Official research shows that a deposit insurance system - a major step for interest rate liberalization - is mature enough and is expected to be put before the public "very soon", Pan Gongsheng, a deputy central bank governor, said on Wednesday.

"The central bank has worked on establishing the system for many years, and we're just waiting for the right time to make a substantial move," Pan said while attending a group discussion of the annual session of the Chinese People's Political Consultative Conference as a member.

"A market exit mechanism for financial institutions is crucial for further progress as we push forward market-oriented reforms in such areas," he said.