BEIJING -- A draft law on State-owned assets in China was submitted on Monday to the ongoing session of the Standing Committee of the National People's Congress for a second reading.
The draft law clarifies that the management and supervision of State-owned assets shall adhere to the principle of coordinating development and security, and improves relevant provisions on the paid use and rational allocation of State-owned natural resource assets.
The added provisions make clear that natural resource assets such as State-owned land, minerals and sea areas shall be subject to a paid-use system, and that the relevant use rights shall in principle be granted through competitive means.
The allocation of State-owned natural resource assets shall adhere to protection priority and rational utilization by strictly complying with requirements like territorial spatial planning, use regulation, and ecological and environmental protection.
The second-reading draft also improves relevant provisions to strengthen the management of State-owned asset returns.
The draft law was submitted late last year for its first deliberation. According to legal experts, this legislation is poised to improve the legal system for enhancing the efficiency of State-owned asset governance.
