It is an important task for financial work to prevent and defuse financial risks, especially systemic financial risks. The draft of the Financial Stability Law was submitted to the 38th Session of the Standing Committee of the 13th National People's Congress for deliberation on the 27th. This is the first time that the draft has been submitted to the Standing Committee of the National People's Congress for deliberation. It is understood that with the rapid development of China's financial industry, maintaining financial stability is faced with problems such as weaknesses in the cross domain financial risk disposal mechanism, unclear division of responsibilities of relevant subjects, and insufficient risk resolution and disposal measures. At the same time, in recent years, important phased achievements have been made in the battle against and defusing major risks, and financial risks have converged as a whole. Some effective practices need to be upgraded to a long-term mechanism at the legal level. The general idea of the proposed draft of the Financial Stability Law is to adhere to the centralized and unified leadership of the Party over financial work, and to coordinate development and security; Adhere to the concept of problem orientation and system, strive to improve the whole process and chain system arrangement of financial risk prevention in advance, resolution in the process and disposal after the event, and define relevant responsibilities and measures; Adhere to the direction of marketization and rule of law, compact the risk disposal responsibilities of relevant parties, and prevent both systematic risks and moral risks; Adhere to the principle of consistent rights and responsibilities, based on national conditions, reasonably define the division of responsibilities according to law, and improve the working mechanism of coordination and cooperation. The draft consists of six chapters and 49 articles, mainly involving the establishment of a financial stability working mechanism, strengthening the financial risk prevention mechanism, improving the financial risk resolution mechanism, clarifying the division of responsibilities for financial risk disposal and the source of reserve funds, and enriching financial risk disposal measures. In addition, the draft also clarifies that the overall planning and coordination mechanism can take accountability measures against relevant departments and local authorities, and stipulates corresponding legal responsibilities for illegal acts of financial institutions and relevant subjects, so as to strengthen the accountability mechanism and maintain the order of the financial market. (Liu Xinshe)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：xinhua
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