Central Bank Vows to Rectify Financial OrderThe People's Bank of China (PBOC) announced Tuesday that it will continue to rectify and standardize the financial market and credit order, with the focus on cracking down on debt-dodging.A spokesman for central bank said that the PBOC convened a meeting this week to study policy measures for the changes. He said the meeting analyzed the present situation surrounding financial reforms, pointing out that since 1997, the central bank' s efforts in establishing financial order and preventing financial risks have effectively safeguarded financial order and social stability. However, there still exist some major problems in the financial sector, including lack of social credit awareness, various kinds of illegal financial activities and illicit trading of foreign exchange. The meeting urged all banks to make institutional improvements, reinforce internal control and step up security of banking systems. According to the meeting, the PBOC and its branches at all levels should crack down evasion of debts owed to banks. It called on banks to employ legal, economic, social supervision and other measures to protect creditors' rights; coordinate with related departments to take strong measures against irregular financial practices; further reinforce financial supervision and prevent unfair competition; promote the steady growth of medium-sized and small financial institutions; and work to prevent credit risks. |
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