Chinese lawmakers have begun reviewing a draft revision to the Enterprise Bankruptcy Law, as part of efforts to improve the market exit system.

The draft revision to the law was submitted on Monday to the ongoing session of the Standing Committee of the National People's Congress, for its first reading.

The draft introduces a relatively comprehensive revision to the current law, with more than 160 provisions newly added or revised.

It highlights the role of governments of county level and above in coordinating bankruptcy affairs, and stipulates measures to prevent the depreciation or malicious transfer of a debtor's property after the filing of a bankruptcy petition and before the court's ruling.

New revisions also improve rules on optimizing procedures related to corporate reorganization, refining the bankruptcy system for special types of enterprises, and enhancing judicial cooperation in cross-border insolvencies.

The current Enterprise Bankruptcy Law, enacted in 2007, has played an important role in promoting orderly exit of business entities, fostering fair competition, and optimizing resource allocation.