On this day, 39 years ago, on December 31, 1986 (December 1, 1986 in the lunar calendar), my country implemented the Enterprise Bankruptcy Law. In December 1986, the 18th meeting of the Standing Committee of the Sixth National People's Congress passed the Enterprise Bankruptcy Law (Trial Implementation). Over the years, about 1/4 of state-owned enterprises have suffered losses. In 1982, 444 companies had total losses exceeding total profits after building factories, of which 49 companies had net losses after offsetting profits and losses over the years that were greater than net fixed assets. In the past, these enterprises that were actually bankrupt have been provided with financial subsidies from the state, allowing them to possess the fruits of labor of other profitable enterprises for a long time without compensation. Cadres and employees will not bear any responsibility for losses. The Enterprise Bankruptcy Law applies to enterprises that have caused serious losses due from poor management and are unable to pay off their debts when due, and are declared bankrupt in accordance with the provisions of the law. The implementation of this law marks the establishment of my country's bankruptcy system and is of great significance to deepening reforms and revitalizing the economy.