China plans to optimize its legalframework on the management of state-owned assets within three to five years, Huang Shuhe, deputy director of the Commission for Supervision and Management of State-owned Properties, said in Beijing Tuesday.

Although China has 41 codes and state regulations and 452 localregulatory documents standardizing the supervision of state-owned assets, there is still much to be done in this area, Huang said.

For instance, a few regulations need to be revised or revoked while the enforcement of some others need to be further standardized, Huang added.

To facilitate the process,the commission has been actively participating in the drafting of the State-Assets Law and the amendment of Corporation Law, Bankruptcy Law, Budget Law, Securities Law, Property's Right Law and the Law on Financing and Lease.

The commission also picked up its pace in establishing relevantrules on the supervision and evaluation of state-owned assets, Huang noted. The officer predicted that an intensive review of existing laws and regulations would be expected in the days to come.

"Out of the country's 800-plus laws and regulations on state-assets management we inspected, only 257 remain valid at present," Huang said, referring to the achievements of a previous review.

Source: Xinhua