CHINA'S Corporate Law is in desperate need of changes to adapt to the needs of the market economy, deputies to the just concluded National People's Congress session urged. Deputies and legal professionals stress that the reform will require the revision of or scrapping of a host of laws.
Some experts pointed out that the biggest flaw in China's corporate law system is its classification of different forms of ownership. Besides the Corporate Law, enacted in 1993, China still has a law on state-owned enterprises and several regulations governing foreign-funded companies.
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