Big news from the Chinese mainland! 🏛️ Today, Monday, December 22, the Standing Committee of the National People’s Congress kicked off its first review of a draft law aimed at creating a solid legal framework for state-owned assets.
The draft law features 62 articles across seven chapters and covers:
- Reaffirming the Party’s leadership over asset governance
- Standardizing management and oversight practices
- Ensuring lawful protection and efficient utilization of assets
- Driving high-quality development in the state-owned sector
Experts say this move responds to the growing scale of state-owned assets and the rise of diverse SOE operating models. Think of it like updating your phone’s OS — this law could upgrade how state-owned enterprises manage and use their assets for better performance. 📈
Earlier this month, at the Central Economic Work Conference on December 11, leaders highlighted the need to tackle “involution,” roll out reforms for state-owned assets and enterprises, and strengthen rules to support private-sector growth. They also pledged to deepen capital market investment and financing reforms, according to Xinhua.
Next up, the Standing Committee will keep reviewing the draft in the days ahead. If all goes smoothly, the Chinese mainland could soon have a clear, comprehensive rulebook to boost efficiency and transparency in its state-owned sector. Stay tuned for updates! 🚀
Reference(s):
cgtn.com
