Chinese authorities introduce draft law on financial stability

Chinese authorities have unveiled a draft law on financial stability which has been open for public opinion since last week.

According to China Daily, the draft was jointly compiled by the People’s Bank of China and other relevant unnamed authorities. The draft, the PBOC claimed, clarified the responsibilities of the mechanism for coordinating national financial stability and development.

The PBOC said that it aims to establish an improve an efficient, authoritative and well-coordinated working mechanism for financial stability, further strengthen the financial safety net and firmly forestall systemic risks.

The bank also underlined that alongside the relevant authorities, it will further revise and improve the draft law and actively cooperate with the legislature to advance the follow-up work in accordance with the legislative procedures.

The PBOC added that it has also proposed to set up a guarantee fund for financial stability.

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