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Financial Consumer Protection in China: Country Report

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Consumer Law and Socioeconomic Development

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Abstract

Financial services in the People’s Republic of China (PRC) refers to the services provided in PRC by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.

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Notes

  1. 1.

    This chapter is a part of research project "Global Governance and International Protection of Consumers" (MYRG2015-00100-FLL) sponsered by the University of Macau. See Allen et al. (2012), available at http://www.nber.org/chapters/c12071.pdf.

  2. 2.

    Financial Consumer Protection Bureau of the People’s Bank of China, Investigation on the Accomplishment of Chinese Financial Consumer 2015, Available at: http://www.pbc.gov.cn/jingrxfqy/145720/145761/2958801/2015092818585691706.doc, accessed on 7, August 2016.

  3. 3.

    Xu (2016), pp. 71–80.

  4. 4.

    Chinese version is available at http://www.chinalaw.gov.cn/article/cazjgg/201611/20161100482105.shtml.

  5. 5.

    Article 16 of Guidelines for the Risk Management of Personal Financial Management Services Provided by Commercial Banks, September 29, 2005.

  6. 6.

    Article 22 of Guidelines for the Risk Management of Personal Financial Management Services Provided by Commercial Banks, September 29, 2005.

  7. 7.

    Article 25 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  8. 8.

    Article 28 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  9. 9.

    Article 29 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  10. 10.

    Article 53 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  11. 11.

    Article 29 of Guidelines for the Risk Management of Personal Financial Management Services Provided by Commercial Banks, September 29, 2005.

  12. 12.

    Article 40 of Interim Measures for the Administration of Commercial Banks’ Personal Financial Management Services, adopted by China Banking Regulatory Commission on September 29, 2005.

  13. 13.

    Article 17 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  14. 14.

    Article 18 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  15. 15.

    Article 5 of Administrative Measures for the Information Disclosure of New-type Personal Insurance Products.

  16. 16.

    Article 2 of Administrative Measures for the Information Disclosure of New-type Personal Insurance Products.

  17. 17.

    Article 5 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  18. 18.

    Article 19 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  19. 19.

    Article 20 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  20. 20.

    Article 21 of Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks.

  21. 21.

    Article 34 of Law of the People's Republic of China on Protection of Consumer Rights and Interests.

  22. 22.

    However, in practice, the effectiveness of such mechanism remains to be observed. More comments see Gao and Chen (2015), pp. 80–90.

  23. 23.

    Li (2016), pp. 138–145.

  24. 24.

    The People’s Bank of China, http://shanghai.pbc.gov.cn/fzhshanghai/113598/3060002/index.html, accessed on 7, August, 2016.

  25. 25.

    Financial Consumer Protection Bureau of the People’s Bank of China, Investigation on the Accomplishment of Chinese Financial Consumer 2015, http://www.pbc.gov.cn/jingrxfqy/145720/145761/2958801/2015092818585691706.doc, accessed on 7, August 2016.

  26. 26.

    http://www.gpfi.org/sites/default/files/documents/Global%20Partnership%20for%20Financial%20Inclusion%20(GPFI)%20China%202016%20Priorities%20Paper.pdf.

References

  • Allen F, “QJ” Qian J, Zhang C, Zhao M (2012) China’s financial system: opportunities and challenges. In: Fan J, Morck R (eds) Capitalizing China. University of Chicago Press, Chicago

    Google Scholar 

  • Gao T, Chen C (2015) Financial consumer protection: theoretical analysis, government functions and policy suggestions. Comp Econ Social Syst pp 80–90, No. 1, 2015

    Google Scholar 

  • Li C (2016) On the construction of financial dispute mediation mechanism to protect financial consumers. Legal Forum No. 3(vol. 31. Ser. No. 165):138–145

    Google Scholar 

  • Xu Y (2016) Empirical legal studies of the protection of internet financial consumer rights. Rev Ind Econ pp 71–80, 25, May

    Google Scholar 

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Author information

Authors and Affiliations

  1. Faculty of Law, University of Macau, Macau, China

    Dan Wei

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  1. Dan Wei
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Correspondence to Dan Wei .

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Editors and Affiliations

  1. Faculty of Law, Federal University of Rio Grande do Sul, Porto Alegre, Brazil

    Claudia Lima Marques

  2. Faculty of Law, University of Macau, Macau, Macao

    Dan Wei

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Wei, D. (2017). Financial Consumer Protection in China: Country Report. In: Lima Marques, C., Wei, D. (eds) Consumer Law and Socioeconomic Development. Springer, Cham. https://doi.org/10.1007/978-3-319-55624-6_14

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  • DOI: https://doi.org/10.1007/978-3-319-55624-6_14

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