BEIJING - China's top legislature on Saturday adopted a law on asset appraisals, the first law governing the country's asset appraisal industry since its birth nearly 30 years ago.

The law, drafting of which started in 2006, was adopted after a fourth reading at a bi-monthly session of the National People's Congress (NPC) Standing Committee. It will take effect on Dec 1, 2016.

Prior to the law, the country only had an administrative regulation on state-owned asset evaluation, which was promulgated by the State Council in 1991.

The new law allows certified appraisers who have passed national exams, as well as others who have expertise and hands-on experience in asset evaluation, to practice asset appraisal.

Practitioners must provide appraisal services and sign appraisal reports in accordance with the law. Those who sign false reports could face a life ban.

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, appraisal agencies should assign at least two certified appraisers to the job and sign appraisal reports, the law says.

The law also stipulates that appraiser qualification exams be organized by national appraisal industry associations.

Industry associations should establish mechanisms for communication, coordination and information sharing, as well as common codes of conduct in order to boost the sound and orderly development of the appraisal industry, according to the law.

The appraisal industry should be regulated by city level authorities and above, it says.