The People's Bank of China (PBOC) announced Wednesday that it has revised the "Administrative Measures for Trust Investment Companies" so it will conform with the country's Trust Law.
A spokesman said that this move aims to step up the supervision and improve the administration of trust investment companies, standardize their management and promote the healthy development of the trust investment industry.
The revised version provides clear and detailed regulations for the establishment, changing and winding up of trust investment companies as well as for their business scope, management rules, supervision and internal discipline.
The spokesman said that the rectification and reform of trust investment companies, which started in 1999, has made impressive progress. A number of trust investment companies with acceptable management practices have been allowed to re-register. These companies have minimized their risks, increased their capital, standardized their business practices and improved their management structure. They will continue to perform trust investment activities and other related business.
(Xinhua News Agency June 5, 2002)
