BEIJING - The Standing Committee of the 13th National People's Congress (NPC), China's top legislature, started its 34th session Monday to review multiple draft laws and law revisions.

The session's agenda includes reviewing a draft law on black soil conservation, as well as draft revisions to the Vocational Education Law, the Law on Physical Culture and Sports, and the Law on the Protection of Rights and Interests of Women.

Lawmakers are also considering a draft law to tighten oversight of derivatives trading to guard against financial risks

Lawmakers will consider electoral rules for the 14th NPC, and the ratification of the International Labour Organization's Forced Labour Convention, 1930, and the Abolition of Forced Labour Convention, 1957, among other bills and reports. 

Lawmakers are also considering a draft law to tighten oversight of derivatives trading to guard against financial risks.

The draft law on futures and derivatives was submitted on Monday to the NPC Standing Committee for a third reading.

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The proposals outlined in the draft aim to facilitate stronger supervision over institutions, stipulating that financial institutions should obtain approvals, fulfill traders' duties of suitability management and observe relevant regulations when conducting derivatives trading.

It also clarifies rules on swap and forward contracts.

Overseas institutions should obtain approvals from futures regulatory authorities under the State Council before engaging in futures marketing, promotion and solicitation activities in China, according to the draft.