However, it was not until 1999 when the concept was formally cited in the major documents published by the Fourth Plenary Session of the Fifteenth National Congress of CPC.
On the basis of international experiences, it might be helpful for the government to clarify its attitude towards the Five Principles on Corporate Governance issued by the OECD in 1999 and its role in establishing the institutional and legal framework for corporate governance. The Revised Principles on Corporate Governance issued by the OECD in 2004 also attached great importance to this issue.