China announced on Tuesday the establishment of an association for agencies dealing with the transaction of enterprises' state-owned property rights.

The association seeks to standardize the transfer of state-owned property rights between the government, institutions and enterprises, according to an announcement of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

Huang Shuhe, vice chairman of the SASAC, said that the association would make the state-owned property rights transaction market serve the reforming of state-owned enterprises and restructuring of the Chinese economy better.

The association will supervise its member agencies to abide by laws and regulations for a sustainable and healthy development of the state-owned property rights transaction market, Huang said.

Last year, state-owned property rights transactions generated 92.1 billion yuan (13.97 billion U.S. dollars) on the market, 14.3 billion yuan more than the estimated value before the deals, according to the announcement.

The association, now having 66 member agencies, is supervised by the SASAC.