China's top legislature on Monday began to discuss a draft law on assets appraisal.

In its three-day bimonthly session from Monday to Wednesday, senior legislators of the Standing Committee of the National People's Congress will deliberate on the draft, which aims to regulate the services and safeguard the legitimate rights and interests of clients claiming for appraisal.

The draft, which runs to eight chapters and 59 articles, stipulates mainly on the registration of public valuers, obligations and rights of appraisal institutions, supervision over the appraisal industry, and penalties for violations.

Legislation of assets appraisal law should be compatible with international codes of practice while the socialist market economy and the situation of China's assets appraisal services should be taken into consideration, according to the motion for deliberating the draft law.

The draft law calls for coordinated efforts in different government departments in a bid to better regulate the industry.

A code of practice, the self-discipline of appraisers and appraisal institutions have also been stressed in the draft law.

China now has almost 10,000 appraisal institutions, with more than 100,000 registered appraisers and 300,000 people employed in the field.

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