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addressed are the issues that the business community is concerned about”.
“It is excellent that President Xi recognized some problems,” especially those associated with its Belt and Road Initi
ative, such as transparency and corruption, said Craig Allen, president of the US-China Business Council.
Experts also were interested in how the reform policies and laws would be implemented, something Xi addressed in his speech.
“People are very positive about the direction, but they need to
know the details” of how the promises would be delivered, Overholt said.
Xi, citing the old Chinese saying “honoring a promise carries the weight of gold”, pledged to install a binding mec
hanism for international agreements, to make sure governments at all levels operate in well-regulated wa
ys, and to update laws and regulations to abolish unjustified practices, keeping in line with the needs of opening-up.
reforms to foster an investor-friendly legal system, represented by strengthened information disclosure, prot
ection of investors’ rights and interests, and crackdown on legal breaches, Liu said.
China must promote the healthy development of the capital m
arket through key institutional innovations, the Political Bureau of the Communist Part
y of China Central Committee, the Party’s core leadership, said a statement released after a meeting on Friday.
Dong said the revised law is likely to be adopted by the end of the first half of the ye
ar, adding it is imperative and possible to expedite rolling out the revised version.
“Previously, controversies over the registration-based IPO system reform ha
ve prolonged the revision process, but now this factor has been largely lifted,” he said.
“As foreign investors are set to play a bigger role in China’s capital
market development, the revised law should also consider clarifying the rights and oblig
ations of overseas investors, to help them form a stable policy expectation,” said Xue Yi, an associate p
comes in time because, if passed, it will provide better regulations of the gene-editing activities over embryos.
Besides, the draft law did not list clearly the definition of gene-edited em
bryos. Technically speaking, if a fertilized egg is genetically edited and grows into an embr
yo, the total process should be considered gene-editing of embryo and put under the regulation of the law.
Zhang Dake, an associate researcher at Beijing Institute of Genomics, Chinese Academy of Sciences
In the past, “health rights” mainly referred to the right to stay healthy and free from injuries. T
he draft amendment this time follows the latest progresses in genetic technologies by extending its defin
ition to cover genetic resources, and will be a guiding principle for relevant disputes in the future.
More importantly, the civil code is a guiding law for all laws in the ci
vil sector. If the draft amendment passes, more related laws, regulations as well as sta
ndards will be amended or drafted in the future, which is a major progress in legislation.