China's State Council has received plans for a deposit insurance system and may introduce it next year to boost confidence in the country's financial system as the global economic outlook worsens, a central bank researcher said Wednesday.

The People's Bank of China has submitted the plan to the State Council, China's Cabinet, Zhang Jianhua, head of research at the central bank, said in a conference in Beijing yesterday. The system should be launched next year according to "conservative estimates," Zhang added.

(Shanghai Daily November 27, 2008)