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China's top legislators discussed three key banking laws over the weekend, addressing a number of legal questions still facing the industry.

A draft law on banking supervision and management, and two amendments, one to the Law of the People's Bank of China and the other to the Commercial Bank Law, were put before the country's legislators for a second review.

Compared with the first version of the draft law on banking supervision, the second version clarifies who will be supervised by the Chinese bank watchdog, said Jiang Qiangui, vice-chairwoman of the Law Committee under the National People's Congress (NPC), China's top legislature.

According to the new draft, the China Banking Regulatory Commission (CBRC), will supervise the business of foreign-funded banks, Sino-foreign joint-venture banks and foreign bank branches in China.

The overseas business of Chinese banks and Chinese financial institutions abroad will also be under the commission's jurisdiction, under the new draft law.

The draft law also specifies that commercial banks, the policy banks, non-banking financial companies such as asset management companies, trust and investment companies, financial companies and financial leasing services, will also be supervised by the bank watchdog.

Legal experts said drafting a new bank supervision law was a natural step following the establishment of the CBRC in April, which assumed some of the functions of the People's Bank of China, becoming the country's sole banking regulatory body.

The amendment to the Law of the People's Bank of China, which was promulgated in 1995, will bring a major change, allowing the central bank to organize actions against money laundering across the country and to co-ordinate relevant government departments - tasks formerly undertaken by the Ministry of Public Security.

The central bank will also guide other banks and financial institutions in combating money laundering and will supervise a special fund for such action, according to the draft amendment.

However, a deposit insurance system to ease banking risks - discussed for years and widely regarded as vital in China's banking reform - has not been included in any amendments so far.

Some NPC members pointed out that establishing a well-designed deposit insurance system would better protect the interests of small and medium-sized depositors, enhance public confidence in banks and offer great help in dealing with the bankruptcy or closure of banks.

But the People's Bank of China holds that it is a complicated issue and that the time is not right for such a change.

Legislators have not added items on setting up a co-ordination mechanism among watchdogs of banks, securities, insurance and trust services although strongly urged by insiders. And the amendments have not moved far from the existing clauses regarding the need to keep the barriers separating the banking sector from other financial sectors.

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