Central bank calls for improving transaction environment for credit cards
Annie Lin
The central government’s top-down efforts might help push major public institutions…
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Consumer Protection
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NFRA, PBoC, CSRC highlight “typical cases” of financial consumer protection
Howard Shen
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CBIRC calls for financial firms to “return to their roots”
Alex Yang
Over the past five years, regulators have dismantled shadow banking, recapitalized problematic banks, and in general made the financial system far less risky. Recent developments have led us to believe that the next few years will be similarly tumultuous, however the focus on cleaning up the excesses of the system will diminish…
CBIRC issues new rules on consumer protection for banking and insurance institutions
These measures are the latest in a long line of regulations issued by the central bank and the CBIRC to improve protection for consumers of financial products and ensure that the business practices of banking and insurance institutions do not take advantage of their customers. Financial literacy in China is weak and consumers have frequently fallen victim to unscrupulous sales practices and promises of fool-proof investments, not to mention the illegal collection and sale of personal data…