China to formulate, revise multiple laws for market economy: report

China will formulate or revise multiple laws to strengthen its legal framework for the development of the socialist market economy this year, a report said on Saturday.

The National People’s Congress (NPC) Standing Committee will formulate a law on promoting the private sector, a law on national development planning, a financial law, a financial stability law, and a law on farmland protection and quality improvement in 2025, according to the NPC Standing Committee report.

The legislature will also revise the Unfair Competition Law, the Enterprise Bankruptcy Law, the Agriculture Law, the Fisheries Law, the Civil Aviation Law, and the Banking Regulation Law, said the report, which was submitted to the ongoing NPC annual session for review.

Reference Link:- https://english.news.cn/20250308/34c25fe80b48412cbe7762d4f1ea7c6f/c.html

Prof. Engr. Zamir Ahmed Awan Founder & Chair, Global Silk Route Research Alliance

Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…