The Corporate State-owned Assets Law, which has been in effect for nearly 17 years, has received its first revision.

The draft amendment of the Enterprise State-Owned Assets Law was submitted to the 22nd meeting of the Standing Committee of the 14th National People's Congress for first review on April 27. The revision of the Enterprise State-Owned Assets Law adheres to the Party's leadership, problem-oriented approach, overall development and security, and steady progress. The draft includes amendments to 71 articles, the addition of 32 new articles, totaling nine chapters and 109 articles, comprehensively revising the current law. The main modifications include improving the modern enterprise system with Chinese characteristics, enhancing the supervision system for managing state-owned assets in enterprises, clarifying the principle of classified management, and improving the system for managing state-owned capital profits. The Enterprise State-Owned Assets Law establishes the basic system for the supervision and management of state-owned assets in enterprises in China. Since its implementation on May 1, 2009, it has provided strong legal protection for the reform and development of state-owned assets and enterprises. During the "15th Five-Year Plan" period, China's development environment faces profound and complex changes. The revision and improvement of the Enterprise State-Owned Assets Law, to lead and safeguard the reform and development of state-owned assets and enterprises through legislation, strengthen the legal construction of supervision of state-owned asset management, is of significant importance for ensuring the sustained and healthy development of the state-owned economy. This article was reprinted from "Xinhuanet Co., Ltd." and edited by GMTEight: Feng Qiuyi.