China refines financial stability law to strengthen risk prevention

BEIJING, July 1 (Reuters) – China’s new financial stability law draft bill improved provisions on financial risks prevention and control, according to draft revisions released on Monday.

Revisions to the draft bill underwent the second round of review by China’s top legislature, the National People’s Congress (NPC) standing committee, and are open for public feedback until July 27th, according to a post on the NPC website.

The bill aims to establish a comprehensive cross-agency mechanism for risk detection and mitigation within the financial system, as the country grapples with a prolonged real estate crisis and vulnerabilities in smaller banks.

Source: REUTER