China Lawmakers Review Banking Law to Rein In Financial Risks
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The National Financial Regulatory Administration
China’s top legislature has begun its first review of a draft amendment to the country’s banking law, a move aimed at tightening oversight, expanding regulatory reach and strengthening consumer protection.
State media reported Monday that the Standing Committee of the National People’s Congress convened in Beijing this week and formally took up the revised Banking Supervision and Administration Law for initial deliberation, about three months after it was approved in principle by the State Council.
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- China’s top legislature is reviewing a draft amendment to strengthen banking law, widening oversight beyond banks to major shareholders and controllers.
- The proposed law contains 80 articles, introduces tougher enforcement against misconduct, and enhances consumer protections, including stricter staff conduct and tighter data safeguards.
- New tools empower regulators to enforce asset transfers or takeovers and address outdated provisions, aiming to better manage risks in the expanding banking sector.
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What Happened When
- 2004：
- The current Banking Supervision and Administration Law took effect.
- 2006：
- The last amendment to the Banking Supervision and Administration Law was made.
- November 2022：
- Regulators first released a consultation draft of the amended Banking Law, citing outdated provisions and insufficient regulatory measures.
- September 19, 2025：
- The State Council approved the draft amendment to the Banking Supervision and Administration Law in principle and decided to submit it to the legislature.
- By December 23, 2025：
- The Standing Committee of the National People’s Congress convened in Beijing and formally took up the revised Banking Supervision and Administration Law for initial deliberation, about three months after State Council approval.
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