China Unveils Draft Financial Law to Target Oversight Gaps
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China has published a draft of its first overarching financial law, in a move to create a unified regulatory framework and close gaps in oversight across the financial system.
The draft, released Friday for public comment by multiple top regulators, including the central bank and securities watchdog, sets out 95 articles covering a wide range of financial activities.
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- China released a draft comprehensive financial law with 95 articles to unify and strengthen regulatory oversight.
- A “regulatory backstop” ensures supervision of all financial activities based on economic substance, closing gaps in emerging and cross-sector finance.
- The draft mandates stricter institutional requirements, enhanced enforcement against fraud, improved anti-money laundering, and designates the National Financial Regulatory Administration as default supervisor when roles are unclear.
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What Happened When
- July 2024：
- A key Communist Party meeting outlined the policy direction to establish a foundational financial law.
- 2026-03-20：
- China released a draft of its first overarching financial law for public comment by multiple top regulators.
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