China sharpens legal teeth to tackle irregular sale of enterprise assets at low price

BEIJING, Jan. 31 (Xinhua) -- China will implement the newly adjusted criminal charge targeting those engaging in irregularities for personal gain through the conversion of enterprise assets into shares at a reduced price or their sale at a low price.

The new regulation, which is in alignment with the revised Criminal Law, will take effect from March 1, according to a supplementary provision jointly issued by the Supreme People's Court and the Supreme People's Procuratorate (SPP) on Wednesday.

The modified criminal charge is an extension of the previous criminal charge of engaging in irregularities for personal gain by converting state-owned assets into shares at a low price or selling them at a reduced value.

The adjustment is a result of thorough deliberations and based on the practical need to protect private enterprises, said an SPP official. The expansion of the charge's scope from state-owned enterprises to include other enterprises further fulfills the demand to equally safeguard all kinds of property rights.