On November 29, the Ministry of Finance reported that the Ministry of Finance had revised the Assets Appraisal Law of the People's Republic of China, forming the Assets Appraisal Law of the People's Republic of China (Revised Draft for Comments), which was open to the public for comments. The draft is intended to unify the management of appraisers, improve the requirements for the establishment of evaluation institutions, and help further promote the healthy development of the evaluation industry and improve the level of evaluation management. According to the draft for comments, asset appraisal refers to the professional service of the appraisal institution and its appraisers to evaluate and estimate the real estate, movable property, intangible assets, enterprise value, asset losses or other economic rights and interests, and issue the appraisal report. According to the Ministry of Finance, the current assets appraisal law has played an important role in standardizing the appraisal behavior, protecting the legitimate rights and interests of the appraisal parties and the public interest, promoting the development of the appraisal industry, and maintaining the order of the socialist market economy since its implementation on December 1, 2016. However, with the rapid development of China's economy and society and the deepening of the reform of state-owned assets and enterprises, it is necessary to revise some provisions to adapt to the implementation of the newly revised securities law and other laws and regulations. At the same time, in combination with the current management situation and development goals of the appraisal industry, in view of the problems in the implementation of the asset appraisal law, the current provisions need to be supplemented, modified and improved to further promote the healthy development of the appraisal industry and improve the level of appraisal management. To improve the requirements for the establishment of institutions, there are 8 chapters and 55 articles in the current asset appraisal law. After the revision, 11 articles of the draft were revised on the basis of the original articles. The main revised contents include eight aspects, including increasing the requirements of adhering to the leadership of the Party, unifying the appraisers' statements, and improving the requirements for the establishment of evaluation institutions. Among them, in order to compact the responsibilities of partners or shareholders, standardize the management and practice of evaluation institutions, and reduce the risk of practice, this revision has raised the requirements for the establishment of evaluation institutions, and clarified the organizational form of evaluation institutions, the qualifications of partners or shareholders, the threshold for the establishment of branch offices, and other contents. This revision has deleted the content that "more than two evaluation methods should be selected", which is to consider that the selection of evaluation methods belongs to the category of professional technology and should be standardized by the evaluation criteria, without being stipulated in the law. According to insiders, in practice, not all projects are applicable to more than two evaluation methods. It is unnecessary to use two methods for simple single assets. Some evaluation projects cannot use two methods due to limited conditions. In terms of the legal business practice conditions, as the legal business involves state-owned assets and public interests, in order to safeguard the rights and interests of state-owned capital and prevent the loss of state-owned assets, this revision clarifies the practice conditions of the evaluation institutions undertaking the legal evaluation business, and stipulates the internal audit procedures for the legal business. In terms of the retention period of the evaluation files, considering that Article 162 of the Securities Law stipulates that the retention period of information and materials such as the working papers kept by the asset evaluation institutions shall not be less than ten years, Article 29 of this revision is revised as "the retention period of the evaluation files shall not be less than ten years". In addition, in order to urge the asset appraisal institutions to improve their quality management level, promote the asset appraisal institutions to improve their quality control system, improve their professional ethics and practice quality, the penalty provisions and securities laws and regulations are hereby revised