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China to Shut up Failing Financial Institutions
A source from the People's Bank of China revealed the related government departments are studying ways to close up or delist the faltering financial institutions.
With China's pending entry to the World Trade Organization (WTO), it becomes increasingly imperative to revise China's financial laws such as Commercial Bank Law and Insurance Law and laws and regulations governing Sino-foreign joint venture securities houses in line with WTO requirements, said the source at the First Forum on Financial Laws held in Beijing University at the weekend.
The current Commercial Bank Law lacks regulations on capital supplementing mechanism and protection of the interests of consumers. Besides, there is no provision for withdraw of financial institutions, the source said.
Source: Panorama
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