China is planning to formulate a private sector promotion law, aiming to accelerate the creation of a new pattern of development and deepen reform across the board, said the annual work report of the Standing Committee of the National People's Congress.

The report on the work of the NPC Standing Committee was submitted to the ongoing second session of the 14th NPC, the country's top legislative body, on Friday for a review.

To reach the goal, Chinese lawmakers are also considering to formulate a financial stability law, a law on rural collective economic organizations, and a value-added tax law, the report said.

The move also aims to improve the socialist legal system with Chinese characteristics, it added.

In addition, a draft environmental code is about to be compiled to submit for deliberation, it said.

To strengthen legislation in areas involving foreign affairs and develop a system of laws for extraterritorial application, Chinese lawmakers are also ready to formulate a tariff law, with revisions to the Frontier Health and Quarantine Law and the Anti-Money Laundering Law, it said.