State Council Reviews National Unified Market Construction and PBoC Law Amendment

Premier Li Qiang chaired a State Council executive meeting on May 21, reviewing work to advance the construction of a national unified market, approving the 15th Five-Year Plan for modernizing China's emergency management system, and deliberating on the draft amendment to the People's Bank of China Law.

The meeting emphasized that building a national unified market is essential for constructing a new development pattern and promoting high-quality growth. While notable progress has been made in recent years, sustained efforts remain necessary. Key priorities include deepening institutional development — further improving systems for property rights protection, market access, fair competition, social credit and market exit — as well as advancing high-standard connectivity of market infrastructure to reduce logistics costs across the economy.

On emergency management, the meeting called for accelerating the development of a modernized emergency management system, deepening reforms in emergency governance, and establishing a comprehensive public-safety and emergency-response framework that shifts governance toward preventive risk management.

The meeting approved in principle the draft amendment to the People's Bank of China Law and resolved to submit it to the Standing Committee of the National People's Congress for review. Officials noted the amendment would refine the central bank's mandate and governance framework to better serve China's macroeconomic regulation needs, enhancing monetary policy independence and transmission efficiency.