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China solicits opinions on bank charge regulations

(Xinhua)

11:15, February 11, 2012

BEIJING, Feb. 10 (Xinhua) -- The public have been invited to give their opinions on proposed regulations that would limit the amount Chinese commercial banks can charge for their services.

The draft regulations, issued on Friday, were jointly compiled by the China Banking Regulatory Commission, the People's Bank of China (PBOC) and the National Development and Reform Commission, said an online statement from the the PBOC, the country's central bank.

The move aims to protect financial consumers' legitimate rights and promote healthy development of bank services, the statement said.

Opaque and extra charging has been a major source of public complaints regarding the country's banking sector over recent years.

The draft was revised from an interim measure that was issued in 2003 but which could no longer keep pace with social development and reform, according to the statement.

The draft states that commercial banks should use multiple methods to notify clients in advance when raising service prices or introducing new charges. It also elaborates service items that commercial banks should price clearly.

The draft will be open to feedback until March 20.

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