On Saturday, China's top legislature adopted the first law regulating the country's asset appraisal industry. The law will come into effect on Dec 1.

The law stipulates that qualification exams for appraisers must be organized by the national industry associations, and the appraisal industry should be regulated by city-level authorities and above.

According to the law, the practitioners must provide appraisal services and sign appraisal reports. Those who sign false reports will be punished.

The law provides that appraisal agencies should supervise and take responsibility for the professional conduct of their practitioners.

For matters involving State-owned assets or public interests, if an appraisal is legally required, the appraisal agencies should assign at least two certified appraisers to the job and sign appraisal reports, the law says.

Critics say the law, which has gone through four rounds of readings and revisions since it was first drafted 10 years ago, may curb the corruption in the asset appraisal industry.

The evaluated price of public assets directly concerns the public's interests. When the government sells or leases State-owned assets, and the evaluated price is obviously lower than their practical value, the heavy losses will be at the public's expense.