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Tighter Controls On Lending
Source: Agencies |
May 21, 2009, Thursday
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Print Edition
Print Edition
CHINA'S banking regulator is tightening controls on lending to prevent abuses, as auditors reported that some spending for economic stimulus programs is being diverted or delayed.
The new rules, announced by the China Banking Regulatory Commission late on Tuesday, apply to bank loans worth more than 5 million yuan (US$732,000) or accounting for more than 5 percent of the total investment in a project. They require banks to hold loans until project contracts are finalized and to disburse the funds directly to the businesses supplying goods and services. The aim is to make it more difficult for project managers to embezzle or otherwise misuse the money.
People can submit opinions on the rules until June 16.
The new rules, announced by the China Banking Regulatory Commission late on Tuesday, apply to bank loans worth more than 5 million yuan (US$732,000) or accounting for more than 5 percent of the total investment in a project. They require banks to hold loans until project contracts are finalized and to disburse the funds directly to the businesses supplying goods and services. The aim is to make it more difficult for project managers to embezzle or otherwise misuse the money.
People can submit opinions on the rules until June 16.
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