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Lawmakers Discuss Draft Law on Trust
Participants at the 21st meeting of the Standing Committee of the National People's Congress (NPC) called for enacting the Law on Trust as early as possible, Wednesday.
Li Peng, chairman of the NPC Standing Committee, attended a panel discussion on the draft of the law.
A majority of the participants were of the same opinion that, along with the development of a socialist market economy in China, trust is playing a positive role in rationalizing the management of properties, promoting public investment and boosting the development of common benefit.
But some of the lawmakers differed on whether the law should include rules on the establishment, management and legal responsibilities of a trust company.
Meanwhile, many of the participants held that problems involving local trust companies are quite complicated, and it will take time for the government to sum up experience in the administration of the industry.
In the 1990s, the government moved to rectify local trust companies, and much progress has been made.
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