A view of State-owned Assets Supervision and Administration Commission of the State Council in Beijing in 2024. Photo: VCG

 China has taken a step toward in establishing a foundational law on state-owned assets, as a draft was submitted for first reading on Monday at the ongoing session of the Standing Committee of the National People’s Congress, China’s top legislature.

A foundational and comprehensive law on state-owned assetsis critical to improving the legal framework and enhancing governance efficiency under the rule of law, the Xinhua News Agency reported. 

The draft law submitted for deliberation is structured into seven chapters totaling 62 articles, covering general provisions, responsibilities of the owner of state-owned assets, management of state-owned assets, reporting on state-owned assets, supervision of state-owned assets, legal liability and supplementary provisions.

Following a problem-oriented approach,the draft upholds the Party's overall leadership over the management and supervision of state-owned assets. By standardizing oversight and strengthening management, it aims to ensure their lawful protection and effective utilization, thereby supporting the high-quality development of the state-owned economy.

The Standing Committee of the 14th National People's Congress (NPC), China's top legislature, held its 19th session in Beijing from Monday to Saturday.

Global Times