Xinhua News Agency, Beijing, November 11 Topic: Improving the rule of law and safeguarding high-quality financial development – Guests at the 2023 Financial Street Forum Annual Meeting discussed the construction of the financial rule of law
Xinhua News Agency reporters Ren Jun and Wu Wenxu
The Central Financial Work Conference proposed that it is necessary to strengthen the construction of financial rule of law, promptly promote legislation in key financial areas and emerging areas, and safeguard the development of the financial industry. How to further strengthen financial supervision capabilities on the road of rule of law, create a good financial legal environment, and secure the bottom line of risk? At the parallel forum on “Legal Collaboration and Financial Governance” at the 2023 Financial Street Forum Annual Conference, co-hosted by the Beijing Financial Court, many participants expressed the need to continue to strengthen institutional supply, further improve the financial legal system, and provide a strong guarantee for high-quality financial development. .
Liu Xiaohong, deputy director of the Treaty and Law Department of the People’s Bank of China, said that since the 18th National Congress of the Communist Party of China, a number of major legislative projects have been accelerated, and basic comprehensive systems have been introduced one after another. The financial legislative system has become significantly more systematic, coordinated, and timely. Reform, innovation, and efforts to serve the real economy have been continuously intensified, and legislative mechanisms have been continuously optimized, gradually building a multi-level, wide-coverage, dynamic, and distinctive financial legal system. The legislation of the Financial Stability Law is being steadily advanced. Once promulgated, it will fill the gaps in the system and enhance the ability to respond to major financial risks.
“Through unremitting efforts in recent years, the capital market’s rule of law and basic systems have made significant progress. The situation that the cost of securities violations is too low has been fundamentally changed at the institutional level. The frequent cases in the securities and futures field have been curbed. Securities illegal activities have been severely cracked down in accordance with the law. The synergy has been initially formed, the market ecology continues to improve, market resilience has been enhanced, and market expectations have become more stable.” said Yang Mingyu, deputy director of the Legal Department of the China Securities Regulatory Commission.
He said that in the next step, the China Securities Regulatory Commission will promote the formulation and revision of laws and regulations such as the Company Law, the Securities Investment Fund Law, the Regulations on the Supervision and Administration of Listed Companies, the Regulations on the Supervision and Administration of Securities Companies, and accelerate the “establishment, reform, abolition and interpretation” of institutional rules in all lines of the capital market. and system optimization, sorting out loopholes in the regulatory system and correcting deviations in a timely manner, making the capital market legal system more scientific and complete, and providing a stronger legal guarantee for comprehensively strengthening supervision.
Li Hanyang, deputy director of the Regulations Department of the State Administration of Financial Supervision and Administration, said that in recent years, various financial activities have experienced explosive growth, new products, new scenarios and new business formats in the financial field have emerged one after another, and the boundaries of financial products and financial activities have become increasingly blurred. Bringing huge challenges to financial supervision. “Faced with these challenges, we must respond promptly at the legal system level, strengthen financial supervision capabilities on the road to the rule of law, and improve financial governance levels.”
Shi Bingdong, deputy director of the Management and Inspection Department of the State Administration of Foreign Exchange, said that the difficulty in obtaining evidence for cross-border financial cases has restricted the effectiveness of cracking down on illegal cross-border financial activities. In the next step, the foreign exchange bureau will learn from international anti-money laundering concepts and rules, combine it with my country’s actual situation, introduce good practices and experiences into the foreign exchange management system, carry out reforms in the foreign exchange business of banks and promote the reengineering of commercial banks’ foreign exchange business processes. We will continue to improve the two-in-one management of “macro-prudential + micro-supervision”, comprehensively strengthen foreign exchange supervision, prevent and resolve financial risks, achieve the goal of being both liberal and manageable, and promote high-quality financial development.