The Asian Development Bank would help Beijing to draft a new company law, said Bruce Murray, the bank's mainland programme manager. There are numerous inconsistencies between legislation for foreign joint ventures, domestic private firms and state-owned enterprises, for instance, that need to ironed out, he said. The ADB would also help Beijing draft a trust law. The financial troubles of international trust and investment corporations had made this urgent. 'Non-viable institutions should be closed, but the rules of the game are not clear,' said Mr Murray. The ADB would help draft legislation to better cope with the liquidation and bankruptcy of financial institutions. Inefficiencies mean the mainland's bankruptcy courts are scarcely used. ADB funds would be used to hire foreign legal experts to work with mainland law drafters and provide advice. Further technical help may also given to the Chinese Securities Regulatory Commission to assist in developing its capital markets. In particular, the ADB would like to see the mainland's bond market deepened and matured.