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China will introduce a banking code that includes separate rules and regulations governing its banking sector to ensure a transparent regulatory environment.

 

The China Banking Regulatory Commission will comprehensively revise its existing multi-level laws, rules and regulations on the banking sector, scrap some outdated rules and merge some related issues, said Chen Sheng, an official of the rules and regulations department of the country's banking regulator.

 

The commission plans to post the draft of the banking code at the end of this year for public inquiry and comment and expects to issue an official code next year, Chen told reporters at the China Retail Finance/China Cards and Payments 2006 meeting yesterday in Shanghai.

 

"The move is to create a fair, open and transparent legal system for both domestic and overseas players in China's banking sector and avoid the misinterpretation of the rules," Chen said.

 

There are numerous rules, guidelines and regulations governing the sector in China, which makes it difficult for businesses to get hold of all the laws set by various government agencies, he said.

 

At present, there are myriad rules regulating China's banking sector.

 

Several organizations, including the People's Bank of China, or the central bank, and the commission, are the major organizations that issue regulations.

 

For instance, related rules on bank cards can be found in certain sections of the Criminal Law, and a guideline issued by the central government. In pending rules on bank cards, the central government will allow the creation of an independent credit card company, Chen said.

 

China's opening up of its banking sector by the end of the year may be one driver for the urgent introduction of the banking code.

 

Foreign banks and financial institutions are gearing up to compete with domestic lenders on an equal basis, including tapping the individual yuan business from December under China's World Trade Organization commitments.

 

(Shanghai Daily May 18, 2006)