China to strengthen legal framework in economic, anti-corruption, and emerging sectors

China will focus on formulating and amending laws in economic, anti-corruption, and emerging sectors, making every effort to improve the socialist legal system with Chinese characteristics, said a report.

The work report of the Standing Committee of the National People's Congress was submitted on Monday to the ongoing fourth session of the 14th NPC for review.

With a concentration on developing a high-standard socialist market economy, the NPC Standing Committee will enact a state-owned assets law and revise several legislative items, including the Enterprise Bankruptcy Law and the Tax Collection and Administration Law, according to the report.

To accelerate the development of a financially strong nation, the standing committee also plans to enact laws on finance and financial stability, with revisions to the People's Bank of China Law and the Banking Regulation Law, the report stated.

In addition, Chinese lawmakers will enact a law on combating cross-border corruption to advance national anti-corruption legislation and strengthen research on legislation in artificial intelligence and other sectors, it added.