China to Draft New Legislation for Non-Depository Lending Institutions, Privately Offered Investment Funds

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Beijing has announced plans to draft new legislation on non-depository lending institutions and privately offered investment funds.

China’s State Council released its “2021 Legislative Work Plan” (国务院2021年度立法工作计划) on 11 June, outlining its schedule for the drafting of new laws and regulations for the remainder of the year.

New financial regulations scheduled for drafting prior to the end of 2021 include:

  • “The Non-depository Lending Institution Supervisory Administrative Regulations” (非存款类放贷组织监督管理条例), to be drafted by the Chinese central bank.
  • “The Privately Offers Investment Fund Supervisory Administrative Regulations” (私募投资基金监督管理条例), to be drafted by the China Securities Regulatory Commission (CSRC).
  • “The Implementation Measures for the Administrative Enforcement of the Commitments System for Parties to Securities Futures Transactions” (证券期货行政执法当事人承诺制度实施办法), to be drafted by CSRC.

The State Council also outlined plans to draft new legislation on value-added taxes, consumer taxes and customs taxes, as well as make amendments to Chinese anti-trust law.

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