China’s financial superpower ambitions get legal backing at ‘two sessions’

South China Morning PostEN 1 min read 100% complete by Frank ChenMarch 10, 2026 at 01:00 AM

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China plans to enact new financial and financial stability laws in 2024, alongside amendments to existing laws like the People's Bank of China Law, as part of its ambition to become a global financial superpower. The National People’s Congress Standing Committee announced this legislative agenda, which aims to defuse financial risks and establish enforceable rules for Beijing's financial vision. This vision, first proposed in October 2023 and outlined by President Xi Jinping, includes strengthening the central bank, regulations, financial institutions, talent pool, international financial centers, and the yuan's global reserve currency status. The new financial law is expected to be a comprehensive framework covering various aspects of finance, potentially including financial reform, support for the real economy, and the yuan's role.

Key Entities & Roles

Key Player Opposition Context

yuan ×240% Shanghai Institute of Finance and Law 50% Xi Jinping 50% Fu Weigang 60% People’s Bank of China 60% National People’s Congress Standing Committee 70% Beijing ×270% China ×390%

Keywords

financial superpower 90% financial law 90% financial stability 70% financial regulations 60% yuan 50% people's bank of china 50% legislative agenda 40% economic policy 40%

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Positive

Score: 0.20

Source Transparency

Source

South China Morning Post

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90%

Geographic Perspective

China

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financial superpower financial law financial stability financial regulations yuan people's bank of china legislative agenda economic policy

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