On 11 November 2022, the China Banking and Insurance Regulatory Commission ("CBIRC") issued for public consultation a draft revision to the PRC Banking Supervision Law (the "Consultation Draft"). The current PRC Banking Supervision Law was first promulgated in February 2004 and was amended once in 2006 (the "Current Law"). As a specialized banking supervision and regulatory law, the Current Law promotes the steady operation of banking industry, rectifies disorder in banking market and mitigates banking risks.