Project Name Promotion of a Legal Framework for Financial Consumer Protection
Project Number 47042-001
Country China, People's Republic of
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8498-PRC: Promotion of a Legal Framework for Financial Consumer Protection
Technical Assistance Special Fund US$ 400,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Sector / Subsector

Public sector management - Economic affairs management

Gender Equity and Mainstreaming
Description The TA will help promote establishment of a coordinated and consistent financial consumer protection framework in the PRC. It will facilitate dialogue between the various consumer protection entities that have varying, and sometimes overlapping, authorities. The primary output will be creation of guidelines to support preparation of a guidance, law or regulation governing the role of the FCPB in financial consumer protection. A dialogue will be facilitated through national workshops and initial coordination meetings where all key stakeholders will be invited. An assessment of the gaps and overlaps in the current varying regulatory framework will be performed. An inventory will be completed of the applicable financial products requiring coverage under financial consumer protection. Additionally, the results of pilot projects run in various PRC provinces by PBC branches will be used as empirical evidence to help tailor final recommendations.
Project Rationale and Linkage to Country/Regional Strategy
Impact Improved protection of consumers of financial products and services
Project Outcome
Description of Outcome A regulatory framework and cooperation mechanism for financial consumer protection
Progress Toward Outcome Research is in progress. A national workshop was held in November attended by PRC stakeholers and representatives from all other supervisory agencies and the government.
Implementation Progress
Description of Project Outputs

Assessment of current financial consumer protection practices in PRC

Assistance to the establishment of a legal and regulatory framework for financial consumer protection and supervision by the FCPB

Promotion of coordinated financial consumer protection in PRC

Status of Implementation Progress (Outputs, Activities, and Issues) Progress is on track. Work is underway to prepare the international conference in April. Speakers from 5 countries have confimred. A study tour was held to the European Commission in Brussels, the Bank of Italy and other Italian supervisors, and the financial consumer regulators in Belgium. The tour occurred December 2014. A review mission was held during November 2014.
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design The FCPB was actively involved in review and decision-making on the project design and outputs.
During Project Implementation The EA is closely involved with the reserach work of the consultants to date.
Business Opportunities
Consulting Services ADB will engage the international and national consultants, as well as any resource persons, in accordance with ADB's Guidelines on the Use of Consultants (2013, as amended from time to time). The proceeds of the TA will be disbursed in accordance with ADB's Technical Assistance Disbursement Handbook (2010 as amended from time to time). An Advance Payment Facility (APF) will be used for training, seminar and conference administration by the EA.
Responsible ADB Officer Giacomo Giannetto
Responsible ADB Department East Asia Department
Responsible ADB Division Public Mgt, Financial Sector and Regional Coop Division, EARD
Executing Agencies
Financial Consumer Protection BureauZhu Hong, Deputy Director-GeneralZHUHONG@PBC.GOV.CNBuilding A, Tontai Mansion, 33 Jinrong Street West District, Beijing,P.R China 100033
Timetable
Concept Clearance 27 Sep 2013
Fact Finding 25 Jul 2013 to 25 Jul 2013
MRM -
Approval 31 Oct 2013
Last Review Mission -
Last PDS Update 19 Mar 2015

TA 8498-PRC

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
31 Oct 2013 14 Feb 2014 14 Feb 2014 28 Feb 2015 30 Sep 2015 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
400,000.00 0.00 30,000.00 0.00 0.00 0.00 430,000.00 31 Oct 2013 247,336.01

This project data sheet was generated from http://www.adb.org/projects/47042-001/main on 04 September 2015