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The Eight Ministries And Commissions Such As The CBRC Are Responsible For Implementing The Financial Institutions Of The People'S Bank Of China.

2010/7/26 15:53:00 40

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Two months after the State Council's opinions on encouraging and guiding the healthy development of private investment (hereinafter referred to as "opinions"), the general office of the State Council issued a notice today to clearly encourage and guide the division of labor in key areas of healthy development of private investment.

The State Council

In the notice, it indicated that in order to further clarify the main tasks of departments and local governments, specific implementation measures should be put forward.

The 8 departments of the Banking Regulatory Commission, the people's Bank of China, the development and Reform Commission, the Ministry of finance, the General Administration of Taxation, the Ministry of industry and information technology, the Securities Regulatory Commission and the CIRC will be responsible for implementing the eighteenth item put forward in the opinion - allowing private capital to set up financial institutions.

According to the notice of the State Council, the CBRC will become the lead department, and other departments and units are responsible for the division of responsibilities.

The eighteenth provision of the State Council on "encouraging and guiding the healthy development of private investment" issued by the State Council in May 13th stipulates that private capital should be allowed to set up financial institutions.

Under the premise of strengthening effective supervision, promoting standardized operation and guarding against financial risks, we should relax restrictions on financial institutions' share ratios.

It supports private capital participation in the capital increase and share expansion of commercial banks and participates in the restructuring of rural credit cooperatives and urban credit cooperatives.

Encourage private capital to initiate or participate in the establishment of village banks and loan companies.

Rural funds

Mutual aid associations and other financial institutions relax the restrictions on the minimum proportion of capital contributions to corporate banks in rural banks or community banks.

To implement

Small and medium-sized enterprises

Before the loan, the loss reserve policy is fully provisioning before tax, and the auditing procedures for the verification of bad debts of small and medium-sized financial institutions are simplified.

We should appropriately relax the restrictions on single investor shareholding ratio of small loan companies, and implement the same financial subsidy policy for small loan companies in agriculture related businesses.

We should support private capital in launching Credit Guarantee Corporation and improve Credit Guarantee Corporation's risk compensation mechanism and risk sharing mechanism.

We should encourage private capital to initiate the establishment of financial intermediaries and take part in restructuring and restructuring of financial institutions such as securities and insurance.