Issue 86

Shanghai Weekly Bulletin

No.3, March 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. China-Samoa Mutual Visa Exemption Agreement to Take Effect

【Keywords: Samoa】

The Agreement Between the Government of the People's Republic of China and the Government of the Independent State of Samoa on Mutual Visa Exemption will take effect on April 2, 2025. According to the agreement, Chinese citizens holding valid diplomatic passports, service passports, public affairs passports, or ordinary passports, and Samoan citizens holding valid diplomatic, official, or ordinary passports shall be exempt from visa requirement for entry into, exit from, or transit through the territory of the other Contracting Party for a single stay period not exceeding 30 days and a total stay up to 90 days per 180-day period. Those intending to stay beyond the above specified durations or to study, reside, engage in employment, media activities or other activities which require prior approval from the competent authorities of the other Contracting Party, shall apply for the appropriate visas before entering the territory of the other Contracting Party. 

Source: International Services Shanghai

 

【Shanghai】

1. The Management Measures for Shanghai Oriental Hub International Business Cooperation Zone (Draft) Soliciting Public Comments

【Keywords: Oriental hub】

On March 12, the Shanghai Municipal Commission of Commerce solicited public opinions on the Management Measures for Shanghai Oriental Hub International Business Cooperation Zone (Draft), and the deadline for soliciting opinions is April 11. The draft includes general principles, management system, zone functions, personnel management, cargo and luggage management, supporting services, comprehensive support, etc.

Source: Shanghai Municipal Commission of Commerce

 

2. Shanghai Procuratorate Issued Action Plan to Comprehensively Safeguard Law-based Business Environment

【Keywords: Procuratorate, Business environment】

Recently, the Shanghai procuratorate issued the Shanghai Procuratorate's Action Plan to Safeguard Law-based Business Environment, which put forward 59 specific tasks in 17 articles from four aspects: protection of rights and interests of business entities, legal protection of market order, fostering of business environment atmosphere, empowering and upgrading of procuratorial work, to comprehensively step up the procuratorial efforts to safeguard the law-based business environment. 

Source:Shanghai Procuratorate

 

3. Shanghai Issues Guidelines on Promoting High-quality Development of Public Transportation

【Keywords: Public transportation】

Recently, the Shanghai Municipal Transportation Commission and four other authorities issued the Guidelines on Promoting High-quality Development of Public Transportation in the City, proposing that over the next five years, Shanghai will develop a public transportation system with a more reasonable structure, a more integrated network, user-friendly service, more efficient operation, and more resilient transport safety. It will provide citizens with diversified choices, seamless transition, and time controllable, all-age friendly, smart and green public transportation services, and aims to increase the rate of public transportation travel to at least 50 percent of the total motorized travel in the city center.

Source: International Services Shanghai

 

One Week in Shanghai

【Latest News】

1.Shanghai Green Finance Service Platform Pudong Edition Officially Launched

【Keywords: Green Finance】

Recently, the Shanghai Green Finance Service Platform Pudong Edition was officially launched, marking new progress in Pudong New Area's green finance and climate investment and financing. The Pudong Edition consists of modules on project application, financial supermarket, financing application, news and information, green finance index, project and information disclosure.

Source: Pudong Finance

 

【Competitive Event】

1.Formula 1 Heineken Chinese Grand Prix 2025 About to Start

【Keywords: F1】

From March 21 to 23, the Formula 1 Heineken Chinese Grand Prix 2025 will take place at the Shanghai International Circuit. It will mark the return of Zhou Guanyu in the F1 paddock with a new role and the debut of the F1 Academy race in Shanghai with all-female drivers. Lining up on the grid will be Tiedou, F1 Academy's first Chinese wildcard driver.

Source:Formula 1 Chinese Grand Prix

 

2. The 5th Shanghai Talent+ Global Innovation & Entrepreneurship Competition Opens for Entries 

【Keywords: Shanghai Talent+】

The 5th Shanghai Talent+ Global Innovation & Entrepreneurship Competition is now open for entries. This year's competition has been optimized in terms of competition track, system, and awards, with a greater emphasis on market-oriented operation with private sector participation, further promoting project landing and financing, and helping Shanghai become an important hub in the global innovation and entrepreneurship network and a preferred destination and an ideal city for global talents to innovate and start businesses.

Source:International Services Shanghai

 

【Culture & Art 】

1. 2025 Shanghai Auto Culture Festival Set to Kick Off 

【Keywords: Shanghai Auto Culture Festival】

The 17th Shanghai Auto Culture Festival, with the theme "Shanghai Jiading Speed" is scheduled to take place in the city's Jiading district from March 21 to April 25. The festival will feature 25 "F1 · JIA" activities across four thematic sections. The sections include the opening ceremony, "World Speed", "Shanghai Window", and "Jiading Highlights" and aim to integrate auto racing, exhibitions, culture, and lifestyle.

Source:International Services Shanghai

 

2.2025 Greening Festival and Magnolia Culture Festival Kicked off

【Keywords: Magnolia】

The 2025 Shanghai Citizens' Greening Festival and the Magnolia Culture Festival kicked off on March 16 at the Minhang Cultural Park. This year's citizen greening festival includes more than 40 activities in 8 categories, which will last until April 15.

Source: Shanghai Release

 

3."Panorama — Timeless Imprints of Civilization" Exhibition About to Start

【Keywords: Panorama】

The cultural relics exhibition "Panorama — Timeless Imprints of Civilization" is about to start. About 200 pieces (sets) of precious Chinese cultural relics, spanning 3,000 years of history, will meet global audiences at the Long Museum (West Bund) from March 22 to June 29, 2025.

Source: Long Museum 

 

【Corporate Activities】

1. ACWA Power's Overseas Innovation Center Officially Opened 

【Keywords: ACWA Power】

Recently, ACWA Power, a Saudi Arabian company, announced that it has officially opened its first overseas innovation center in Pudong New Area. The first phase of investment in the center is RMB 20 million. It currently has a "R&D Center" and a "Green Energy Laboratory" and has been awarded the first batch of 2024 Group Open Innovation (GOI) Centers in Pudong New Area.

Source:Pudong Release

 

2.Rollomatic China Solution Center Officially Opened 

【Keywords: Rollomatic】

Recently, Rollomatic, a global leader in precision cutting tool grinding, has opened its China Solution Center in the Xinzhuang Industrial Park. The center, with an investment of more than RMB 30 million, will serve as the technology innovation hub and customer service base of Rollomatic Group in China.

Source:Minhang Today

 

【Training】

1.Workshop on Supply Chain Emission Reduction and Sustainable Development Opens for Registration

【Keywords: Supply chain, Sustainable development】

In order to guide enterprises to integrate the concept of sustainable development into supply chain management, promote the green transformation of supply chains, and share corporate best practices on emission and reduction and supply chain management strategies on carbon emission, the Green and Low-carbon Development Branch and the MNC Regional Headquarters ESG Branch of the Shanghai Foreign Investment Association will jointly hold a workshop on supply chain emission reduction and sustainable development on March 28.

Source: Shanghai Foreign Investment Association

 

Q&A

Q1: The head of the National Development and Reform Commission answered questions from reporters at the economic theme press conference of the 3rd Session of the 14th National People's Congress — Since last year, new-quality productive forces have become a high-frequency term in economic work. Large AI models, humanoid robots, domestic generic drugs, etc. have emerged, flourishing in domestic applications and causing a great stir internationally. What achievements has China made in new-quality productive forces? What measures will the country take to cultivate new-quality productive forces?

A: In the past year, China's science and technology and industrial innovation have seen many highlights, with a surge of technological and futuristic sensations bringing numerous surprises, drawing significant attention both domestically and internationally. It can be said that new-quality productive forces are comprehensively transforming our modes of production and changing our lifestyles, and profoundly changing China's economic and social development. My deepest impression lies in three aspects, namely, three "accelerations".

The first acceleration is on technological breakthroughs. As mentioned earlier, the much-watched integrated circuits have achieved record highs in both production and exports, with many more products equipped with "Chinese chips". Large AI models are competing vigorously, industrial robot density is significantly increasing, humanoid robots are accelerating towards applications, and a batch of internationally-competitive domestic generic new drugs are emerging continuously. Many scenes we previously saw in science fiction movies are becoming reality, and China is steadily moving towards the forefront of global scientific and technological innovation. These all prove that the more certain forces suppress and block us, the more they will accelerate our pace of independent innovation.

The second acceleration is on industrial upgrading. Last year, China's high-tech manufacturing and equipment manufacturing accounted for 16.3% and 34.6% respectively of the added value of industries above designated size. The total export value of electromechanical products such as mobile phones and computers accounted for nearly 60%. New energy vehicles, "refined over a decade", have formed a complete industrial system. These situations show that the industrial chains are accelerating development towards the medium-to-high end.

The third acceleration is on the enhanced momentum. Recently, phenomenal high-tech products have continued to emerge, reflecting the accelerated transformation of scientific and technological achievements from "bookshelves" to "shelves". Many more companies are increasing their investment in scientific and technological innovation, and the internal driving force of innovation is getting stronger. Just as we have seen, "dark horses" continue to emerge in the innovation arena, quickly growing into the "main force".

Developing new-quality productive forces according to local situations is a long-term task and a systematic project. The National Development and Reform Commission will focus on "funds, talents, and ecology" and work on three key areas.

Firstly, focus on investment and continue to increase investment in scientific and technological innovation. We will set up a national venture capital guidance fund to drive nearly RMB 1 trillion of local funds and social capital, focusing on hard and core technology and long-term investment, and increasing tolerance for failure, and investing in technology-based enterprises through market-oriented methods. At the same time, we will improve policies on mergers and acquisitions, restructuring, and share transfers etc., encourage the development of mergers and acquisitions funds, and unblock the exit channels for venture capital, and make greater efforts to attract social capital to participate in venture capital, so as to achieve the market-oriented restructuring of the technology chain, industrial chain, and supply chain.

Secondly, focus on talent and continue to cultivate a high-quality talent pool. We will strengthen the cultivation of top innovative talents and scarce scientific and technological talents, and cultivate a large batch of strategic scientists, outstanding entrepreneurs, excellent engineers, master craftsmen, and highly skilled talents in practice.

Thirdly, focus on the ecosystem and continue to build an open and inclusive innovation ecosystem. We will introduce policies and measures to support the development of new-quality productive forces, actively build a fundamental system to support comprehensive innovation, and continuously improve inclusive and prudent supervision, striving to create a dynamic, upright, and innovative ecosystem.

Source: National Development and Reform Commission

 

Expert Perspective

Regulation of Self-Dealing by Directors, Supervisors and Senior Managers Under the New Company Law

By：Fu Changyu, Jiang Xuan (Zhong Lun Law Firm)

[Continued from the Previous Issue]

III. Regulation of Self-Dealing and Related-Party Transactions Under the New Company Law

Article 182 of the new Company Law of the People's Republic of China (hereinafter referred to as the "new Company Law") stipulates: "Directors, supervisors, and senior managers who directly or indirectly enter into contracts or conduct transactions with the company shall report to the board of directors or shareholders' meeting on matters related to the contract or transaction, and the matter shall be approved by the board of directors or shareholders' meeting in accordance with the provisions of the company's articles of association. The provisions of the preceding paragraph shall apply to the contracts or transactions between the company and the close relatives of directors, supervisors, and senior managers, between the company and the enterprises directly or indirectly controlled by directors, supervisors, senior managers, or their close relatives, and between the company and the related persons who have other related relationships with directors, supervisors, and senior managers of the company."

It can be seen that the new Company Law has made substantial improvements to the self-dealing restriction rules based on judicial practice, mainly including: First, expand the scope of self-dealing to cover "supervisors", and include "related transactions" into the scope of regulation. "Related persons" include "close relatives", "enterprises directly or indirectly controlled" by directors, supervisors and senior managers and their close relatives, and related persons with "other related relationships". Second, clarify the information disclosure system for self-dealing and related transactions. Directors, supervisors and senior managers should report matters related to self-dealing and related transactions to the board of directors or shareholders' meeting. Third, allow the company's articles of association to specify the authority to grant resolution of self-dealing and related transactions.

[To be Continued]