China releases draft financial law for public consultation

 China on Friday unveiled a draft financial law to gather public feedback.

The draft, published on the websites of the Ministry of Justice, the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, is open for public comment until April 19.

As the first comprehensive basic law in China's financial sector, the draft seeks to strengthen financial regulation across the board, prevent and defuse financial risks, promote high-quality financial development, address prominent issues constraining such development, and better leverage the rule of law to consolidate foundations, stabilize expectations and deliver long-term benefits.

The draft financial law consists of 11 chapters and 95 articles. It sets out provisions on the direction and overall requirements of financial work, modern central bank system, regulation of financial institutions, financial products and services, financial market system, financial regulation, risk disposal mechanisms, high-quality financial development and security, and legal liabilities.