On March 19, 2025, the Comprehensive Department of the National Medical Products Administration released the Measures for the Implementation of Drug Regulatory Data Protection (Trial, Draft for Comments) and the Procedures for Drug Regulatory Data Protection (Draft for Comments) (collectively referred to as the "Draft for Comments"). As an important mechanism for promoting pharmaceutical innovation, the drug regulatory data protection system, operating in parallel with the patent linkage system, is expected to have a significant impact on the marketing of New Drugs and drug licensing transactions once effectively implemented. This article provides a brief analysis of the drug regulatory data protection system and its implications for pharmaceutical industry.

On April 1, 2025, the People's Bank of China ("PBoC") and the State Administration of Foreign Exchange ("SAFE") jointly issued the Notice on Issuing the Administrative Measures for Integrated RMB and Foreign Currency Cash Pooling of Multinational Corporations (Draft for Comments)[1] ("Draft High-version Cash Pooling"), aiming to promote nationwide the relatively mature High-version Cash Pooling (defined below) policies developed in earlier pilot programs. On July 25, 2025, PBoC and SAFE jointly issued the Notice on Issuing the Administrative Measures for Centralized Operation and Management of Cross-Border RMB and Foreign Currencies by Multinational Corporations (Draft for Comments)[2] ("Draft Low-version Cash Pooling"), in order to achieve nationwide application of the relatively mature Low-version Cash Pooling (defined below) policies developed in earlier pilot programs.

On May 5, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (the "STABLE Act"), which is intended to establish a regulatory framework for stablecoins in the United States, was listed as No.68 on the calendar of the U.S. House of Representatives and was ready to be considered by the full House of Representatives. On May 30, the Stablecoins Ordinance was officially promulgated in Hong Kong Special Administrative Region ("Hong Kong"), clearing the way for the issuance of stablecoins in Hong Kong. A number of leading fintech companies publicly announced their participation in the market in preparation for licences application for regulated stablecoin activities (for more details on the Hong Kong's Stablecoins Ordinance, see our previous article 汉坤 • 观点 | 香港立法会通过《稳定币条例草案》的影响与机遇). On June 6, Circle, the issuer of the world's second-largest stablecoin, USDC, completed its public listing on the New York Stock Exchange, becoming the second large cryptocurrency company to join the U.S. stock market since the cryptocurrency exchange Coinbase was listed on the NASDAQ in 2021. As of June 16, Circle's latest market capitalization was nearly $30 billion.