Core Viewpoint - The People's Bank of China (PBOC) is seeking public opinion on proposed amendments to the "Electronic Payment Guidelines (First Edition)" and three other regulatory documents to enhance financial legal construction and improve the central bank's legal framework [2][6]. Group 1: Amendments to Electronic Payment Guidelines - The amendments include the removal of regulations on electronic payment transaction limits and the management of credit card overdraft interest rates [4][8]. - Specific changes involve deleting provisions that limit individual electronic payment transactions to a maximum of 1,000 RMB per transaction and a daily cumulative limit of 5,000 RMB [4]. - The guidelines will now encourage banks to handle disputes with customers promptly and responsibly, promoting mediation and arbitration as means to resolve conflicts [5][6]. Group 2: Credit Card Regulations - The PBOC will also remove the upper and lower limits on credit card overdraft interest rates, which were previously set at a maximum daily interest rate of 0.05% and a minimum of 0.035% [8][16]. - Other deletions include requirements for credit card issuers to disclose application conditions and product features, as well as the need to report interest rate adjustments to the PBOC [11][14]. - The changes reflect a shift towards market-driven pricing for credit card interest rates, allowing issuers to set rates based on customer risk profiles and creditworthiness [17].

Core Points - The People's Bank of China (PBOC) announced on August 29 that it will modify four regulatory documents, including the "Guidelines for Electronic Payments (No. 1)" to enhance the legal framework for financial governance [1] Group 1 - The PBOC is seeking public opinions on the proposed modifications to the regulatory documents [1]

Group 1 - The People's Bank of China is enhancing the legal framework for financial governance by amending four normative documents, including the "Guidelines for Electronic Payments (No. 1)" [1] - The amendments are part of a broader effort to improve the legal and regulatory system governing central banking in China [1]

Core Viewpoint - The article emphasizes the importance of formulating a financial law in China to ensure high-quality financial development and to address systemic risks in the financial sector [3][7][9]. Legislative Plans - The State Council's 2025 Legislative Work Plan includes 14 laws for continued review and 23 laws for initial review, highlighting the focus on financial stability and the promotion of the private economy [2][5]. - Key legislative projects include the Financial Law draft, which aims to enhance the legal framework for financial regulation and support the overall economic strategy [5][6]. Financial Law Significance - The formulation of the Financial Law is seen as a critical step in advancing the rule of law in finance, which is essential for national governance and economic stability [3][8]. - The Financial Law is expected to integrate existing financial regulations, establish unified regulatory principles, and provide robust legal support for the sustainable development of the financial industry [8][9]. Legislative Pathways - Experts suggest that the Financial Law should be designed as a comprehensive legal framework that addresses both public and private law aspects, ensuring a balanced approach to financial stability [10][11]. - The law's development will focus on risk identification and management, aiming to create a legal environment conducive to innovation while safeguarding public interests [9][10]. Coordination and Consensus - There is a call for enhanced theoretical research and practical consensus on the Financial Law's legislative positioning and framework to facilitate its development [11]. - Establishing an efficient legislative coordination mechanism is crucial for the smooth progress of the Financial Law, ensuring effective communication among relevant departments [11].