The meeting was presided over by top Chinese legislator Wu Bangguo. Some 200 members of the NPC standing committee are attending, as well as representatives from around the nation.

The 14th gathering National People's Congress Standing Committee opened this morning in Beijing. It will discuss a string of new laws and regulations.

The 14th gathering National People's Congress Standing Committee opened this morning here in Beijing.

The meeting was presided over by top Chinese legislator Wu Bangguo. Some 200 members of the NPC standing committee are attending, as well as representatives from around the nation.

Amendments to the nation's Company Law are one of the focal points. The current law has been in place for over 10 years, and it's no longer able to solve many of the problems arising from the country's economic development.

Cao Kangtai, director of State Council Legal Office, said, "The threshold for establishing new companies is too high, making it difficult for social investment; the corporate governance structure is not perfect, the rights and obligations of the board of directors, board of shareholders, and board of supervisors…all need to be further clarified; The protection mechanism for the shareholders, especially those smaller shareholders, lack proper measures; and the regulations to oversee the credibility of companies should be further set up."

According to the NPC Standing Committee, the amendments include over 40 new provisions, and over 90 changes to the originals. They are drawn from NPC deputies, members of the Chinese People's Political Consultative Conference, as well as experts from various sectors of government and enterprise. But these amendments will only guide domestic companies. Foreign companies and joint ventures will continue to be guided by the three foreign investment laws.

Other draft laws under review cover credit card issues in criminal law, and renewable sources of energy.

China's NPC Standing Committee holds several meetings each year. The current meeting is the last one before the annual NPC session, which takes place in early March. Some of the drafts are expected be passed on to the next meeting for further evaluation, while others will be enacted as new laws and regulations.