NPC gives nod to special bonds

The top legislature on Friday authorized the State Council to suspend or cut 20-percent tax on interest earned on personal savings under certain economic and social situations.

Lawmakers also gave the go-ahead for the Ministry of Finance to issue 1.55 trillion yuan ($202 billion) of special treasury bonds to finance the purchase of foreign exchange reserves for the yet-to-be-established State Forex Investment Company.

The 28th session of the Standing Committee of the National People's Congress (NPC) also rectified the long-awaited Labor Contract Law to improve the protection of employees' legal rights.