BEIJING -- A draft revision to the Law on State-Owned Assets of Enterprises, which has been in effect for nearly 17 years, was submitted Monday to a standing committee session of the top legislature for its first reading.

The draft revises 71 articles and adds 32 new ones, bringing the total to 109 articles across nine chapters.

The comprehensive amendments cover improvements to the modern corporate system with Chinese characteristics, refinements to the oversight and management framework for State-owned assets of enterprises, adherence to the principle of category-based management, and enhancements to the state capital revenue management system.

The Law on State-Owned Assets of Enterprises, which lays down the foundational system for China's management and supervision of state-owned assets in enterprises, has provided a strong legal guarantee for the reform and development of State-owned assets and enterprises since its implementation on May 1, 2009.

As China's development environment undergoes profound and complex changes during the 15th Five-Year Plan period (2026-30), revising and improving the law holds great significance for ensuring the sustained and healthy development of the state-owned economy.