Financial Law Draft Open for Public Comment: Establish Fallback Regulatory Mechanism to Achieve Full Regulatory Coverage

WealthCoffee · 2026-03-21T13:13:22+00:00

In March 2026, China's five major financial institutions released the "Financial Law Draft," marking China's first foundational financial legislation, aimed at strengthening financial regulation, clarifying supervisory responsibilities across sectors and the division of labor between central and local authorities, and establishing a comprehensive safety-net regulatory mechanism.

WealthCoffee

2026-03-21 13:13:22

Abstract generation in progress

Caixin July 2024, the Third Plenary Session of the 20th Party Congress explicitly proposed the formulation of a financial law. Less than two years later, the draft of the financial law was released.

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 published the “Draft of the People’s Republic of China Financial Law” (hereinafter referred to as the “Financial Law Draft”) on their official websites, soliciting public opinions. This is China’s first comprehensive foundational law in the financial sector.

The Financial Law Draft comprehensively strengthens financial regulation, clearly defines regulatory responsibilities across various financial sectors and the division of regulatory duties between central and local authorities, and establishes a safety net regulatory mechanism to achieve full coverage of supervision.

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