The Standing Committee of the 13th National People's Congress (NPC) adopted a revised Vocational Education Law and a law on futures and derivatives at its 34th session on April 20.

Song Fang, deputy director of the Administrative Law Department at the Legislative Affairs Commission of the NPC Standing Committee, said the revised Vocational Education Law makes specific provisions on some issues of public concern, which include promoting the coordinated development of vocational and general education, furthering integration of vocational education at different levels, deepening cooperation between schools and enterprises, and enhancing social recognition of vocational education.

The revision has translated policy moves and practices tested in the reform of vocational education into legal provisions, which will reinforce the legal foundation for training high-quality workers and skilled talents and for building a modern vocational education system, according to Song.

The law on futures and derivatives puts derivatives trading under regulation and clarifies rules on futures trading, settlement and delivery, protection of futures traders, as well as oversight of the futures market and service providers.

The legislation is an important move to improve China’s legal framework in the financial sector, according to Wang Xiang, deputy director of the Economic Law Department at the Legislative Affairs Commission of the NPC Standing Committee.

Wang said the law focuses on forestalling and defusing market risks and makes provisions that specify cracking down on manipulation of the futures or derivatives markets, insider trading, spread of misleading information and other illegal practices.