Draft of the 'Financial Law' Concludes Public Consultation, Expansion of Quasi-Judicial Powers Draws Attention

According to Caixin, the public consultation for the draft of the *Financial Law of the People's Republic of China* concluded on April 19. The draft grants financial regulatory authorities 'quasi-judicial powers' such as accessing property rights information, freezing funds, and restricting exit from the country, drawing market attention. Zeng Gang, Director of the Shanghai Finance and Development Laboratory, noted that the draft pays relatively little attention to emerging financial sectors such as AI-driven financial decision-making, the legal status of digital currencies, and the regulation of crypto assets.