Zone, China (Guangdong) Pilot Free Trade Zone, and Hainan Free Trade Port. This exciting news is very encouraging, marking another significant step forward for China's biopharmaceutical industry on the path of open development. Drawing on our previous participation in legislative consultation work, we will share our insights on this new policy and provide a reference for the industry.