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

cy loans which belong to ABC and Industrial and Commercial Bank of China now （creditor's right），and accept corresponding loans of PBC （debt）。

　　b. ADBC can set up some agencies（branch offices） and county-level business offices in a number of provinces and autonomous regions where agriculture has a big proportion in the economy.

　　c. The fund resources of ADBC mainly are： （a） financial bonds issued to financial institutions； （b） fiscal fund for supporting agriculture； and （c） deposit of enterprises utilizing agricultural policy loans.

　　d. Formulate Act of Agricultural Development Bank of China and Constitution of Agricultural Development Bank of China. The task of setting up the Bank shall be finished before the summer harvest of 1994.

　　After the founding of ADBC， Agricultural Bank of China will be transformed into a State-owned commercial bank.

　　（3） Set up China Import-Export Credit Bank （CIECB）。

　　a. As an independent legal person， the capital fund of China Import-Export Credit Bank will be appropriated by the Ministry of Finance.

　　b. The operating business of CIECB are supplying buyer's and seller's credits for importing and exporting of large scale mechanical and electrical equipment， handling discount interest and export credit guarantee for export credit of complete sets of mechanical and electrical equipment of the Bank of China. CIECB does not handle business of commercial banks. The fund resources of CIECB mainly are special fiscal fund and financial bonds issued to financial institutions， etc……

　　c. CIECB sets up no branch offices but head office only. The credit business of CIECB shall be handled by the Bank of China or other commercial banks as its agents. The agencies of CIECB who are responsible for investigation and statistics and supervision over agency business and other matters， can be set up only in a few specific major cities.

　　d. Formulate Act of China Import-Export Credit Bank and Constitution of China Import-Export Credit Bank. CIECB shall begin its operation in 1994.

　　（4） The policy banks must establis

h boards of supervisors， which shall be composed of members from the Ministry of Finance， People's Bank of China， representatives of relevant government departments and others. Mandated by the State Council， the boards shall supervise and examine the business guiding principles of the policy banks and value in maintenance and appreciation of State owned capital， supervise， appraise and record the presidents' Business achievement of the policy banks， and put forward proposals on appointment or removal， reward or punishments.

　　3. Transform the State Specialized Banks into State-Owned Commercial Banks True to Their Names

　　（1） After separating the policy business， existing State specialized banks （China Industrial and Commercial Bank， Agricultural Bank of China， Bank of China and People's Construction Bank of China） should be transformed into State owned commercial banks as soon as possible， operating according to the management mechanism of modern commercial banks. Firstly， implement the business principle of conducting independent operations， practising its own risk bearing， bearing the responsibility of profit and losses， and self-control； Secondly， the head offices of the State owned commercial banks should strengthen centralized management， upgrade the capability of unified dispatch of funds， practise uniform accounting in the whole bank， and not allow inter-branch market transactions. Thirdly， in general， only the head offices of the commercial banks are authorized to get financing from the central bank， and the head offices bear full responsibility for asset liquidity and capacity to pay of the whole bank； Fourthly， the State owned asset equity in the State owned commercial banks shall be controlled according to laws and regulations of State owned asset management.

　　Business intersection and competition are allowed among the State-owed commercial banks. All operating activities of the State-owed commercial banks shall strictly abide by the financial laws and regulations of the State， and accept supervision and control by the central bank.

　　The State-owned commercial banks shall establish board of supervisors， which shall be composed of members from People's Bank of China， relevant departments of the government and others. Mandated by the State Council， the boards shall supervise and examine the business guiding principles， important decisions and the value in maintenance and appreciation of State-owned capital of the State-owed commercial banks， supervise， appraise and record the presidents' business achievement of these banks， and put forward proposals on appointment or removal， reward or punishment.

　　The State-owned commercial banks are not authorized to invest in non-financial enterprises. The amount of investment of the State-owed commercial banks in industries of insurance， trust business， and securities shall not exceed a definite proportion of their capital fund. Besides， investment in these industries should be deducted from the whole capital funds in calculating abundance rate of capital. The banks should separate from the industries of insurance， trust business and securities in personnel， fund and property， and operate separately. The branches and sub-branched of the State-owed commercial banks have no capital authority.

　　（2） The commercial banking system in China includes the State-owned commercial banks， Bank of Communications， Industrial Bank of CITIC， Ever bright Bank， Huaxia Bank， China Merchant's Bank， Fujian Industrial Development Bank， Guangdong Development Bank， Shenzhen Development Bank， Pudong Development Bank of Shanghai， and rural cooperative banks， urban cooperative banks， etc. All commercial banks should perfect and develop in accordance with the relevant financial laws and regulations of the State.

　　（3） Develop cooperative banking system in a positive and sound way. The cooperative banking system mainly includes two parts： the urban co

operative banks and the rural cooperative banks， whose main tasks are to provide medium and small enterprises， agriculture and regional economic development with financial service.

　　a. Run the urban cooperative banks as an experiment on the basis of urban credit cooperatives. The urban cooperative banks shall be established only at municipal and banking office levels， both of which are independent legal persons. Formulate Act of Urban Cooperative Banks， found and rebuild the urban cooperative banks in line with the Act. Running of urban cooperative banks on an experimental basis should be carried out in stages and batches and shall not rush headlong into action.

　　b. Set up the rural cooperative banks step by step. According to the requirement of rural commodity economic development， set up the rural cooperative banks step by step on the basis of the rural joint-credit cooperatives. Formulate Act of the Rural Cooperative Banks of China， and firstly separate the rural joint-credit cooperatives from the Agricultural Bank， and turn them into joint organizations of basic-level credit cooperatives. At present， the rural cooperative banks shall be established only in areas below the county level （inclusive）。 The State-owned commercial banks can have equity participation in the rural cooperative banks according to the Act of Rural Cooperative Banks， but shall not change the collective cooperative financial nature of the rural cooperative banks.

　　c. The rural cooperative foundations are not financial organs. They are not empowered to handle deposits and loans， and should become real community mutual aid fund organizations. The rural cooperative foundations handling deposits and loans at present can be transformed into the rural credit cooperatives after rectification and qualification check and acceptance.

　　（4） According to the principle of reciprocity and mutual benefit， subject to approval by the People's Bank of China， foreign financial institutions can be introduced in a planned way and step by step. The foreign financial institutions should handle their business operation according to the scope of business approved by the People's Bank of China.

　　（5） Progressively unify the different kind of income tax rate existing between domestic financial institutions， Chinese and foreign or joint stocking financial institutions. The income tax of financial institutions becomes the fixed central fiscal revenue.

　　（6） Financial institutions are allowed to declare bankruptcy because of bad management， but their creditor's rights and debts should be transferred as smoothly and steadily as possible. Deposit insurance fund shall be established to protect the public interest. 4. Set up a Unified Open Financial Market where is Orderly Competition under Strict Control

　　（1） Perfect the money market.

　　a. Strictly control the money market， clearly define and standardize the qualifications and business actions of the market bodies， prevent fund in money markets from flowing to securities and real estate markets.

　　b. All the financial institutions can call position money mutually by bank clearing. The banks （including their branches） that barrow money from the People's Bank generally shall not go beyond seven day limit； In general， the time limit that the commercial banks and the cooperative banks lend money to securities companies， trust and investment companies， financial companies and financial leasing companies shall not go beyond seven days. However， the above restrictions do not apply to the banks that do not borrow money from the People's Bank and to other non-banking financial institutions. Yet gradual transition to

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