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China's legislature to revise Corporation Law
A draft amendment to China's Corporation Law was submitted to China's legislature for first deliberation here Friday, with an aim to lower capital requirements for new businesses and improve supervision over listed companies. The amendment, if passed, will add 44 new items, omit 13 items and revise 91 items from the original Corporation Law, according to sources with the 14th session of the Standing Committee of the National People's Congress (NPC). Lawmakers at the meeting also heard a report by Hua Jianmin, state councilor and secretary-general of the State Council, on the formulation of plans for a quick response to public health emergencies. Hua said the plans were basically completed and a national system was being set up. The State Council has decided to take more powerful measures to prevent major coal mine accidents and launch campaigns to ensure the safety of road and water transportation, dangerous chemicals, fireworks and fire control. The meeting, presided over by Wu Bangguo, chairman of the NPC Standing Committee, also heard reports by officials from the Civil Aviation Administration of China and the Foreign Ministry. Also deliberated at the meeting were the agenda for the NPC Third Session, the name list of the presidium and secretary-general of the session and the draft report on the work of the NPC Standing Committee to be delivered at the session slated for early March.
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