The 7th meeting of the 14th National People's Congress Standing Committee voted on December 29 to pass the newly revised Company Law, which will come into effect on July 1, 2024. The term "company" in this law refers to limited liability companies and joint-stock limited companies established within the territory of the People's Republic of China in accordance with this law. The revised Company Law consists of fifteen chapters, including General Provisions, Company Registration, Establishment and Organizational Structure of Limited Liability Companies, Equity Transfer of Limited Liability Companies, Establishment and Organizational Structure of Joint Stock Limited Companies, Issuance and Transfer of Shares of Joint Stock Limited Companies, Special Provisions on Organizational Structure of State funded Companies, Qualifications and Obligations of Company Directors, Supervisors, and Senior Management Personnel, Corporate Bonds, Corporate Finance and Accounting, Merger, division, increase or decrease of capital of a company, dissolution and liquidation of the company, branches of foreign companies, legal responsibilities, and supplementary provisions. The revised Company Law clearly states that in order to regulate the organization and behavior of companies, protect the legitimate rights and interests of companies, shareholders, employees, and creditors, improve the modern enterprise system with Chinese characteristics, promote the spirit of entrepreneurship, maintain social and economic order, and promote the development of socialist market economy, this law is formulated in accordance with the Constitution. (Lai Xin She)