The World - News from Dec. 3, 1986
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China approved an experimental law requiring state-owned firms to balance their books or go bankrupt, the New China News Agency reported. The Standing Committee of the National People’s Congress passed the law on a trial basis, the news agency said. The action follows months of controversy, with some Communist Party officials contending that the law runs counter to Communist principles. Peng Zhen, chairman of the Standing Committee, said the main obstacle to the new move is the absence of laws granting independent decision-making powers to government-run businesses.
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