According to Foresight News, the month-long public consultation for the (Draft of the Financial Law of the People's Republic of China) ends today (April 19). This is the first comprehensive law named after finance in China and also in the world. The expansion of financial regulatory 'quasi-judicial power' is a highly concerning topic in the market.

According to Article 55 and the relevant provisions, the financial management department has the right to access and copy information regarding the property rights of relevant units and individuals, communication records, and transaction records when investigating financial violations; if there is evidence proving the suspicion of transferring or concealing illegal funds and securities, they may be frozen or sealed directly; even for parties suspected of illegal activities, it can be decided that they cannot leave the country during the investigation.

In addition, Zeng Gang, chief expert and director of the Shanghai Financial and Development Laboratory, believes that (financial law) should also strengthen its focus and coverage on emerging financial formats. Issues such as AI-driven financial decision-making, the legal status of digital currencies, and the regulatory boundaries of crypto assets have already sparked widespread controversy globally, yet they are scarcely addressed in the draft. How to maintain a dynamic balance between legal regulation and inclusive innovation is a question left to be solved by legislation.