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2013 5 54 54 54 55 Upgrading of the Philosophy of Consumer Protection and the Systematic Innovation Focusing on the Amendment of Consumer Protection Law Liu Junhai Xu Haiyan Abstract The new Consumer Protection Law should offer more generous protections to the consumers. The new law should give more attention to the contractual justice and fairness in addition to the freedom of contract. Regulation and development should be given equal priority and the government should improve consumer - friendly administrative protection system. The new law should broaden its scope of application. The firms should pay more expensive cost for the benefits they received from their dishonest transactions while the consumers should benefit more from their litigations against the dishonest firms compared to their cost they spent on their litigations. Keywords new consumer protection law reasonably generous protection contractual fairness justice regulation cost & benefit for dishonest transactions cost & benefit for litigations punitive damage 38