BEIJING -- China has taken a significant step toward formulating a foundational and comprehensive law on State-owned assets, as a draft law was submitted on Monday for its first deliberation at an ongoing session of the Standing Committee of the National People's Congress.

According to legal experts, the legislation is poised to improve the legal system for enhancing the efficiency of State-owned asset governance.

Comprising 62 articles across seven chapters, the draft law upholds the Party's leadership over the governance of State-owned assets, seeks to standardize management and oversight practices, and aims to ensure lawful protection and efficient utilization of the assets, thereby promoting the high-quality development of the State-owned sector.