The Standing Committee of the National People's Congress (NPC) in Beijing Tuesday held a lecture on the enterprise bankruptcy law for preparation of the new draft law preliminary deliberation in June, 2004.

Wu Bangguo, chairman of the NPC Standing Committee, said at the lecture that the new bankruptcy law will be an important law for improvement of socialist market economic system.

The current bankruptcy law, promulgated in 1986, is only applicable to state-owned enterprises and cannot meet the demand of China's reform and opening-up as well as development of market economy, said Wang Liming, lecture speaker and professor with the People's University of China.
 
(Xinhua News Agency April 7, 2004)