Twenty-five executive ratification items, including commission payoff, social security fund, commission water and electricity fees and commission lending, have been abolished, according to an announcement in a circular issued earlier this year by the People’s Bank of China, the country’s central bank.
Among the 25 items, some intermediary businesses stipulated in Article 8 of the Provisional Regulations Governing Commercial Banks’ Intermediary Business have attracted public attention.
They include: commissioned collection on exports and imports; the distribution, sale and cashing of state bonds; agency business, covering payroll, social security funds and other public fees; commission lending; sales agency business, like sale of traveler’s check; testimonial business, including saving deposit certificate; information consultation services such as credit investigation, enterprise credit ranking, asset evaluation and financial information consultation; financing advisory business for individuals and enterprises; consulting and advisory services for enterprise investment and financing, like financing advisor, lending arrangement from international financial institutions; and safe deposit box business.
Besides, other ratification items are also abolished, like registration of financial institutions’ statistics release; commercial banks’ certificate on transfer of governmental purchasing capital, personnel shuffle of foreign-funded banks, like changing representatives or deputy-representatives; bank’s new business related to securities and insurance through Internet.
The circular was in response to the Decision of State Council on Abolishing First Group of Executive Ratification Items, which was published on November 1 last year.
(China.org.cn by Tang Fuchun January 14, 2003)
