Shanghai deputy to NPC proposes new enterprise information law

China should formulate a new law on enterprise information disclosure which can improve the business environment and usage of commercial data resources, a NPC Shanghai deputy said on Friday.

The new law should aim to improve government regulation and standardize information disclosures from companies, which will also attract more overseas investment, said Chen Li, general manager of China Mobile’s Shanghai office.

Chen is one of the National People's Congress delegates currently attending the Two Sessions in Beijing.

Current laws on corporate information disclosure were drafted in 2014 and do not meet current situations, said Chen, who also noted that the national enterprise database, managed by several government bureaus, is hindered by duplicate data.

At present, there are 120 million companies in the database, with 18,000 new enterprises added daily. About 90 million people visit the database every day.

According to Chen’s proposed bill to the Congress, the new law will strengthen the overall coordination and management of information resources and optimize the business environment; clarify enterprise information disclosure mechanisms and the specific scope of enterprise information that government departments should publish; integrate the annual reports of enterprises; list serious law violations; clarify legal responsibilities and improve the effectiveness of law enforcement.