Members of the Standing Committee of the 10th National People's Congress (NPC) on Sunday discussed draft amendments to China's Corporate and Securities legislation.
After three rounds of deliberation, lawmakers agreed that the two drafts are ready to be handed over to this session of the NPC Standing Committee for approval.
The draft amendments to the Corporate Law include articles to protect the interests of investors, managerial staff and laborers, which would help boost the country's economic growth.
But there are disagreements relating to the establishment of one-person companies or sole proprietorships. Some lawmakers have urged the State Council to enact stricter regulations on the operation of such companies as they have run into serious problems on the international market.
On amending the Securities Law, legislators called for improving the quality of listed companies, paying greater attention to information disclosure, and encouraging technological innovation.
The lawmakers also urged the authorities to deal with stock market irregularities and to severely punish violators.
(Xinhua News Agency October 24, 2005)
