This year, China's legislative body took a significant step forward to strengthening its economic legislation.

In the Law on Corporate Income Tax, it stipulates that "the income tax for both Chinese-funded enterprises and foreign-funded enterprises is 25 percent."

In the Property Rights Law, it stipulates that "the property rights of the state, collectives, and individuals, as well as the property rights of other right holders, are protected by law and no unit or individual may infringe on the rights".

In the Anti-Monopoly Law, it stipulates that foreign capital merger and acquisition that involved national security should go through two different kinds of examination.

The legislature has also adopted a series of new laws, including the Labour Contract Law and the Employment Promotion Law which aimed at protecting the basic rights of the people, the Law on Urban and Rural Planning and Draft Amendment to the Law on Energy Conservation which served to point out a direction for the macro-economy.

The economic lawmaking has been deepened from the level of the framework legislation. It has paid more attention to the establishment of the system and standardization of rights and responsibilities, as well as protection of rights and benefits.

Made in China

"Made in China" - a term familiar to people of numerous countries around the world - suffered from an unprecedented "confidence crisis" this year.

The blasting fuse was the recall of China-made toys by Mattel Inc. It was followed by the fact that Chinese exporters encountered quality problems with their toys, toothpastes and foods.

The reasons for the recalls were not just quality defects because behind them were standard disputes, technical barriers, trade protection and the playing-up of media coverage.

However, China was determined to restore the confidence in "China-made" products with a four-month nationwide special campaign for rectification of product quality and food safety.