Recently, the People's Bank of China ("PBC") has issued the Procedures for Formulation of the Rules of the People's Bank of China and Provisions on the Management of the Rules (the "Provisions"), with effect from November 1, 2018.
The Provisions expressly state that, in principle, rules shall be developed when five types of matters are involved, including "introducing detailed provisions on how to implement an administrative licensing item included in the list of administrative licensing items prescribed by a higher law" and "establishing new law enforcement inspection items". The Provisions also require that all draft rules shall be submitted to the Department of Treaty and Law of the PBC for review in a centralized manner. If a draft rule submitted for review involves adjustment of relationships among major stakeholders, the Department of Treaty and Law shall carry out feasibility studies and consultations as well as extensively seek opinions from the relevant parties. The feasibility studies and consultations may adopt various forms, such as seminars and public hearings. In addition, the Provisions note that, in any of the three circumstances, such as that where a rule "is used exclusively for regulating foreigners and foreign enterprises and organizations and the design or adjustment of the systems of their activities", such foreign-related rules shall be submitted to the State Council for instructions before its official release.