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The government of China, having been under tremendous liabilities incurred out of its ownership and management of companies under State-owned enterprise systems, struggled to seek a new mechanism.
The State-owned enterprises are changed into a limited liability company in order to complete separation of fund raising.
The newly revised Company Law of China confirms that a company is not a part of State-owned properties controlled by the government.
The newly revised Company Law of China("the Company Law 2005") was revised to promote economic efficiency. To guarantee the independency of the company, it increased the subjects to be laid before the meeting of shareholders, and regulated to manage them according to the articles of association.
It also included the provisions on reducing the amount of registered capital and the procedure steps to issue the shares and assign the credits, assigning shares of limited liability companies.
Permitting the establishment of one-person limited liability companies.
Innovating the financial system of the limited liability companies.
The Company Law 2005 on participation of worker can be divided into two categories: the participation of workers in company organization and the participation of worker in company information.
The company should organize a committee of Communist Party of China. And by stipulating the position and role of the Trade Union in detail. China should seek legislative solutions to do this task.