China mulls raised threshold for asset appraisers

BEIJING -- Chinese lawmakers began to mull a draft asset evaluation law on Monday which is likely to raise the threshold for registered appraisers to ensure quality of service and protect clients' rights.

The draft law was tabled for its second reading on Monday at the bimonthly session of the Standing Committee of the National People's Congress (NPC), the country's top legislative body.

After the previous reading in February last year, the current version eliminates exemption from national exam for registered appraisers, saying the everyone who wants to be a professional appraiser must take the exam, the report from the NPC's Law Committee said.

According to the previous version, people with a bachelor's degree or above in asset evaluation major could be exempted from the national exam.

The draft also bans appraisers from cheating, bribery or coercing to win business.

The draft which runs to eight chapters and 59 articles, deals mainly with the registration of public appraisers, obligations and rights of evaluation institutions, supervision over the appraisal industry, and penalties for violations.

The draft law also aims to facilitate coordination in different government departments to better regulate the industry.

China now has almost 10,000 appraisal institutions, with more than 100,000 registered appraisers and 300,000 people employed in the field.