China's major banking institutions yesterday vowed to fight commercial bribery to safeguard the market order of the financial sector.

 

Sixty-eight members of the China Banking Association signed an anti-commercial bribery commitment in Beijing pledging to strengthen self-discipline, promote fair competition, resist illegal transactions and establish an ongoing system to combat commercial bribery.

 

Under the commitment members will cooperate with a special working program run by the China Banking Regulatory Commission (CBRC) on the issue.

 

Members of the association, including all major domestic banks, asset management companies and rural co-operatives, also signed three conventions on fair competition in the sector, moral behavior of staff and the rational flow of talent.

 

"Signing the commitment and the three conventions will play an active role in protecting a good market order of the banking industry," said Jiang Dingzhi, vice chairman of the CBRC.

 

Jiang said all banking institutions should pay close attention to the anti-commercial bribery program and take action according to the requirements of the commitment and conventions.

 

Yang Mingsheng, president of Agricultural Bank of China, said his bank "will carry out specific rules and regulations in anti-commercial bribery and self-discipline."

 

"The banking association will establish a report and complaint system for the public's supervision," said Guo Shuqing, the association's director and president of China Construction Bank.

 

The public will be able to report commercial bribery cases to the association via two hotlines and its official website.

 

(China Daily July 8, 2006)