China's draft financial law takes aim at cross-border risks
China's draft financial law will be submitted for a second reading at the 25th session of the 14th National People's Congress (NPC) Standing Committee, scheduled to meet in Beijing from November 2 to 6. Proposed revisions include tighter oversight of cross-border financial activities.
The draft received its first reading in June. During the public consultation period, which ran from June 26 to July 25, the NPC's official website received 1,127 comments and 14 letters from the public.
Huang Haihua, spokesperson for the NPC Standing Committee's Legislative Affairs Commission, said the suggestions included strengthening protections for financial consumers and investors, improving oversight of internet-based financial activities, enhancing risk management at local small and medium-sized financial institutions, and stepping up efforts to combat illegal financial activities. Some of these proposals have been incorporated into the revised draft.
The latest revision proposes bolstering systems that protect the rights and interests of financial consumers and investors, strengthening unified regulation of asset management products and services, adding targeted provisions for activities such as online marketing, and tightening regulation of cross-border financial activities.