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China to further Rectify Intermediary Organs
China will further rectify intermediary organs of the country and a scope of the rectification has been drawn up, Minister of Finance Xiang Huaicheng said Thursday.
More than a dozen kinds of intermediary organs and related professional service organizations, including accounting firms, lawyer's offices and notarial agents, will be subject to the rectification, Xiang told a national meeting on the work..
He said that the agencies of the same or similar professions should be merged and put under unified administration. Those that have unique functions and cannot be merged with other services will be allowed to continue independent operations under stricter regulations.
The services that are not "mature" enough or cannot meet the requirements for professional regulations will be ordered to quit the market.
The minister pointed out that there are too many intermediary organs in China, many of which are connected with or even directly run by government departments.
According to him, the central government has ordered all such organs to cut links with their government sponsors in terms of personnel, finance, business operation and titles, and transform into entities based on partnership or with limited liability before the end of October 1.
Those who still maintain the links after the deadline will be severely dealt with, the minister warned.
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