China

Xinhua | English | News | Jan. 23, 2026 | Accidents

Eight individuals who were previously missing after a steel plant explosion in Inner Mongolia have been confirmed dead, increasing the total death toll to 10. The victims were found without vital signs following extensive search and rescue efforts at Baogang United Steel's plate plant in Baotou City.

The explosion occurred on January 18 and involved a 650-cubic-meter saturated water and steam spherical tank. In addition to the fatalities, 84 people were injured, all of whom remain in stable condition. Over 1,000 personnel from various government departments participated in the rescue operation.

Authorities have initiated a city-wide inspection to identify hidden workplace safety risks. Public security officials have taken legal actions against those responsible within the company. An ongoing thorough investigation is examining the cause of the accident.

Xinhua | English | News | Jan. 23, 2026 | UndeterminedTech Development/Adoption

Hong Kong is taking a proactive yet cautious approach to developing digital assets, emphasizing the principle of "same activity, same risk, same regulation" to ensure responsible and sustainable market growth. Since 2023, Hong Kong has licensed 11 virtual asset trading platforms and plans to introduce a stablecoin licensing regime later this year. The government has also been a leader in tokenization, issuing three batches of tokenized green bonds totaling about 2.1 billion U.S. dollars.

Financial Secretary Paul Chan highlighted the synergy between finance and technology, noting that digital assets improve transparency, efficiency, inclusiveness, and risk management in financial services. These innovations also support better capital allocation to the real economy. Chan's remarks were made during the World Economic Forum Annual Meeting in Davos, where he also met with WTO Director-General Ngozi Okonjo-Iweala to express Hong Kong and China's strong support for free trade, multilateralism, and WTO reform efforts.

Additionally, Chan held discussions with senior officials from various economies, international organizations, and business leaders to promote Hong Kong's latest developments and strategic advantages as an international financial center.

JunHe LLP | English | AcademicThink | Jan. 23, 2026 | Regulation

On January 20, 2026, a practical seminar on the World Bank’s newly revised "Integrity Compliance Guidelines" was successfully held, supported by the Expert Committee of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products and jointly hosted by JunHe Law Offices and Tianjin University's International Engineering Management School. The seminar concentrated on the World Bank’s December 2025 updates to the guidelines and common compliance errors among Chinese companies, gathering key representatives from the World Bank’s core investigation and compliance departments, compliance leaders from Chinese enterprises, and senior lawyers from multilateral development banks. The event aimed to provide a precise, in-depth compliance empowerment platform for Chinese companies involved in World Bank-financed projects.

The seminar was chaired by JunHe partner lawyer Zhou Xianfeng and featured welcome speeches from JunHe director Hua Xiaojun, China Chamber of Commerce deputy chairman Zheng Chao, and Tianjin University professor Zhang Shuibo. They collectively emphasized that multilateral development bank compliance standards form a critical foundation for improving Chinese companies' compliance levels in the current international market environment.

Key highlights included authoritative presentations from three core World Bank departments. Anthony Pan from the Integrity Compliance Office detailed critical updates in the new guidelines, including management responsibilities, technology usage compliance, accessibility of policies and records, anti-retaliation protections, and regulations on donations and sponsorships. Xuan Luo from the Integrity Vice Presidency addressed frequent compliance risks faced by Chinese companies in World Bank projects such as conflicts of interest, commissions, subcontracting, key personnel changes, and fraudulent disclosures, clarifying standards for collusion and corporate liability for employee misconduct. Chang Liu from the Office of Suspension and Debarment explained the World Bank’s sanctions framework, covering prohibited misconduct, recent case data, sanction measures, aggravating and mitigating factors, and cross-sanctions, providing a comprehensive overview of the system.

In a practical sharing session, JunHe partner Liu Zhen highlighted seven common misconceptions Chinese companies have about World Bank compliance requirements and offered actionable advice informed by recent policies and case examples. The closing session featured in-depth analyses on compliance system establishment and implementation from Yang Songlin, Chief Legal Counsel and Chief Compliance Officer of China Power Engineering Corporation, and Liu Yufei, Deputy Director and Acting General Manager of Compliance Management at China Power Construction Group International Engineering Company, enriching attendees with valuable insights.

JunHe’s experienced legal team continues to provide comprehensive compliance legal services to Chinese companies engaged in multilateral development bank projects, including risk assessments, internal investigations, audit cooperation, compliance system construction, and sanction lifting. The seminar reinforced JunHe’s commitment to supporting Chinese enterprises with multi-level compliance solutions as they expand globally.