China to Strengthen Legislative Efforts for High-Quality Economic Development

BEIJING, Sept. 6 (Xinhua) — The Ministry of Justice said on Friday it will actively step up legislative efforts in key sectors to promote high-quality economic development and improve the macroeconomic management system.

In a bid to build a unified national market and improve the business environment, the ministry has accelerated the process of amending the law on combating unfair competition in cooperation with relevant authorities, Jiang Shan, an official at the ministry, told a news conference.

In addition, Jiang emphasized efforts to establish a sound legal and regulatory framework to address the problem of overdue payments owed to enterprises. In the meantime, work is underway to revise regulations to protect payments to small and medium-sized enterprises.

Jiang said that in order to ward off and mitigate risks in the financial sector, the ministry will actively promote the amendment of the Law on the Regulation and Supervision of the Banking Industry and actively participate in the drafting of the Financial Law.

In terms of creating new systems for an open economy with a higher standard, the ministry and other relevant departments are considering amending the Foreign Trade Law and Customs Law to bring them into line with international high standards in the economy and trade, and to expand the scope of opening up, the official said.