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HONG KONGSHANGHAI, Dec 23 Reuters China39;s top legislative body stepped in on Monday to soften the terms of a controversial law meant to strengthen the hands of creditors by letting them target former shareholders in companies, after a wave of rare protests in 11 cities.

The move by the legislative affairs commission of the National People39;s Congress NPC, China39;s parliament, on a recent change to company law followed a spate of 17 shareholderrights protests in recent weeks.

The commission said it would urge the relevant courts to take appropriate measures in efforts to better optimise the business environment, state media reported on Monday.

It said the contentious provision should not apply to shareholders who had sold out before the new law took effect in July.

The move comes as Beijing scrambles to manage economic discontent after a collapse in the real estate industry and shore up consumer confidence.

The protests, which experts said had threatened to turn into a broader social stability concern for Beijing, focused on who should be on the hook when private companies of the kind that once powered China39;s boom cannot pay their debts or go bust.

You have this protest movement, essentially about people39;s livelihoods being hurt by the…