In 2024, the world economy is recovering slowly, but it still faces downward risks such as intense geopolitical conflicts, trade tensions and escalating protectionism, as well as public finance challenges. Economic policies of various countries are generally in a period of deep adjustment. Economic transformation and technological innovation have provided impetus, resilience and hope for the global economy. 
In July 2024, the Third Plenary Session of the 20th Central Committee of the Communist Party of China was successfully held, mapping out a grand blueprint for further comprehensive deepening of reforms and advancing Chinese-style modernization. It made strategic arrangements for key areas and critical links in economic system reform. The "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reforms and Advancing Chinese-style Modernization" adopted at the plenary session called for "improving the enterprise bankruptcy mechanism, exploring the establishment of a personal bankruptcy system, promoting the supporting reforms for enterprise deregistration, and perfecting the enterprise exit system. Improving the social credit system and regulatory mechanisms", providing guidance for bankruptcy-related reforms from the perspective of improving the basic institutions of the market economy and building a high-level socialist market economy system. 
In 2024, the construction of the bankruptcy legal system continued to advance in depth. The Enterprise Bankruptcy Law was included in the annual legislative plan of the Standing Committee of the National People's Congress for its third time since 2021, to be subject to its first review. The functions of the bankruptcy system continued to be actively exerted. While playing a role in properly preventing and defusing major risks, the division of labor and cooperation with various rescue tools were also actively explored in practice. Bankruptcy law research remained a hot and bright spot in legal studies. Forums, seminars, and business exchange meetings on bankruptcy law were held one after another throughout the year, creating a lively and prosperous atmosphere. 
The year 2025 marks the conclusion of the 14th Five-Year Plan and is a crucial year for deepening comprehensive reform. Bankruptcy system reform is an important part of the new round of reforms, and the soundness of the bankruptcy system is a significant indicator of whether a high-level market economy system is in place. Further leveraging the bankruptcy system, making good use of the concept of reorganization, and promoting the transformation of old and new growth drivers through bankruptcy work, enhancing corporate governance efficiency, improving the utilization efficiency of assets, and serving high-quality development and the cultivation of new quality productivity are major issues that we need to continuously think about and practice. 
This year marks the third consecutive year that Fangda's Bankruptcy Group has released the "Annual Observations on Bankruptcy" series of articles. We hope to continue sharing with you the hot topics in the bankruptcy and debt restructuring industry in 2024 and look forward to the new developments and trends in bankruptcy law in 2025. This report is divided into six parts: the general overview, listed companies, real estate, financial institutions, cross-border bankruptcy, and restructuring investment.