A parallel forum named Synergy of Rule of Law and Financial Governance is successfully held during the Annual Conference of Financial Street Forum 2023 on November 10. Photo: Courtesy of the forum

Beijing Financial Street legislative contact point was officially set up during the just-concluded 2023 Annual Conference of Financial Street Forum over the weekend, which officials noted has significant implications for the development of China's financial rule of law.

A parallel forum named Synergy of Rule of Law and Financial Governance was successfully held during the Financial Street Forum on Friday.

The establishment of the new legislative contact point will provide an effective platform and channel for the national legislative body to listen to the opinions and suggestions of the financial industry, Li Ning, deputy head of the Legislative Affairs Commission of the NPC Standing Committee, said at the forum.

It serves as a vibrant embodiment of coordinated financial governance and holds significant implications for the development of China's financial rule of law, Liu Guixiang, a member of the Supreme People's Court Judicial Committee, said at the forum.

It needs to strengthen coordination with legislative bodies and financial regulatory authorities, promote the improvement of the governance for financial disputes, continuously enhance a sound mechanism for preventing and resolving financial risks through scientifical prevention, early identification and lawful disposal, Liu noted.

This will provide robust judicial services for advancing the path of financial development with Chinese characteristics, accelerating the building a financial powerhouse, and promoting high-quality economic and financial development, he said.

Beijing Financial Street serves as the national financial management center, with its soft environment and ecosystem being its most valuable assets, and the business environment being its core competitiveness, according to Sun Shuo, secretary of the Communist Party of China Beijing Xicheng District Committee.

The establishment of the new legislative contact point in the Financial Street, as the country's first industry-specific contact point, will facilitate more effective integration of financial legislation and financial practices, Sun said at the forum.

Global Times