The Accountancy Law was revised in June 1999 to bring PRC accounting standards in line with international best practice. Other important laws that will be drafted or revised include the bankruptcy law, the trust law, the social security law and the regulation for winding up insolvent financial institutions. Convention 100 relating to equality of opportunity and treatment and convention 138 relating to minimum age. The Government is considering the ratification and convention 111, as well as major non-core conventions concerning safety and health in construction, minimum standards on merchant ship, labor administration and labor inspections in industry and commerce. Public access to information has improved since the 1980s, although the media is still Government controlled.
Internet penetration has the potential to vastly accelerate access to information.
By the end of 1999, PRC had over 15,000 websites, of which 700 were news-related. Although economic information is still guarded more closely in PRC than in some other countries, Government recognizes that a market economy requires improved access to accurate, timely economic information. Statistical data are regularly published in Chinese, English, and other major languages. Questions remain regarding the reliability of the information since data from the administrative reporting system are relied upon in the compilation of national accounts, but this reporting system is managed entirely by the local governments and there is minimal validation control in the system. The Government is aware of these issues and has initiated some changes in its data collection process.