BEIJING, June 26 (Xinhua) -- China's top legislature on Tuesday started reading several draft amendments to laws covering the budget, labor contracts, and securities investment funds.
The draft amendments were submitted at the session of the National People's Congress (NPC) Standing Committee that runs from Tuesday to Saturday.
Wu Bangguo, chairman of the NPC Standing Committee, presided over the first plenary meeting of the session on Tuesday.
The draft amendments to the budget law presented for the first reading had included an article allowing local governments to issue bonds within a quota set by the State Council and approved by the NPC.
The bill for the second reading, however, removed this article and reinstated the regulation in the current law that bans local governments from issuing bonds.
According to the bill, the financial department of the central government can issue bonds on behalf of local governments only in accordance with laws and regulations issued by the State Council, China's Cabinet.Source: Xinhua【1】 【2】