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China will strengthen macro-control measures while triggering the activity of local governments to avoid unbalanced growth and the distribution of pawnbroking throughout the nation, Guangming Daily reported Thursday.
The Ministry of Commerce asked local governments to "adjust and perfect the distribution of pawnshops", so as to avert blind development and concentration of pawnshops in capital cities and downtown areas, said the newspaper.
Pawnshops are special legal persons licensed by the state to run loan impawn businesses. The sector, involved in both the goods market and the capital market, plays an unique role in the economy and society, according to the ministry.
The ministry requires the provincial governments to abide by the following principles when applying for the setup of the second-round pawnshops:
Provinces whose gross domestic product (GDP) exceeded 700 billion yuan (US$12.3 billion) in 2004 are qualified to apply for up to 13 pawnshops; those with a GDP between 500 to 700 billion yuan, or with a population exceeding 50 million people, up to 10 pawnshops.
Provinces with a GDP between 300 to 500 billion yuan, or with 40 to 50 million people, up to eight pawnshops; those with GDP 100 to 300 billion yuan and 10 to 40 million people, up to five pawnshops; those with GDP exceeding 100 billion yuan but with lessthan 10 million people, up to four pawnshops; and the rest provinces up to three pawnshops.
(Xinhua News Agency November 25, 2005)
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