10 ALB CHINA INSOLVENCY & RESTRUCTURING GUIDE 2023 should be expedited, and the relevant legislation on the prepackaged reorganization system should be improved by drawing on foreign legal systems while taking into account China's national conditions and practice, so as to achieve the establishment of a prepackaged reorganization system and the effective connection between prepackaged reorganization and restructuring procedures. V. Conclusion In conclusion, China's prepackaged reorganization system is gradually developing under the joint promotion of market and policy. Under the protection of national legislation, the prepackaged reorganization system makes it possible for creditors, debtors, contributors and other stakeholders to reach consensus through voluntary restructuring negotiations, and makes the draft restructuring plan effective with the help of restructuring procedures to improve the quality and efficiency of enterprise restructuring. As a result, the objectives of effective allocation of resources, rescue of enterprises in distress, protection of the interests of all parties and optimisation of the business environment can be achieved.
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