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Lawmakers Urge Putting Trust Firms under Rule of Law
Top Chinese legislators on Wednesday urged that a study be made of the chaotic situation of the trust companies in the country and that the industry be brought under the rule of law.
The lawmakers discussed the draft law on trust business on Wednesday in Beijing at the meeting of the Standing Committee of the National People's Congress. They criticized some local trust firms for their irresponsible or illegal activities.
Nowadays, many local governments are depositing big money in trust companies, regardless of the fact that the money is going nowhere, as some of the trust firms are on the brink of bankruptcy, said Wei Jisong.
Wu Shuqing said that the current draft of the law on trust business does not cover trust companies. If trust firms are beyond the reach of the law on trust business, the implementation of the law will be hampered, he noted.
The lawmakers also called for punishment for illegal activities involving trust companies by means of the law.
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