Published on: 2026-06-24
Source: The People’s Republic of China in Russian –
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Beijing, June 24 /Xinhua/ — Chinese legislators have begun reviewing a draft financial law aimed at promoting the high-quality development of the financial sector, strengthening financial regulation, and preventing related risks.
The bill was presented on Tuesday at the 23rd session of the Standing Committee of the National People’s Congress / NPCSC / of the 14th convocation for consideration in the first reading.
The bill consists of 95 articles in 11 chapters. Proposing a more precise definition of the functions of the Central Bank, the document is aimed at further advancing the formation of a modern Central Bank system of China, improving a scientifically grounded and sustainable monetary policy system of the country, and creating a macroprudential regulatory system.
The bill also regulates the activities of financial institutions and manages all stages of their life cycle, including access to markets, operational activities, and exit from markets.
The purpose of the bill is to increase the level of standardization of financial products and services, satisfy the diversified needs of the real economy sector and the population in financial services, optimize the functions of the financial market system, and improve mechanisms for maintaining the stability of the financial market.
The bill provides for comprehensive support of high-quality development and security in the financial sector, upholds the principle according to which finances should serve the real sector of the economy, and is aimed at increasing the efficiency of financial resource allocation.
In addition, the document strengthens legal liability, toughens penalties for violations of laws and regulations in the financial sector, and also enhances institutional restrictions. -0-
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