The Empire Strikes Back with a Coordinated War on Crypto: You see, Chinese law doesn’t work like western law. Although the Chinese Constitution provides legal, executive and judicial powers, they’re all subject to the whim of the Communist Party. The Party is supreme. Courts and regulatory bodies don’t need to follow any of those frameworks in deciding cases.
China runs by rule of man (r�n zh� 人治), not rule of law (fǎzh� 法治).
Essentially, it means that regulators can change the rules whenever they feel like and that’s exactly what they did here. In classic rule of man style, the statement was overly broad, vague and subject to interpretation any way they saw fit, a staple of bad law making (just drop it into Google Translate to see).
China runs by rule of man (r�n zh� 人治), not rule of law (fǎzh� 法治).
Essentially, it means that regulators can change the rules whenever they feel like and that’s exactly what they did here. In classic rule of man style, the statement was overly broad, vague and subject to interpretation any way they saw fit, a staple of bad law making (just drop it into Google Translate to see).