CHINA: An Introduction to TMT: Technology & Telecommunications (PRC Firms)
Legal and Market Developments in China’s TMT Sectors:
中国TMT行业的法律与市场发展：
Introduction: In 2023, China was recognised as home to the second-most valuable fintech industry with a combined USD338.92 billion in total market capitalisation. Chinese tech firms released AI models to compete with ChatGPT and doubled down on developing homegrown tech in the face of US sanctions, and the Chinese government took steps to promote innovation and the economy. Against this background, the following important legal developments occurred:
前言：2023年，中国被公认为全球第二大金融科技产业的所在地，总市值达到33.89百亿美元。中国科技公司发布了与ChatGPT竞争的AI模型，并在美国制裁的压力下加大了自主研发技术的力度。此外，中国政府采取了一系列措施，以促进创新和经济发展。在这一背景下，出现了以下重要的法律进展：
Standard Essential Patents: The “Provisions Prohibiting the Abuse of IPR to Eliminate or Restrict Competition” took effect on 1st August 2023. These provisions will affect markets where SEP access is an entry requirement. An exposure draft of the “Anti-Monopoly Guide for the Field of Standard Essential Patents” was issued on 30th June 2023 and may provide insights into regulators' views.
标准必要专利：2023年8月1日，《禁止滥用知识产权排除、限制竞争行为规定》正式生效。这些规定将影响以标准必要专利（SEP）作为市场准入门槛的领域。《关于标准必要专利领域的反垄断指南（征求意见稿）》已在2023年6月30日发布，可以为监管机构的观点提供一定的参考。
Generative AI: The Chinese government aims to promote the healthy development and regulated application of generative AI ("GAI") technology (ie, things like ChatGPT) in line with Chinese laws and regulations. The “Interim Measures for the Management of Generative Artificial Intelligence Services”, which in their final form were less strict than in their exposure draft, were promulgated to realise this goal. National standards for GAI are also being developed.
生成式AI：中国政府旨在根据中国法律和法规，推动生成式AI（如ChatGPT等）技术的健康发展和规范应用。中国发布了《生成式人工智能服务管理暂行办法》，该生效版本相对于征求意见稿较为宽松。此外，中国还在制定关于生成式AI的国家标准。
Cross-border Data Transfer: Enterprises in TMT sectors often need to make cross-border data transfers. Regarding personal information, China has issued regulations restricting such transfers and requiring enterprises to pass a government security assessment, obtain certification of personal information protection, or undertake certain contractual obligations before exporting personal information.
数据跨境传输：TMT企业经常需要进行数据跨境传输。在个人信息方面，中国发布了限制此类传输的法规，要求企业在出境个人信息前通过数据出境安全评估、获得个人信息保护认证或承担某些合同义务。
IT outsourcing rules in the financial sector: Financial institutions need to adapt to some new regulatory requirements issued by the China Banking and Insurance Regulatory Commission ("CBIRC") concerning their IT outsourcing activities. This, in turn, has increased the risks and challenges that IT vendors face and requires them to take a more sophisticated approach to contracting with financial institutions and set up compliance frameworks with a view to helping their customers demonstrate compliance. On 4th April 2023, the CBIRC announced that data governance in non-bank financial institutions will be a focal point of their work in 2023.
金融业信息科技外包规定：金融机构需要遵守中国银保监会（CBIRC）发布的关于信息科技外包活动的新监管要求。这增加了信息科技供应商面临的风险和挑战，要求他们在与金融机构签订合同时采取更为复杂的策略，并建立合规框架，以帮助客户展示合规性。2023年4月4日，CBIRC宣布，非银行金融机构的数据治理将成为2023年的工作重点。
Digital China Initiative: The Chinese government has invested resources into the Digital China Initiative, which aims to improve the country's digital infrastructure, digital economy, digital public services and digital technology innovation. The goal is to make significant progress in these areas by 2025 and become a world leader by 2035. Guidance funds have been established to support the development of the Digital China Initiative and will invest in strategic and emerging technologies such as artificial intelligence, quantum computing, indigenous chip manufacturing and development, IoT, renewable energy, advanced manufacturing, edge computing and other areas. In 2023, the Chinese government invested USD2 billion in Changxin Xinqiao and USD1.78 billion in Yangtze Memory Technologies.
数字中国倡议：中国政府投入资源推动数字中国倡议，旨在改善国家的数字基础设施、数字经济、数字公共服务和数字技术创新。该倡议的目标是在2025年数字化建设取得重要进展，到2035年进入世界前列。中国政府已经成立了支持数字中国倡议发展的引导基金，投资人工智能、量子计算、国产芯片制造和开发、物联网、可再生能源、先进制造、边缘计算等领域。2023年，中国政府向长鑫新桥投资了20亿美元，向长江存储投资了17.8亿美元。
Gaming: The Chinese gaming industry is expected to be worth over USD80 billion in 2023 and to expand at a CAGR (compound annual growth rate) of 8.45% until 2027. With over half a billion gamers, China is the world's biggest gaming market and home to a large talent pool of skilled and well-known developers. China is also home to a large and increasingly professionalised eSports community. In 2022, the National Press and Publication Administration ("NPPA"), the game industry regulator, granted 468 domestic and 44 foreign game approvals. By comparison, from January to October 2023, the NPPA granted 786 domestic and 58 foreign game approvals, a slight increase. Distribution channels are also tightening up their game launch rules. For instance, Apple China's removal of games lacking NPPA approval is expanding from Free-to-Play games with In-App Purchases to hyper-casual games with In-App Advertisements and will further impact developers' monetisation options. Moreover, some of China's Android channels require independent legal opinions for the launch of games within specific game genres. Given the significant regulation and censorship of the industry, due diligence is essential for investors.
游戏产业：2023年，中国游戏产业市值预计将超过800亿美元，并以8.45%的复合年增长率扩张至2027年。中国是全球最大的游戏市场，拥有超过5亿玩家，以及大量技能娴熟的知名开发者。中国还拥有庞大且日益专业化的电竞社区。2022年，国家新闻出版署（NPPA）批准了468款国内游戏和44款外国游戏。相比之下，2023年1月至10月，NPPA批准了786款国内游戏和58款外国游戏，略有增长。但是，分发渠道正在收紧游戏上线规则。例如，苹果中国对未获得NPPA批准的游戏的下架范围已从有内购的免费游戏扩展到有内部广告的超休闲游戏，这会进一步影响开发者的盈利选择。此外，中国部分Android的渠道要求在特定游戏类型上线时提供独立法律意见。鉴于行业的严格监管和审查，投资者的尽职调查至关重要。
Ethical reviews: From 1st December 2023, entities (companies, universities, etc.) involved in some types of scientific or technology activities must follow the “Measures for the Review of Science and Technology Ethics”, which mandate the creation of ethical review committees, ethical reviews, and, for sensitive activities, government reviews.
伦理审查：自2023年12月1日起，参与某些科研或技术活动的单位（如公司、大学等）必须遵循《科学技术伦理审查办法》。该办法要求相关单位设立科技伦理（审查）委员会、开展伦理审查，并对敏感活动报请政府部门审查。
National Data Administration (NDA): This new administration will be responsible for data-related institutions, data resource usage and driving the Digital China initiative, the digital economy and a digital society. The NDRC, an economic regulator, administers the NDA.
国家数据局（NDA）：这一新机构将负责管理数据相关机构与数据资源使用，推动数字中国倡议、数字经济和数字社会的发展。国家发展和改革委员会（NDRC）作为经济监管部门，负责管理NDA。
Hangzhou Data Exchange: Government officials unveiled a new data exchange. The National Laboratory of Blockchain and Data Security director reportedly said that the exchange uses blockchain, privacy computing and other technologies to realise trusted sharing and effective use of data.
杭州数据交易所：新的数据交易所近期宣布成立。据报道，区块链技术和数据安全国家实验室主任表示，该交易所利用区块链、隐私计算等技术实现数据的可信共享和有效利用。
Data Assets: In August 2023, the Ministry of Finance issued the “Interim Accounting Treatment Regulations for Enterprise Data Resources”, which are set to take effect on 1st January 2024. The regulations allow companies to categorise data meeting specified criteria as an "asset" in the balance sheet. This move is poised to foster the development of the data asset market. Currently, some data products have already completed the registration and recognition of data assets.
数据资产：2023年8月，财政部发布了《企业数据资源相关会计处理暂行规定》，将于2024年1月1日生效。该规定允许企业将符合特定标准的数据确认为资产负债表中 “资产” 一项，这有望促进数据资产市场的发展。目前，一些数据产品已完成数据资产的登记和确认。
Intelligent Connected Vehicle Pilot: In order to promote the popularisation of intelligent connected vehicles and improve product performance and safety, the Ministry of Industry and Information Technology and three other departments are selecting eligible connected vehicle companies to carry out entry pilot programs, allowing their intelligent connected vehicles to operate and test within designated areas. Various regions are also gradually increasing the sections of open road testing and application for intelligent connected vehicles.
智能网联汽车试点：为了促进智能网联汽车推广，提升产品性能和安全水平，工信部等四部委正在遴选符合条件的网联汽车产品开展准入试点，并允许这些产品在限定的区域内上路通行。各地区也在陆续增加智能网联汽车开放道路测试与应用的路段。
Cyber Violence: Guiding opinions were released to clarify that if, for hype-creation or clout-chasing, a network service provider refuses to fulfil its information network security management obligations against cyber violence, it will be penalised for the offence of failing to fulfil information network security management obligations. Stricter penalties may apply in situations involving aggravating factors, including the use of deepfake technology, crimes targeting children, etc.
网络暴力：中国政府发布了治理网络暴力的指导意见，明确指出如果网络服务提供者为了炒作或追求热点，拒绝履行网络信息安全管理义务，则将会因此受到处罚。如果涉及恶劣的情节（例如使用深度伪造技术、针对儿童的犯罪等），服务提供者可能会受到更严厉的处罚。
Cybersecurity Review: In 2023, China has intensified its scrutiny of cybersecurity. Prominent companies such as China National Knowledge Infrastructure (CNKI) and Micron have undergone cybersecurity reviews. China has conducted reviews targeting supply chain security for critical information infrastructure and cybersecurity associated with products sold within the country for the first time.
网络安全审查：2023年，中国加大了网络安全审查的力度，知名公司如中国知网（CNKI）和美光（Micron）等都相继受到了网络安全审查。中国政府首次针对关键信息基础设施的供应链安全和国内销售产品相关的网络安全风险进行了审查。
RISC-V: There is growing support for open-source RISC-V chips in China. This support is partly due to political tensions with the US, government policies to achieve semiconductor self-reliance, and a desire to avoid trade sanctions. During the 2023 RISC-V Summit China, RISC-V was reportedly hailed for its openness, freedom, cooperation and the opportunities that it will create for the global supply chain and global development.
RISC-V：中国对RISC-V芯片的支持日益增长。这种支持部分源于中美之间紧张的政治关系、中国政府为了实现半导体自给自足出台的政策，以及避免贸易制裁的愿望。在2023年的RISC-V中国峰会上，RISC-V因其开放性、自由度、合作精神以及为全球供应链和全球发展带来的机遇而受到赞誉。
Batteries: China is a leader in battery technologies, and the Chinese battery industry is expected to continue growing in 2023. This growth is partly due to the development of new salt-based battery technologies, China's access to lithium and other factors. We believe this industry will continue to grow as China and the world focus on reducing their dependence on fossil fuels and increasing their use of renewable energy. Battery companies based in China can benefit from a skilled local workforce, tax incentives and a massive consumer market.
电池：中国在电池技术方面处于领先地位，预计中国电池产业将在2023年持续增长。这种增长部分是因为新型盐基电池技术的发展、中国对锂资源的获取以及其他因素。随着中国和全球减少对化石燃料的依赖并增加可再生能源的使用，我们认为这一行业将持续增长。如果电池企业将总部设置在中国，则会受益于熟练的本地劳动力、税收优惠和庞大的消费市场。
The growth of XaaS: XaaS (anything as a service) is beginning to expand beyond the now more traditional SaaS, IaaS and PaaS business models used by technology companies. This expansion is linked to advancements in cloud computing, AI and data connectivity. It will likely accelerate as vendors seek more stable recurring income streams and buyers seek to reduce their capital investments.
XaaS的发展：XaaS（一切皆服务）正逐渐超越科技企业目前使用的传统SaaS、IaaS和PaaS业务模式。XaaS的扩张与云计算、AI和数据连接技术的进步密切相关。随着供应商寻求更稳定的营收循环和购买者试图减少资本的投入，XaaS的发展可能会加速。