In its work report delivered on Monday, the National People\u2019s Congress Standing Committee, the country\u2019s top legislative body, said it would also amend existing laws, including the People\u2019s Bank of China Law and the Banking Supervision and Management Law.<\/p>\n
The work report outlined a broad legislative agenda for 2026.<\/p>\n
Fu Weigang, president of the Shanghai Institute of Finance and Law think tank, said the financial law was likely to be a comprehensive, overarching framework covering all aspects of finance and turning Beijing\u2019s grand vision into enforceable rules.<\/p>\n
\u201cThere may be clauses on financial reform, serving the real economy, inclusive finance, green finance, the yuan\u2019s role and anti-corruption,\u201d he said, adding that the process could be lengthy since various stakeholders would be involved.<\/p>\n
At the twice-a-decade central financial work conference in October 2023, officials first proposed a national strategy to turn China into a global financial superpower, in line with its status as the world\u2019s second-largest economy.<\/p>\n