The draft of the Financial Law is submitted for initial review by the Standing Committee of the National People's Congress According to Xinhua News Agency on June 24th, the draft of the Financial Law of the People's Republic of China was submitted for initial review by the Standing Committee of the National People's Congress on June 23rd. It is reported that the financial activities referred to in the Financial Law refer to monetary and credit activities directly related to deposits, loans, insurance, securities, futures and derivatives, funds, trusts, payment settlements, credit reporting, and other activities engaged in by natural persons, legal persons, and unincorporated organizations. The state will fully regulate financial activities and crack down on illegal financial activities in accordance with the law. The draft of the Financial Law has made multiple provisions on financial products and services, trading venues, illegal gains, overseas financial activities, etc., such as: Without approval, registration, registration or filing, no unit or individual shall provide or indirectly provide financial products and services. Without the approval of the State Council or the financial regulatory department of the State Council, no unit or individual shall establish a trading venue for financial products, and shall not organize centralized trading and related activities of financial products in any form. No unit or individual shall obtain benefits from illegal financial activities. If there are any illegal gains, they shall be confiscated except for those that are returned and compensated according to law. Those who organize or instruct others to commit financial illegal acts, or provide assistance or convenience for others to commit financial illegal acts, shall be ordered to make corrections by the financial management department of the State Council or other units stipulated by laws and administrative regulations, and shall be punished within the types and ranges of punishment specified in the preceding paragraph, according to the circumstances of the illegal acts and the harmful consequences. Those who engage in financial activities as stipulated in Article 3 of this Law outside the territory of the People's Republic of China, endanger the national financial security of the People's Republic of China, disrupt the domestic financial order, and harm the legitimate rights and interests of citizens and domestic organizations shall bear legal responsibility in accordance with the law. According to previous reports, on March 20, 2026, the Ministry of Justice, the People's Bank of China, the State Administration of Financial Regulation, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly solicited public opinions on the draft of the Financial Law of the People's Republic of China.