By Special Correspondent

China plans to introduce a series of new laws and revisions to strengthen financial governance and support the development of a high-standard socialist market economy under the 15th Five-Year Plan (2026–2030), according to a report presented at the national legislative session in Beijing.

The report on the work of the Standing Committee of the National People’s Congress states that legislative work in the coming years will focus on improving the legal frameworks governing finance, market regulation and economic development.

According to the report, China will formulate laws on finance and financial stability as part of efforts to accelerate the development of a financially strong nation and strengthen the legal foundations of the financial system.

The report notes that lawmakers will also revise several key financial laws, including the Law of the People’s Bank of China and the Banking Regulation Law.

These legislative initiatives are aimed at improving financial regulation, strengthening risk management mechanisms and enhancing the stability of the financial system.

In addition to financial legislation, China plans to introduce a state-owned assets law to improve governance and oversight of state-owned assets and enterprises.

According to the report, lawmakers will also revise the Enterprise Bankruptcy Law, the Tax Collection and Administration Law and the Law on State-Owned Assets of Enterprises.

The report notes that revisions are also planned for several laws related to market governance and business regulation, including the Government Procurement Law, the Public Bidding Law, the Pricing Law and the Trademark Law.

China will also revise the Urban Real Estate Administration Law as part of broader efforts to strengthen the legal framework governing the real estate sector.

According to the report, these legislative efforts are intended to support the development of a high-standard socialist market economy and improve the institutional foundations of economic governance.

The report states that strengthening legislation in the economic and financial fields will help support reform, promote development and ensure stability during the implementation of the 15th Five-Year Plan.

China will also strengthen legislation in emerging sectors, including research into legal frameworks governing artificial intelligence and other new technologies.

According to the report, these legislative initiatives are aimed at supporting economic modernization and promoting the development of new quality productive forces.

The report notes that China will continue advancing legislation in key, emerging and foreign-related areas to provide stronger legal support for the country’s development goals during the new five-year planning period.

Credit: INP-WealthPk