People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission, Several Opinions on Accelerating the Development of the Service Industry with Support from the Financial Sector

中国人民银行、中国银行业监督管理委员会、中国证券监督管理委员会、中国保险监督管理委员会关于金融支持服务业加快发展的若干意见

May 08, 2008 | BY

clpstaff &clp articles &

Enterprise groups in the service industry given priority to establish finance companies.

Clp Reference: 5000/08.03.19 Promulgated: 2008-03-19

Issued: March 19 2008

Main Contents: Article 3 of the Opinions states that the scope of loans pledged with fee collection rights shall be extended to urban infrastructure projects such as urban water supply, heat supply and public transportation. With regard to irrigation development projects and urban environmental protection projects with a certain level of loan repayment capacity, loan services such as creating a pledge over the rights to receive earnings from the project or rights to fee collection shall be explored in a progressive manner, in order to accelerate the development of the public service industry. Also, priority will be given to enterprise groups in the service industry for establishment of non-bank financial institutions such as finance companies, provided that they satisfy the requirements.

Related Legislation: Several Opinions on Accelerating the Development of the Service Industry, Mar 19 2007

clp reference:5000/08.03.19promulgated:2008-03-19

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