China Steps Up Supervision of Postal Savings

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Last updated at: (Beijing Time) Tuesday, January 08, 2002

China Steps Up Supervision of Postal Savings

The People's Bank of China (PBOC), China's central bank, announced Tuesday that it is making an effort to increase the supervision of postal savings institutions.

The People's Bank of China (PBOC), China's central bank, announced Tuesday that it is making an effort to increase the supervision of postal savings institutions.

A PBOC spokesman said that in the second half of 2001, the central bank carried out a nationwide investigation of postal savings institutions, closing 1,585 law-breaking institutions and dismissing 1,110 unqualified staff.

He said that the investigation showed that some postal savings institutions have problems in internal control, personnel quality,business procedures and the keeping of statistics. Some even have illegal operational activities.

He said the central bank has made proposals to rectify and solve any problems the postal savings institutions have, and has set a deadline for wiping out illegal activities.