The People’s Bank of China (PBOC) has called for making Xi Jinping’s centrepiece policy theme of “common prosperity” a key focal point for efforts to improve protections for the rights of financial services consumers.
PBOC recently held its “2022 Financial Consumers Rights Protection Teleconference Meeting” (2022年金融消费权益保护工作电视会议), which called for “upholding the sentiment of the people and continually protecting consumption by the people.”
PBOC said that in 2022 it would “make effective protection of the long-term and fundamental rights and interests of the broad mass of financial consumers the starting point, and make expediting common prosperity the key focal point for work to protect the rights and interests of financial consumers.”
It will also “continually raise the financial knowledge of citizens, drive the high-quality development of financial inclusion, and accelerate the development of laws and regulations to protect the rights and interests of financial consumers.”
The Xi administration first unveiled the policy agenda of common prosperity in 2021, committing to address the rising economic inequality that China has witnessed during the era of reform and opening.