Beijing: The Standing Committee of the National People's Congress (NPC) has approved 24 law bills since the 2024 NPC annual session, as announced by a spokesperson on Tuesday.

According to Namibia Press Agency, over the past year, the NPC Standing Committee has formulated six new laws, revised 14 existing laws, and made four decisions on legal issues and major matters. Lou Qinjian, the spokesperson for the third session of the 14th NPC, highlighted these legislative activities.

Among the newly adopted laws is the law on value-added tax, which aims to enhance the tax system, promote high-quality development, ensure social fairness, and foster a unified market. Lou also mentioned the revisions made to the accounting law and the statistics law to better safeguard market economy order and protect public interests.

Furthermore, the NPC Standing Committee formulated the tariff law to enhance foreign trade and support high-standard opening up. The anti-money laundering law was revised to bolster national systems for the prevention and control of financial risks.