Financial stability law expected to debut next year

China is likely to roll out the law on financial stability in 2023, a big step for the country to strengthen financial risk prevention, according to the People's Bank of China, the country's central bank, on Saturday.

With relevant legislative efforts by the National People's Congress underway, the law is likely to be unveiled next year, said Liu Guoqiang, vice-governor of the PBOC. 

The law will help enhance the country's capability to prevent major risks considerably and play an important role in fending off systemic financial risks, Liu said on Saturday while addressing the annual conference on China's economy, held by the China Center for International Economic Exchanges.