At the 2023 Financial Street Forum Annual Meeting in Beijing, the construction of the rule of law in finance was a key topic of discussion. The Central Financial Work Conference proposed the strengthening of financial rule of law, legislation in key financial areas, and the promotion of legislation in emerging areas to safeguard the development of the financial industry.
Liu Xiaohong, deputy director of the Treaty and Law Department of the People’s Bank of China, highlighted the progress made in the financial legislative system since the 18th National Congress of the Communist Party of China. Efforts have been made to serve the real economy and legislative mechanisms have been optimized to build a dynamic and distinctive financial legal system. The legislation of the Financial Stability Law is also being advanced to enhance the ability to respond to major financial risks.
Yang Mingyu, deputy director of the Legal Department of the China Securities Regulatory Commission, emphasized the progress made in the capital market’s rule of law and basic systems. The frequent cases in the securities and futures field have been curbed, illegal activities have been cracked down, and the market ecology and resilience have been enhanced. The commission also aims to promote the formulation and revision of relevant laws and regulations to provide a stronger legal guarantee for supervision.
Li Hanyang, deputy director of the Regulations Department of the State Administration of Financial Supervision and Administration, discussed the challenges brought by the explosive growth of various financial activities and new products. The need to respond promptly at the legal system level to strengthen financial supervision capabilities and improve financial governance levels was highlighted.
Shi Bingdong, deputy director of the Management and Inspection Department of the State Administration of Foreign Exchange, addressed the difficulty in obtaining evidence for cross-border financial cases, restricting the effectiveness of cracking down on illegal cross-border financial activities. The bureau plans to learn from international anti-money laundering concepts and rules to continue improving foreign exchange supervision and prevent financial risks.
The participants at the forum expressed the need to continue strengthening institutional supply, further improving the financial legal system, and providing a strong guarantee for high-quality financial development. The ongoing efforts in legislation and supervision are seen as key to ensuring a stable and sustainable financial environment.