Provisional measures publicized for financing guarantee

Approved by the State Council, seven governmental sectors have jointly promulgated the provisional measures on regulating the bonding companies in financing business, in order to enhance the supervision on them for a sounded performance. These sectors are referring to the China Banking Regulatory Committee, the National Develop and Reform Commission, the Ministry of Industry and Information Technology, ministry of Finance, Ministry of Commerce, the People’s Bank of China and the Sate Administration for Industry and Commerce.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Based on thorough study, the measures, issued on March 8, is mainly focused on eligible guarantee sectors that obliged to manage financing business. The companies which are not perfected have to meet the requirements of the measures before the date of March 31, 2011.

Introduced by relative officials, the financing guarantee of the country has given a full play in recent years, to the role of small-mid and microenterprises in development, especially during the financial crisis as cushioning the pain of them for tough condition of financing gained with better social benefits.

The implement of the measures will be surely helpful in regulating the guarantee companies, and ensuring the sound performance in this field. It will see long-term positive influence in the development of small-mid industries under the guidance of the measures.