China to Amend Accounting Law, Enact Futures Regulations ����China will soon amend the existing Accounting Law and enact provisional regulations on futures trade management, according to the 18th Executive Meeting of the State Council held in Beijing May 25. ����The meeting, presided over by Premier Zhu Rongji, discussed and passed in principle a draft amendment to the Accounting Law and a draft of the Provisional Regulations on the Management of Futures Trade. ����Participants agreed that the existing Accounting Law has played a positive role in regulating and improving accounting work in China, and has thus contributed to the country's economic development. ����However, they said, with the deepening of reforms and the development of the socialist market economy, the law no longer fits the current situation, and has failed to meet the demands of macroeconomic control by the State. ����"It is imperative to revise the Accounting Law in accordance with the requirements of the socialist market economic system," they noted. ����They went on to say that China's futures market, which began trial operation in 1990, was once nearly out of control, and the State Council had to issue two circulars to bring it back to normal order. In order to substantially strengthen the supervision and management of the futures market and ward off potential risks, they said, it is most necessary to formulate the provisional regulations. ����According to a decision made at the meeting, the draft amendment to the Accounting Law will be submitted to the Standing Committee of the National People's Congress for examination, while the provisional regulations on futures trade will be promulgated by the State Council after some further revisions. (Xinhua) HomeNews 1999-05-26 Page1 Full Story in Chinese