Non-financing guarantee firms under scrutiny
Print Edition
China will standardize the non-financing guarantee sector to promote financial and social stability, according to a government statement yesterday.
The statement was jointly released by eight government departments and agencies, including the China Banking Regulatory Commission, the National Development and Reform Commission, the Ministry of Commerce and the People’s Bank of China.
Provincial and municipal governments are asked to review the non-financing guarantee companies in their regions between December 2013 and August 2014.
Quite a few non-financing guarantee companies are engaged in unlawful financing activities and should be weeded out, the statement said.
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