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Wednesday, May 22, 2019, 21:25
Top legislature to review reports on state asset supervision
By Xinhua
Wednesday, May 22, 2019, 21:25 By Xinhua

BEIJING - The Standing Committee of the National People's Congress (NPC), China's top legislature, will listen to and deliberate reports submitted by the State Council on the condition and management of state assets from 2018 to 2022.

Each year, the NPC Standing Committee will listen to and review a report on a specific aspect of state assets, according to a plan released by the NPC Standing Committee

Each year from 2018 to 2021, while recording and reviewing a general report handed in by the State Council on basic conditions of all sorts of state assets, the NPC Standing Committee will listen to and review a report on a specific aspect of state assets, according to a plan released by the NPC Standing Committee.

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The plan was made based on a document issued by the Communist Party of China (CPC) Central Committee in December 2017, which provided guidelines for establishing the reporting system.

A report on state-owned financial institutions was submitted to the NPC Standing Committee and deliberated in 2018, and reports on state-run non-commercial institutions, state-owned enterprises and state-owned natural resources will be submitted in 2019, 2020 and 2021, respectively.

In addition to submitting a written general report annually, the State Council is also required to send an official to explain contents to the lawmakers in the last year of the five-year tenure of the 13th NPC Standing Committee.  

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The plan also includes requirements for standardizing and improving the reporting system, enhancing the NPC's supervision and promoting legislation on state asset management and supervision.  

A feasibility study should be carried out to draft a comprehensive law on the management of state assets, the plan reads.

"The move is of great significance for improving transparency and credibility of management of state assets, consolidating and developing the basic socialist economic system with Chinese characteristics and enabling lawmakers to better perform their duties," said Shi Yaobin, director of the Commission for Budget Affairs with the NPC Standing Committee, in an interview with Xinhua

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