Yesterday, the " Deposit Insurance Regulations," drafted by the People' s Bank of China, were released to the public and will take effect on May 1. Following the adjustment of the second-home loan policy the day before, the central bank once again grabbed the headlines. Since the State Council first proposed the deposit insurance system in 1993, it has taken 23 years to develop, a rather tortuous journey. Even in the past six months, there have been some developments: On October 29 last year, the State Council executive meeting approved the " Deposit Insurance Regulations"; a month later, on November 30, the State Council Legislative Affairs Office released the draft for public comment; on February 17 this year, Premier Li Keqiang signed a State Council order to promulgate the regulations; on March 31.
Read More →