BEIJING -- Lawmakers on Friday voted to adopt a revised Company Law, which will take effect on July 1, 2024.

The newly revised law, with a total of 15 chapters, including those related to foreign company branches and legal liabilities of companies, was adopted at the seventh session of the Standing Committee of the 14th National People's Congress, China's top legislature.

The law was enacted for the purposes of regulating the organization and conduct of companies and protecting the lawful rights and interests of companies, shareholders, employees, and creditors.