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Trust Law to Protect Investors
A new law on trusts will boost the development of China's economy while protecting the interests of investors.
The claim was made by Cheng Siwei, vice-chairman of the Standing Committee of the National People's Congress (NPC), China' s top legislative body.
"The law marks the legal establishment of the trust trade and provides a powerful legal guarantee and code of practice for it," Cheng Siwei was quoted as saying by Monday's China Daily.
The law was initiated eight years ago and only approved by Cheng's committee in April of this year after hot debate.
The law governs basic trust relations to protect the rights of all parties, including trustees, trustors and beneficiaries.
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