The plan to reorganize the country's financial regulatory regime can help protect consumers' rights and should be put into place, said Yi Gang, governor of the People's Bank of China, the country's central bank.
The plan stipulates financial regulatory bodies set up by local governments should specialize in supervision, which will be conducive to strengthening regulation, improving efficiency and protecting consumers' rights, Financial News reported Yi as saying on Thursday.
Yi, also a member of the National Committee of the Chinese People's Political Consultative Conference, made the remarks on Wednesday during a group discussion on the reform plan, which was submitted to the National People's Congress on Tuesday for deliberation.
The plan seeks to establish a local financial supervision model dominated by local agencies of central financial regulators, while financial regulatory bodies set up by local governments should specialize in supervision and no longer function as "financial work bureaus" or "financial offices".
Yi said during the discussion the essential feature of the socialist market economy is to adhere to the leadership of the Communist Party of China, which provides a strong guarantee for defusing risks.
He added the plan's provisions regarding the management of State-owned financial capital should be steadily and properly implemented, while feasible schemes should be made to achieve unified management of staff at financial regulatory bodies.
（Editor:Wang Su）
