Economy

Markets

Industries

Insights

Reports

Events

New rules unveiled for State-owned assets in financial institutions

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-03-18 11:30

The Ministry of Finance has unveiled new rules regulating the transfer of State-owned assets in financial institutions, said a statement on the ministry's website.

Related readings:  China's banks boost assets to 61.1 trillion yuan  China to carry out SOE consolidation plan  Pioneering bank deal  New body planned to run underperforming SOEs

According to the statement, the new rules will take effect on May 1.

They require the transfer of State-owned assets in unlisted financial institutions to be handled by provincial or higher level of property rights exchange institutions.

The transfer of State-owned assets in listed financial institutions also must go through a liable securities exchange system, according to the new rules. If the majority shareholder of the listed financial institution wants to make such a transfer, it also must file an application through the Ministry of Finance.