A proposed amendment to China's criminal law could see the abolition of capital punishment for a number of non-violent offenses, including illegal money lending.

When she learned about a proposal to amend China's criminal law and abolish capital punishment for the crime of "illegal fundraising", Zeng Shan took a deep breath and sat quietly, remembering her father, Zeng Chenjie, who was executed for the crime in July 2013.

After a while, the 25-year-old broke her silence: "Maybe other people suspected or convicted of this charge will not face the death penalty in the future."

Illegal fundraising involves private individuals who set themselves up as moneylenders and then invite "investors" to contribute to the principal fund, on the understanding that the extremely high rates interest the borrower is charged will bring them a huge profit.

The money is then loaned and the operation is administered by the fundraiser. If the money is repaid at the agreed rate, all is well, but defaults are common, and when they occur, investors often appeal to the local government for redress, thus bringing the activities of the fundraisers to the attention of the authorities.

However, few investors obtain compensation, because under a 2011 regulation issued by the Supreme People's Court, China's highest judicial body, private lending is only allowed if the interest charged is not more than four times the central bank's benchmark lending rate, and most illegal fundraisers charge rates that are many times in excess of the legal ceiling.

In May 2011, Zeng Chengjie, an entrepreneur from Changsha, the capital of Hunan province in Central China, was convicted of generating more than 3.4 billion yuan ($554 million) via illegal fundraising. He was sentenced to death by the city's intermediate court.

In June 2013, the Supreme People's Court reviewed and upheld the sentence. The 55-year-old was executed a month later.