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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

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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, to 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 profit 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 policy 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 establish 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 cooperative 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 bank clearing shall be effected.

  c. The People's Bank of China shall set the ceiling and floor interest rates of the deposit and loan, further rectify the interest rates relations between deposit, loan and securities; all the different kinds of interest rate should reflect the difference in time limit, cost and risks, so as to keep a reasonable rate differential; progressively set up the market interest rate system based on the central bank's interest rates.

  d. The People's Bank should strictly supervise and administer the financing action between the financial institutions, investigate and deal with those violating relevant regulations in accordance with laws.

  (2) Perfect the securities markets.

  a. Perfect the national debt market, in order to create favorable conditions for the People's Bank to handle the business of open market operations. The Ministry of Finance shall stop borrowing money from the PBC. The fiscal position shortage shall be settled by short-term national debt, while the deficit budget shall be made up by issuing national debt. According to the approved amount, the policy banks can issue state-guaranteed financial bond, which is used to adjust economic structure. It is essential for postal savings, surplus of social security funds, and funds of all financial institutions to keep a definite proportion of national debt, which the national commercial banks can use as mortgages for financing from the People's Bank.

  b. Adjust issuing objects of financial bonds, stop issuing financial bonds to individuals. The People's Bank handles mortgage loan for only the national commercial banks that have financial bonds.

  c. Perfect stock markets. Standardize stock issuing and listing on the basis of enterprise joint stock system transformation; Perfect management of securities exchange and exchange systems; Create favorable conditions to unify the legal person stock markets and individual stock markets, A-stock markets and B-stock markets.

  5. Reform Foreign Exchange Control System, Coordinate the Policy of Foreign Exchange and Monetary Policy

  Foreign exchange control is an important part of the central bank's monetary policy. The long term target of foreign exchange control system reform is realization of RMB's convertibility. Based on the prevailing circumstances in China and with reference to successful international experiences, the short-term reform measures shall be as follows:

  (1) Realize unified foreign exchange rate in 1994, establish unified controlled and floating RMB exchange rate system based on market exchange rate;

  (2) Abolish foreign exchange retaining system, implement foreign exchange settlement and selling system.

  (3) Realize RMB's conditional convertibility in the current account.

  (4) Strictly administer, examine and approve foreign exchange drawing and receipt in the capital account;

  (5) Set up a unified national foreign exchange market, in which the designated foreign exchange banks are the transaction bodies. According to the requirement of regulating macro-economy, the People's Bank of China should timely take in and send out foreign exchange, to stabilize the exchange rate.

  (6) Stop issuing and gradually call back foreign exchange certificates. Strictly forbid foreign currency pricing, settling and circulating.

  (7) The People's Bank of China centrally controls State foreign exchange reserves. According to the foreign exchange reserve principles of security, liquidity and profitability, perfect operating mechanism of foreign exchange reserve.

  The measures of foreign exchange control system reform shall be carried out according to the relevant provisions of the State Council.

  6. Properly Guide Non-Bank Financial Institutions in Stable and Healthy Development

  The amount of capital fund, standards of managerial staff quality and business scopes of all kinds of non-bank financial institutions shall be clearly defined, examined and approved strictly with enhanced administration. Properly develop different kinds of non-bank financial institutions such as specialized insurance company, trust and investment company, securities company, financial leasing company, finance corporation of enterprise group, etc., implement the policy of classified management for the industries of insurance, securities, financial trust and banking.

  (1) The principle of separating social insurance from that of commerce and separating the functions of government from those of the enterprise shall be upheld in insurance system reform. The policy insurance and the commercial insurance should keep separate accounts respectively, transform the insurance companies into genuine insurance enterprises, and realize equal and orderly competition. Progressively separate personal insurance business from that of non-personal. Develop a number of nation-wide, regional and specialized insurance companies; establish re-insurance companies; and step by step develop rural insurance undertakings in many forms. Properly enlarge the scopes and the autonomous right of the insurance enterprises' utilizing fund, properly raise the general insurance reserve rate, so as to strengthen economic power of the enterprises. Set up the insurance guild in order to strengthen self-discipline and control of the trade.

  (2) The fund of the trust and investment company mainly comes from long-term and wholesale enterprise trust or entrusted deposit. The business scope of the company is handling trust and entrusted loans, securities buying and selling, financial leasing, proxy and consultancy, etc.

  (3) The finance companies of enterprise groups collect short-term fund for the enterprises mainly by issuing commercial bills.

  (4) The securities companies are not authorized to handle the business of non-security investment. Clearly distinguish the securities companies going into the first class markets from those into the second class markets. Strictly separate the business of the securities company's own from that of proxy.

  7. Strengthen Financial Infrastructure Construction, Establish Modern Financial Management System

  (1) Speed up accounting and settlement system reform. According to the international accounting standards, the financial institutions should reform accounting basis, accounting items and accounting system, and reform financial statistic and supervising monitoring system. Build modern system of payment to realize settlement billization. Expand the scopes of payment measures such as credit card, commercial bill of exchange, cheque and cashier's check, etc., strengthen the flexibility, liquidity and safety of the bill use, in order to reduce the use of cash.

  (2) Accelerate financial system computerization. Speed up the construction of the PBC's satellite communication net work. Extend utilization and development of computers, realize the automation of inter-bank settlement, loan and deposit, information statistics, handling business and office work. Financial system computerization should be centrally planned, standardized and carried out respectively.

  (3) Strengthen construction of financial personnel. Renew knowledge structure of the staff, and speed up the training of modern financial personnel, implement the cadre and personnel system and labour and wage system suiting the characteristics of the financial system, and set up the restraining and motivating mechanism.

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