China to start bank deposit insurance from May

A regulation on bank deposit insurance will be implemented starting May 1, which stipulates that customers would be entitled up to 500,000 yuan (81,783 U.S. dollars) should their bank suffer insolvency or bankruptcy.

The reimbursement limit will apply to 99.63 percent of Chinese depositors, and both RMB deposits and foreign currency deposits from individuals as well as companies are covered, according to the regulation.

Those who have deposited more than 500,000 yuan will receive indemnity with the bank's own assets.

Starting from May 1, a slew of other regulations and laws will also take effect.

The regulation on case registration system will replace the current accreditation by courts, to protect people's rights when filing cases.

According to the regulation, courts must accept cases that should be handled according to the law, and no organization or individual may obstruct it for any reason.

The amendment to the Administrative Procedure Law will guarantee people's right to sue the government.

Another regulation on weather forecasts stipulates that weather information should be released by official meteorological administrations, and any other organizations or individuals release meteorological information will go against the rule and be fined.

Other regulations include tax reduction on iron ore and integrated regional customs in Chinese cities along the route of Belt and Road Initiatives. Endi