China drafts its first comprehensive financial law
Today's events
Financial law.
China's legislature gave a draft Financial Law its first reading, a foundational statute meant to unify banking, insurance, and securities oversight under one framework.1Jun 24 · NPCUnified market.
Top legislators held a special inquiry on building a single national market, pressing ministries to draft binding rules curbing local protectionism and subsidy wars.2Jun 24 · NPCXi in Shandong.
Xi Jinping toured Dezhou farms during the summer harvest, calling stable grain supply agriculture's top priority and tying rural modernization to Chinese-style modernization.3Jun 24 · State CouncilSummer Davos.
Premier Li Qiang told some 150 global executives in Dalian that China never deliberately seeks trade surpluses and draws competitiveness from scale, not subsidies.4Jun 24 · State CouncilEthnic-unity law.
A new Ethnic Unity Promotion Law codifying Xi's “Chinese-nation community” concept takes effect July 1, the first Chinese statute with a preamble in three decades.5Jun 24 · NPCPrivate funds.
The State Council ordered tighter registration and risk controls on private investment funds, warning that some had become tools of “new-type and hidden corruption.”6Jun 20 · State CouncilJobs plan.
China issued a five-year employment-priority plan that acknowledges persistent structural job strains, targeting graduates, migrant workers, and gig-economy labor protections.7Jun 18 · NDRCParty expulsion.
Henan expelled Kan Quancheng, a former provincial advisory-body chief, from the Party and public office for bribery tied to drug sales and equipment procurement.8Jun 24 · CCDIDrug crackdown.
Top prosecutors and courts released model narcotics cases, several carrying death sentences, alongside new measures shielding minors from synthetic drugs.9Jun 25 · Procuracy
Voices
“Agricultural and rural modernization bears on the whole and the very quality of Chinese-style modernization.”
Xi Jinping, in Shandong · Jun 243
“Building a unified national market is a major decision by the Party Central Committee from a strategic standpoint — the foundational support and inherent requirement of the new development pattern.”
Vice Chairman Xiao Jie, NPC Standing Committee · Jun 242
“The pressure to keep employment stable is ever-present, and structural employment tensions continue to surface.”
China's economic planners, 15th Five-Year jobs plan · Jun 187
“China has consistently held that regional hotspots and differences should be resolved through dialogue and negotiation, and opposes the use of force or the threat of force.”
Foreign Ministry Spokesperson Guo Jiakun · Jun 2410
“‘Taiwan independence’ and cross-Strait peace are mutually incompatible; safeguarding peace across the Taiwan Strait is the largest common denominator between China and the United States.”
Defense Ministry Spokesman Zhang Xiaogang · Jun 911
“[We will] strengthen legal oversight of drug cases and severely punish drug crimes in accordance with the law.”
Supreme People's Procuracy · Jun 259
Sources
- National People's Congress, “NPC Standing Committee Reviews Draft Financial Law for First Time,” Jun 24, 2026. npc.gov.cn/…/financial-law-first-reading
- National People's Congress, “NPC Standing Committee Holds Special Inquiry on Building the National Unified Market,” Jun 24, 2026. npc.gov.cn/…/unified-market-inquiry
- State Council (gov.cn), “Xi Jinping Inspects Dezhou, Shandong, Stresses Agricultural and Rural Modernization,” Jun 24, 2026. gov.cn/yaowen/…/xi-shandong-dezhou
- State Council (gov.cn), “Li Qiang Attends the 2026 Summer Davos Business Roundtable in Dalian,” Jun 24, 2026. gov.cn/yaowen/…/li-qiang-summer-davos
- National People's Congress, “State Council Briefing on the Ethnic Unity and Progress Promotion Law,” Jun 24, 2026. npc.gov.cn/…/ethnic-unity-promotion-law
- State Council (gov.cn), “Guiding Opinions on Strengthening Regulation and Risk Prevention for Private Investment Funds,” Jun 20, 2026. gov.cn/zhengce/…/private-investment-funds
- National Development and Reform Commission, “Q&A on Implementing the Employment-Priority Strategy: the 15th Five-Year Plan,” Jun 18, 2026. ndrc.gov.cn/xwdt/…/employment-priority-15th-five-year
- CCDI & National Supervisory Commission, “Kan Quancheng, Former Henan Provincial Advisory-Body Director, Expelled from the Party and Public Office,” Jun 24, 2026. ccdi.gov.cn/yaowenn/…/kan-quancheng
- Supreme People's Procuracy, “Model Cases on Strengthening Legal Oversight and Strictly Punishing Drug Crimes,” Jun 25, 2026. spp.gov.cn/xwfbh/…/drug-crime-model-cases
- Ministry of Foreign Affairs, “Foreign Ministry Spokesperson Guo Jiakun's Regular Press Conference,” Jun 24, 2026. mfa.gov.cn/…/guo-jiakun-jun-24
- Ministry of National Defense, “Defense Ministry Regular Press Conference (Early June),” Jun 9, 2026. mod.gov.cn/gfbw/…/defense-press-conference-jun