Shou Xiaoli:

Thank you, Mr. Wang. The floor is now open for questions. Please raise your hand and state the news outlet you represent before asking your questions.

CCTV:

The third plenary session of the 20th CPC Central Committee has made comprehensive arrangements in areas such as building a high-standard socialist market economy, promoting high-quality economic development and improving macroeconomic governance. What specific laws will be introduced in these areas? Thank you.

Wang Zhenjiang:

Mr. Jiang will take this question.

Jiang Shan:

Thank you for your question. The third plenary session of the 20th CPC Central Committee has made comprehensive arrangements in building a high-standard market economy, promoting high-quality economic development and improving macroeconomic governance. Moving forward, the MOJ will strengthen legislation in key sectors across the following fields.

In terms of building a unified national market and improving the business environment, the MOJ is working with related government bodies to expedite the revision of the Anti-Unfair Competition Law  in a bid to create a sound institutional environment for all business operators to compete fairly within the market. We are also improving laws and regulations concerning the clearance of overdue payments owed to enterprises as well as revising regulations on ensuring payments to small and medium-sized enterprises (SMEs).

In terms of fending off and defusing risks in the financial sector and promoting the sound and stable development of the capital market, the MOJ will accelerate efforts to revise laws and regulations in the financial sector, such as the law on the regulation of and supervision over the banking industry, in order to further improve the financial regulatory system. We will also enact provisions by the State Council to regulate intermediaries' services for companies' public offerings, so as to help improve the quality of listed companies and protect investors' lawful rights and interests. In addition, related government bodies are moving faster to study and work on the drafting of the financial law, in which the MOJ is also participating. 

In terms of deepening the reform for the energy management system and enhancing the resilience and security of industrial and supply chains, the MJO is promoting the independent operation of natural monopoly businesses in sectors such as energy and advance market-oriented reforms in competitive areas of these sectors. We are also refining the overall planning and linkage systems for the exploration, production, supply, storage and sales of strategic mineral resources. We have collaborated with related government bodies and have formulated a draft for the Energy Law and a revision draft for the Mineral Resources Law. Currently, both of these documents have been submitted to the Standing Committee of the National People's Congress (NPC) for deliberation, and the MOJ will work with related NPC bodies to advance the legislation process.

In terms of building new institutions for a higher standard within the open economy and creating policies to support efforts to develop China into a strong trading nation, the MOJ is working with related government bodies to study and revise the Foreign Trade Law and the Customs Law. By doing so, we aim to proactively align with international high-standard economic and trade rules, take the initiative to enhance the country's openness to the world as well as actively respond to digital and eco-friendly trends within trade. We are also innovating mechanisms for supervision and fostering an institutional environment which is conducive to the growth of new business forms and models. Thank you.