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Law to Better Secure State-Owned Assets
    2008-06-26 10:00:29     CRIENGLISH.com

 Transforming a planned economy to a market one, for years China has been renovating its laws to facilitate the process.
China's top legislature is now discussing a draft law to better secure state-owned assets, preventing the public assets from becoming private properties.

Here is Chen Xi again.

After being in the brew for 14 years, the law is now being discussed by China's top legislature, the Standing Committee of the National People's Congress or NPC.

Hong Hu, deputy director of Legislation Committee with the NPC, introduced the purpose of the draft.

"The law is designed to protect the rights of state-owned assets, guarantee their security and promote their value preservation and increment."

Statistics show China's state-owned assets of non-financial enterprises have reached 29 trillion yuan, or over 4 trillion US dollars. These assets are what the new law hopes to secure and manage.

One of the key points the draft law proposes is how to prevent the loss of state-owned assets in a systematic manner. In this regard, the law strengthens governments, audit departments and society's supervision over these assets.

Zhu Zhigang is director of the Budgetary Commission.

"In general, this law has become more mature. I suggest the law include a special item to prescribe how to assess the value preservation and increment of state-owned assets."

The draft law states that if not permitted by a general shareholders meeting, state-owned enterprises permits no single person to be a board chairman and a manager at the same time. The provision is designed to help board chairmen and managers perform better in their jobs.

Chen Xi, CRI news.

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