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Draft Financial Law Submitted for Initial Review by NPC Standing Committee

According to Xinhua News Agency on June 24, the "Draft Financial Law of the People's Republic of China" was submitted for initial review by the Standing Committee of the National People's Congress on June 23. The financial activities referred to in the financial law are defined as monetary and credit activities directly related to deposits, loans, insurance, securities, futures and derivatives, funds, trusts, payment settlements, and credit reporting conducted by natural persons, legal persons, and unincorporated organizations. The state will bring all financial activities under regulation and will legally combat illegal financial activities. The draft financial law includes multiple provisions regarding financial products and services, trading venues, illicit gains, and overseas financial activities, such as: - No unit or individual may provide or indirectly provide financial products and services without approval, registration, or filing. - No unit or individual may establish trading venues for financial products or organize centralized trading and related activities in any form without the approval of the State Council or the financial regulatory department of the State Council. - No unit or individual may gain benefits from financial illegal activities; any illegal gains, except for those returned in accordance with the law, shall be confiscated. Those who organize or instruct others to engage in financial illegal activities, or assist or facilitate others in committing financial illegal acts, shall be ordered to rectify by the financial regulatory department of the State Council or other units specified by laws and administrative regulations, and shall be punished according to the types and scope of penalties prescribed in the previous clause, based on the circumstances of the violation and the harmful consequences. - Engaging in financial activities as stipulated in Article 3 of this law outside the territory of the People's Republic of China, which endangers the national financial security of the People's Republic of China, disrupts the financial order within the territory, or harms the legitimate rights and interests of citizens and domestic organizations, shall bear legal responsibility according to the law. Earlier reports indicated that on March 20, 2026, the Ministry of Justice, the People's Bank of China, the Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly solicited public opinions on the "Draft Financial Law of the People's Republic of China."

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