China's legislature ends bimonthly session with revisions, ratification

China's top legislature on Wednesday ended its bimonthly session by adopting revisions to the Seed Law and ratifying the Asian Infrastructure Investment Bank (AIIB) agreement.

Lawmakers voted on the bills at the closing meeting of the bimonthly session of the National People's Congress (NPC) Standing Committee, which was presided over by top legislator Zhang Dejiang.

President Xi Jinping signed off the revised Seed Law, the first change to the legislation since it was enacted in 2000.

Zhang said the revised law will enhance innovation in agriculture, improve the industry as a whole and result in higher income for farmers.

"Developing the modern seed industry is important as it will make it more competitive, while ensuring food security," Zhang told lawmakers.

At the meeting, the legislature also ratified the AIIB agreement, which established the legal framework for the bank. The ratification is a significant step closer to the AIIB's formal establishment, slated for the end of 2015. China is the bank's largest shareholder.

The multilateral development institution is tasked with financing infrastructure construction across Asia.

The meeting also adopted a proposal on experimental changes to the drug licensing system, to promote pharmaceutical innovation by giving incentives to researchers.

Zhang said the passage of the proposal provided legal backing for drug licensing reform.