Chinese Central Bank Calls for More Specialist Legislation to Strengthen Protections for Finance Consumers


A senior official from the People’s Bank of China (PBOC) has highlighted the need for more specialised legislation to protect the consumers of financial services.

PBOC deputy governor Liu Guiping (刘桂平) called for “further strengthening and driving specialist legislation for the protection of financial consumers” at a press conference held on 27 August.

“[We] need the support of higher laws to enable work for the protection of the rights and interests of finance consumers to have a more sound legal basis, as well as to be capable of better protecting the rights and interests of finance consumers,” said Liu.

Liu said that in future PBOC would work with the China Banking and Insurance Regulatory Commission (CBIRC) and the China Securities Regulatory Commission (CSRC) to better protect the rights of financial consumers via coordinated work mechanisms.