China's National Financial Regulatory Administration convened the plenary (expanded) session of the inter-ministerial joint conference on preventing and combating illegal financial activities, alongside a meeting to advance the special campaign against illegal fundraising, and set out 2025 priorities centred on full-chain governance and tighter risk control. The review of 2024 noted progress in cross-department and cross-level coordination and stronger systemic, source and law-based approaches, but warned that pressure from the exposure of outstanding risks remains high and incremental risks could rebound. The 2025 agenda calls for strengthening the joint working mechanism under the principles that supervision should cover illegal activity as well as the legal market and that industry supervision must include risk supervision, while orderly reducing legacy risks, tackling disposal bottlenecks and ensuring the special campaign concludes smoothly. It also flags stricter market-entry controls, improved monitoring and early-warning systems, a stronger administrative disposal mechanism, and expanded public education and guidance, alongside broader safety and stability work.

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