China mulls allowing more to practice asset appraisal

"The draft law is very significant in ensuring the sound development of the appraisal industry, maintaining order in the socialist market economy, as well as promoting reform of the state-owned enterprises and state-owned assets administration system," the NPC Law Committee said in a review report.

The draft is "fairly mature" after several rounds of revision, and it is now necessary to pass it, the committee said, suggesting it be put to a vote at this session.

While deliberating the draft law, several lawmakers highlighted the important role of appraisal industry associations.

Improving industry associations will be a crucial task as it will help draw a clearer line between the government and the market, lawmaker Wu Xiaoling said.

"With guidance from the government, industry associations will play a bigger role. This is the institutional foundation for the healthy development of the asset evaluation industry," Wu said.

Wu urged the associations to be the voice of people in the appraisal industry and serve as a bridge between the industry and the government.

Meanwhile, lawmaker Che Guangtie noted it is "highly necessary" for industry associations to establish mechanisms for communication, coordination and information sharing.

"Although appraisal agencies rely heavily on data, their resources are not unified. Nor do they invest much in information gathering," Che said.

Che called on regulatory agencies to give greater support to industry associations and the speedy establishment of such mechanisms.