The 2023 Financial Street Forum Annual Meeting held in Beijing saw the participation of experts and delegates discussing the construction of the rule of law in finance. The Central Financial Work Conference has proposed strengthening the construction of financial rule of law, prompt promotion of legislation in key financial areas, and the safeguarding of 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 acceleration of major legislative projects since the 18th National Congress of the Communist Party of China. Emphasis has been on building a multi-level, wide-coverage, dynamic, and distinctive financial legal system. The ongoing advancement of the Financial Stability Law is expected to fill gaps in the system and enhance the ability to respond to major financial risks.
Furthermore, Yang Mingyu, deputy director of the Legal Department of the China Securities Regulatory Commission, stated that significant progress has been made in the capital market’s rule of law and basic systems. Securities illegal activities have been severely cracked down on in accordance with the law, leading to an improvement in market resilience and stability.
In addition, Li Hanyang, deputy director of the Regulations Department of the State Administration of Financial Supervision and Administration, emphasized the explosive growth in various financial activities and the emergence of new products and business formats. This has posed significant challenges to financial supervision, requiring prompt responses at the legal system level to strengthen financial supervision capabilities.
Shi Bingdong, deputy director of the Management and Inspection Department of the State Administration of Foreign Exchange, discussed the difficulty in obtaining evidence for cross-border financial cases and the need for reforms in the foreign exchange business of banks to address this issue. The aim is to promote high-quality financial development by strengthening foreign exchange supervision and preventing financial risks.
The discussions at the forum shed light on the importance of improving the rule of law in finance and collaborating on legal and financial governance to provide a strong guarantee for high-quality financial development. As the financial industry continues to evolve and expand, it is crucial to focus on building a comprehensive and dynamic financial legal system to ensure sustainable and stable development.