China may introduce deposit insurance plans by the end of this year after extensive discussions over the past few years, Wu Xiaoling, a member of the National People's Congress Standing Committee and former vice-governor of the People's Bank of China, said on Monday during a conference in Shanghai.

The central bank has listed the deposit insurance plan as one of the key reform goals for 2013, Wu noted during a conference concerning the protection of consumers' rights for financial services and products at the China Europe International Business School.

Once the deposit insurance system is adopted, it will provide a safety net for consumers' savings in banks, helping to enhance financial market stability and reduce systemic risks, said a central bank circular in May at the height of the liquidity squeeze in the banking system.