Asset approval shake-up begins

BEIJING - China will adopt stricter rules for the asset appraisal industry in a bid to prevent irregularities in the reform of State-owned enterprises and the capital market.

On Monday, legislators began a review of a draft law that has been submitted to the National People's Congress for approval. It consists of eight chapters divided into 59 articles, and specifies qualifications and access conditions for the industry.

According to the new rules, "all applicants for appraisal licenses must pass a national exam and have at least two years of industry experience. Those eligible will obtain a certificate to practice as registered appraisers."