China seeks public consultations on draft revisions of Loan Rules

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Last updated at: (Beijing Time) Thursday, April 08, 2004

China seeks public consultations on draft revisions of Loan Rules

China made public its draft revisions of its General Rules on Loans Tuesday banning the use of bank loans for trading in stocks, futures and financial derivatives.

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China made public its draft revisions of its General Rules on Loans Tuesday banning the use of bank loans for trading in stocks, futures and financial derivatives.

The draft revised rules also ban the use of bank loans in production of products, business, or investment projects prohibited by the State.

The draft revisions of the rules initially introduced in 1996 was made public in a bulletin by the People's Bank of China, the country's central bank, and China Banking Regulatory Commission, the country's watchdog over banking institutions.

The central bank said the revisions were designed to make the rules suitable to the need of socialist market economy.

The draft edition of the General Rules on Loans, comprising eight chapters, contain stipulations on types of loans, terms and interest rates, loan management, special provisions on loan management and legal liability.

The central bank and the watchdog said comments and proposals by any institutions or organizations, or individuals shall be sentto either of them by correspondence, e-mail or fax before May 6, 2004.

The 1996 edition of General Rules on Loans comprise 82 articlesin 12 chapters, are the first comprehensive, systematic rules on loans since the People's Republic of China was founded in 1949.

Source: Xinhua

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