Our country plans to revise the enterprise bankruptcy law to fill in the gaps in the market exit mechanism.

The bankruptcy legal system is a fundamental legal system of the market economy. Since the current enterprise bankruptcy law was implemented in 2007, it has played an important role in promoting the orderly exit of operating entities, promoting fair competition, and optimizing resource allocation. However, the law is no longer suitable for practical development and urgently needs to be revised. On September 8th, the 17th meeting of the Standing Committee of the 14th National People's Congress for the first time reviewed the draft amendment of the Enterprise Bankruptcy Law proposed by the Finance and Economic Committee of the National People's Congress. The draft contains a total of 216 articles in 16 chapters, with over 160 substantive additions and modifications compared to the current enterprise bankruptcy law, making a comprehensive revision of the current enterprise bankruptcy law.