China Downgrades Priority of Economy for Future Legislation

Bloomberg

Published Nov 07, 2022 10:08PM ET

Updated Nov 07, 2022 10:36PM ET

China Downgrades Priority of Economy for Future Legislation

(Bloomberg) -- China appears to be playing down the importance of development and reform and opening up of the economy for future legislation, adding to concerns that the government is increasingly prioritizing security and ideology over growth. 

A draft amendment to the Legislation Law revamped a list of principles for laws, removing the statement in the opening section that lawmaking should revolve around economic development and adhere to reform and opening up. 

Instead, the proposed law says that lawmaking should “adhere to the leadership of the Chinese Communist Party, adhere to the guidance of Marxism-Leninism, Mao Zedong Thought, Deng Xiaoping Theory, the Theory of Three Represents, the Theory of Scientific Development, and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, to develop a system of socialist rule of law with Chinese characteristics.” 

The changes amplifies concerns that the primacy of economic growth is being de-emphasized, despite President Xi Jinping’s pledge at the recently-concluded congress that economic development is still the Party’s top priority. In Xi’s report to the congress, mentions of “security” surpassed “economy” for the first time, according to a Bloomberg News analysis. 

The amendment was submitted to the National People’s Congress and passed its first reading on Oct. 30. It is now open to public comments until Nov 29, after which it would usually go through two more rounds of deliberation and revision before being passed into law. 

The Legislation Law was introduced in 2000 and amended in 2015, and regulates activities related to lawmaking, such as how the national legislature makes and interprets laws. The changes were earlier reported by the Nikkei. 

©2022 Bloomberg L.P.

Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes