China's first dispute mediation center for the banking industry was inaugurated in Pudong New District of Shanghai on May 10, aiming to provide consumers with professional dispute mediation service, Pudong Times reported.

The center was sponsored by the Shanghai Banking Regulatory Commission (SBRC) and Shanghai Banking Association, echoing the nation's call to build arbitration and mediation institutions to resolve disputes and contradictions.

The center will focus on the practice of alternative dispute resolution to financial consumption disputes, said Liao Min, director of SBRC.

It will also cooperate with the Shanghai High People's Court and the Shanghai Court of Financial Arbitration, enabling the center's mediation to have the force of law.

Liao said that the SBRC will give the center strong support, and help it build a better work mechanism, improve mediation expertise, and reach its goals of lowering the number of disputes, increasing the rate of mediation, and exploring ways to protect consumer rights.