Chinese Central Bank to Accelerate Drafting of “People’s Bank of China Law,” “Commercial Bank Law,” “Depository Insurance Rules” in 2020
The Chinese central bank (People’s Bank of China) (PBOC) has announced its key work goals for 2020, including the drafting and approval of key legislation concerning the banking and finance sectors.
On 16 January PBOC convened its “2020 Financial Legal Work” meeting via teleconferencing, highlighting the following key work missions for 2020:
- Raise the legislative level – accelerate drafting of key legislation including the “People’s Bank of China Law” (中国人民银行法), the “Commercial Banking Law” (商业银行法), the “Deposit Insurance Regulations” (存款保险条例), and the “Local Financial Supervisory and Regulatory Rules” (地方金融监督管理条例).
- Maintain fair treatment of innovation, increase the effectiveness of legal enforcement, drive appropriate separation of the professional duties for daily supervision, enforcement and inspection, and administrative penalties; improve mechanisms for the exercise and restraint of power; strengthen law enforcement and inspection, drive comprehensive law enforcement and inspection, make comprehensive use of on-site and off-site methods.
- Vigorously pursue party establishment, raise the quality of cohorts.