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People's Daily Online>>China Business

China mulls monitoring system on private lending: central bank official

(Global Times)

14:50, November 11, 2011

The Chinese government is considering establishing a monitoring system for private lending activities after a severe debt crisis of small firms in east China brought the informal lending market into spotlight.

"Relative departments are studying, trying out and improving a tracking and monitoring system on private lending to provide more comprehensive information for economic decision making and macro-economic control," an official with the People's Bank of China, or the central bank, told Xinhua on Thursday.

Private lending should be better regulated and "brought into the sunlight" to boost a multi-level credit market, said the official, who declined to be identified.

The interest rate of private lending should not exceed four times that of bank loans of the same kind, said the official, citing an existing rule set by the Supreme People's Court.

The remarks came amid a credit crunch in the eastern city of Wenzhou, an economic hub known for its successful entrepreneurs.

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BlBppTOsxuimEvzIwn at 2011-12-20109.155.108.*
You have the monopoly on useful information-aren"t mnoolpioes illegal? ;)

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