Legislative Developments - The National People's Congress (NPC) Standing Committee has scheduled 14 legal proposals for continued review and 23 for initial review in 2025, including the Private Economy Promotion Law and Financial Law [1] - The Private Economy Promotion Law is expected to advance with a third draft review scheduled for April 27-30, aiming to enhance the legal environment for the healthy and high-quality development of the private economy [1] - The Financial Law and Financial Stability Law are also under scrutiny, with the People's Bank of China advocating for their expedited introduction to strengthen financial risk management [2] Financial Regulatory Framework - The current financial legal framework in China is characterized by fragmentation and lacks a comprehensive foundational law to unify and coordinate various financial regulations [2] - International experience suggests that many developed economies have achieved regulatory unity through foundational financial legislation, which China is encouraged to consider [2] - The People's Bank of China Law, established in 1995, has not undergone significant revision since 2003, indicating a need for updates to address existing gaps in monetary policy and financial stability [3]

Group 1 - The State Council's 2025 legislative work plan outlines the latest developments in national legislation, emphasizing the need for comprehensive legal reform and improvement in legislative quality [1][2] - A total of 16 legal proposals and 30 administrative regulations are set to be reviewed by the National People's Congress Standing Committee in 2025, focusing on high-quality development and a high-level socialist market economy [2] - Key legislative proposals include revisions to financial laws, such as the Financial Law, Banking Supervision Law, and Securities Company Supervision Regulations, aimed at enhancing the regulatory framework for the financial sector [2][3] Group 2 - The legislative plan also addresses the need for laws related to foreign trade, intellectual property, and commercial mediation, indicating a push towards strengthening the legal framework for international business [3] - The plan includes provisions for the review and revision of existing regulations that do not align with economic and social development needs, ensuring a more unified and conducive business environment [3]

Group 1: Legislative Developments - The National People's Congress (NPC) Standing Committee has scheduled 14 legal proposals for continued review and 23 for initial review in 2025, including the Private Economy Promotion Law and Financial Law [1] - The Private Economy Promotion Law is expected to advance with a third draft review scheduled from April 27 to 30, aiming to enhance the legal environment for the healthy and high-quality development of the private economy [1] - The NPC Standing Committee emphasizes the necessity and significance of establishing the Private Economy Promotion Law to ensure legal stability and long-term benefits [1] Group 2: Financial Legislation - The Financial Law and Financial Stability Law are under close scrutiny, with the People's Bank of China (PBOC) pushing for the expedited introduction of the Financial Stability Law [2] - Current financial laws in China, such as the Securities Law and PBOC Law, exhibit a fragmented and localized structure, lacking a comprehensive foundational law to unify regulation across sectors [2] - Suggestions have been made to draw from international experiences to create a Financial Law that enhances China's influence in international financial regulations and strengthens legal safeguards for financial supervision [2] Group 3: PBOC Law Revision - The PBOC Law, established in 1995, has only undergone one major revision in 2003, and there are calls for its urgent amendment to address deficiencies in monetary policy and financial stability [3] - Current issues identified in the PBOC Law include inadequate statutory responsibilities and insufficient legal mechanisms for effective governance [3] - Recommendations have been made to accelerate the legislative process for revising the PBOC Law to solidify the outcomes of institutional reforms [3]

Group 1 - The core viewpoint of the article emphasizes the legislative focus for 2025, particularly in enhancing the legal framework for the socialist market economy and promoting private sector development [1][2][3] - Key laws to be formulated include the Private Economy Promotion Law, National Development Planning Law, and Financial Law, which aim to strengthen the legal environment for economic activities [1][3] - Amendments to existing laws such as the Anti-Unfair Competition Law, Bankruptcy Law, and Banking Supervision Law are also highlighted, indicating a comprehensive approach to legal reform [1][4] Group 2 - The report outlines the intention to advance legislation in social and cultural areas, including the Law on Legal Education and the Childcare Services Law, reflecting a commitment to social welfare [1][4] - Additional legislative efforts will focus on public health and safety, with laws such as the Public Health Emergency Response Law and Food Safety Law being prioritized for modification [5][6] - The ongoing work on the compilation of the Ecological Environment Code and the establishment of a National Park Law indicates a strong emphasis on environmental protection and sustainability [5]