AsianFin -- Chinese lawmakers have started reviewing a draft revision to the Enterprise Bankruptcy Law, aiming to enhance the country’s market exit mechanism, according to official reports.
The draft was submitted on Monday for its first reading at the ongoing session of the Standing Committee of the National People's Congress. The revision is part of broader efforts to improve regulatory frameworks governing corporate insolvency and ensure a more efficient process for the exit of unviable enterprises from the market.
The proposed changes are expected to address issues such as streamlining bankruptcy procedures, protecting creditors’ rights, and improving transparency in corporate liquidation, reflecting China’s focus on strengthening market discipline while supporting sustainable economic development.
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