China to Bolster Oversight of Booming Consumer Finance Sector

China’s top financial regulator plans to strengthen oversight of companies that provide small loans to consumers with new rules that tighten market access requirements and require them to improve protection for their customers.

Draft measures for managing consumer finance companies (消费金融公司管理办法) were released on Monday for public comment by the national administration of financial regulation (NAFR). They will replace rules that were last amended in 2013, according to the regulator.