More scrutiny of financial services to safeguard security, Beijing court advocates

Updated: Dec 7, 2023 Print
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A Beijing court calls for more scrutiny of financial services and products in design, pricing and promotion, in order to optimize credit management and safeguard financial security.

The Haidian District People's Court advocated the scrutiny after disclosing five financial cases on Wednesday, adding that the move will also contribute to helping protect consumers' legitimate rights and interests in financial consumption from the start.

The court said that it encourages financial innovation, but stressed that creative financial services and products should not be based on false advertising, or misleading consumers.

It highlighted the important role of financial institutes in the market, suggesting they jointly maintain the financial order by issuing loans prudently, with a stronger review of the authenticity and qualification of borrowers and guarantors.

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