国务院关于金融体制改革的决定 DECISION OF THE STATE COUNCIL ON REFORM OF THE FINANCIAL SYSTEM

国发（1993）91号
（December 25， 1993）
颁布日期：19931225 　实施日期：19931225 　颁布单位：国务院

　　In order to carry out the decision of the Third Plenary Session of the Fourteenth Central Committee of the Party， to suit the needs of establishing the socialist market economy system， to bring into fuller play the role of finance in macro regulation， macro control and optimal resource allocation in the national economy， and to promote sustained， speedy and healthy development of the national economy， the State Council has decided to reform the current financial structure.

　　The goals of the financial structure reform are： to set up a macro-regulatory system of the central bank that implements independently the monetary policy under the leadership of the State Council； to set up the financial organization system that separates the policy finance from the commercial finance， makes the State-commercial banks principal part and different financial institutions coexist； to build a financial market system which is uniform and open， with orderly competition and strict administration.

　　1. Establish a Strong Macro-regulatory System of the Central Bank

　　The primary task of deepening reform of the financial structure is to turn the People's Bank of China into a central bank true to its name. The main functions of PBC are： formulate and implement monetary policy， keep the currency stable， supervise and administer strictly financial institutions and ensure that the financial system operates safely and effectively.

　　（1） Clearly and define the responsibilities of PBC offices at all levels， transform PBC's functions.

　　a. PBC is the functional sector under the leadership of the State responsible for the administration of the financial industry. The head office of PBC has the rights of issuing currency， administering basic money， regulating and controlling the aggregate amount of credit， and regulating the base rate， to ensure the implementation of the unified nation-wide monetary policy. In general， the head office of PBC circulates necessary funds only to head offices of the nation-wide commercial banks （mainly referred to the head offices of specialized banks at present）。

　　b. Business operations of PBC offices at all levels shall be put under centralized management in accordance with the requirements of nationwide currency circulation. As agencies of PBC， the branch banks should actively create conditions to set up transregional offices whose main functions are： financial supervision and administration， investigation and statistical analysis， lateral position adjustment， national treasury management， allocating issue fund， foreign exchange control and inter bank settlement.

　　（2） Reform and perfect the monetary policy system.

　　a. The final goal of PBC's monetary policy is to keep the currency stable， and to promote economic growth through it； The intermediary and operating goals of monetary policy are amount of currency supply， aggregate amount of credit， inter-bank offered rate and bank provision rate.

　　b. The instruments of monetary policy are： statutory reserved rate of deposit， loan of central bank， official re-discount rate， open market operations， foreign exchange operations of central bank， loan restricted volume， deposit and loan rates of central bank. In accordance with the macro-economic situation， the PBC utilizes all these policy instruments flexibly and selectively to regulate and control amount of money supply.

　　c. From 1994 on， the Central Bank begins to practise asset-liability ratio management and asset risk management with commercial banks.

　　d. PBC should set up a perfect investigation and statistic system and a monetary policy forecasting system， and provide scientific basis for formulating monetary policy by way of stepping up analysis and prediction of macro economy.

　　e. Set up monetary policy committee， t

o make formulation of monetary policy more scientific.

　　（3） Perfect financial laws and regulations， enforce financial supervision and administration.

　　a. Make the best use of time to draw up laws such as Banking Law of the People's Republic of China， Law of People's Bank of China， Law of Bills and Law of Insurance etc. and submit all them to the National People's Congress for examination.

　　b. Make the best use of time to formulate and perfect the administrative regulations and supervising criteria for different kinds of financial institutions， and conform the mode of supervision and administration to laws and regulations. The main contents of supervision and administration are： registration administration， review of the qualification of legal representative， scope of business definition， capital abundance rate， capital mobility and degree of capital risk， etc……

　　c. Investigate and deal with cases of setting up financial institutions and conducting financial business on their own without the approval of PBC， in accordance with laws and regulations.

　　d. Auditing shall be further strengthened. The head office of PBC shall strictly audit financial institutions at the national level， and even audit their branch offices when necessary； The branch offices of PBC shall set up auditing financial institutions under their jurisdiction. Conscientiously investigate and deal with violations of laws and regulations as soon as they are discovered.

　　（4） Reform PBC's financial system.

　　Abolish the profit retaining and tax paying system of branches of PBC at different levels. The Head Office and all branches of PBC shall implement respectively independent financial budget management system. The financial revenue and expenditure plans drawn up by all branches yearly will be carried out upon approval by the Head Office of PBC. Expenses balance receipts， all of the surplus profit must be delivered to central finance， the deficit will be subsidized by the central finance. The financial statement of PBC shall be examined and verified by the Ministry of Finance， and to be audited by the Sate Auditing Bureau. Banking personnel rank wage system shall be implemented for staff （excluding manual workers） working in different levels of branches of PBC.

　　2. Set Up Policy Banks

　　The aims of setting up policy banks are： Separating policy finance from commercial finance， in order to solve the problem of national specialized banks executing dual functions； Cutting off the direct connections of policy loans with base currency， to ensure PBC's initiative in regulating and controlling base money.

　　It is necessary for policy banks to strengthen management， to keep to the principle of self-bearing of risks， break-even operating， and not competing with commercial financial institutions. Business of policy banks is supervised by PBC.

　　（1） Set up National Development Bank， to administer the People's Construction Bank of China （PCBC） and national investment institutions.

　　a. National Development Bank handles policy loans and discount business for key national construction projects （including capital construction and technical transformation）。 National Development Bank has only the head with no branches office. Its credit business is represented by PCBC. People's Construction Bank of China shall be transformed into a state-owned commercial bank mainly engaging in middle and long term credit business after the policy credit business of the bank is separated. The investment departments of National Development Bank shall utilize state approved and appropriated capital fund for stock-investing in key national construction projects.

　　b. The National Development Bank shall be accountable to the Ministry of Finance for its financial affairs. Subject to approval by the Ministry of Finance， the Bank shall be in a position to regulate and adjust capital funds and pro

fit among legal persons. The person in charge of financial affairs of the Bank shall be nominated by president of the Bank， and submitted to the State Council for appointment.

　　c. According to its fund-raising capacity and risks of projects， National Development Bank shall consult repeatedly with State Planning Commission and State Economy and Trade Commission before determining jointly and carrying out the plan of key construction investment and loan.

　　d. The fund resources of National Development Bank mainly are： （a） the capital fund and key construction funds appropriated by the Ministry of Finance； （b） issuance of state-guaranteed bonds in the society and financial bonds to financial institutions by National Development Bank， the amount of which shall be determined by State Planning Commission and People's Bank of China； （c） a portion of deposit absorbed by People's Construction Bank of China.

　　e. Adjust the organizational structure of People's Construction Bank of China， merge China Investment Bank into international business department of PCBC.

　　f. Formulate Act of National Development Bank and Constitution of National Development Bank. National Development Bank shall begin its operation in 1994.

　　（2） Set up Agricultural Development Bank of China （ADBC） to undertake policy loans for State reserve in grain， cotton and edible oil， for contract-purchasing of farm and sideline products， and agricultural development， and to appropriate fiscal funds for supporting agriculture and to supervise their use as an agent.

　　a. As an independent legal person， the capital fund of Agricultural Development Bank of China shall come from the existing Agricultural Bank of China （ABC） which shall transfer a portion of its capital fund to the former. ADBC will takeover agricultural poli

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