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Recently, some banking institutions have been engaged in unfair competitions to enlarge the business scale and to increase the market shares randomly. Some lower the price randomly without taking account of the cost, open businesses by charging less than the costs. Some soften the requirements for business examination and credit extension to contend for business from the standpoint of short-term interests. Some disclose the information of other banking institutions, maliciously debase their competitors and make unfair propaganda in their marketing activities to mislead customers. Some institutions offer obstacles in the operational system of the unit against the transactions of other banks. And a few institutions deal in activities beyond their business scope, canvass savings with high interests and demand their interior employees to complete the deposit tasks. The above-mentioned acts have increased the banks' operational costs and risks and have impaired the normal financial order. Some acts violate Anti-unfair Competition Law of the People's Republic of China, Price Law of the People's Republic of China, Commercial Banking Law of the People's Republic of China etc., and have resulted in bad consequences. In order to regulate the competitions among the banks, to maintain the normal financial order and to ensure sound development of banking, it is hereby to notify the pertinent matters as follows: I. All banking institutions shall operate in accordance with the laws and regulations, shall stop the illegal acts and other acts of unfair competition. They shall strictly abide by the statutory deposit interest rates, shall not increase their interests or do so in a disguised form. Except for the interests, they shall not pay any money under various names to the depositors, the acting personnel of the unit depositors and the associated persons or give presents to them. They shall abolish all kind of nominal merit systems and incentives of deposit. They shall not give indicators for deposit performance check to the non-deposit departments or give the divided indicators for deposit performance check to the individual employees and regard it as the basis of reward payment. They shall strictly abide by the statutory loan (including discount) interest rates and the criteria for operation fees, shall not grant loans in violation of the prescribed floating scope for the loan interest rates. All banking institutions shall adhere to reasonable charges. When they offer financial services to various accounting centers, relevant organs and units, they shall not provide them with place, office equipment, computer software and hardware system for free of charge and bear relevant expenses. Without the approval of the People's Bank of China, they shall not establish fixed service sites in a client's working place. When they handle businesses of payment and settlement, they shall strictly abide by the charging criteria for such businesses and shall not increase or lower the charging rates. When they issue jointly signed card in cooperation with a non-banking institution or provide settlement service for such cards, shall not provide joint institutions or cooperative institutions with cards and machines for free of charge (except for installing POC for a unit engaged by special arrangement); the installed POS and card readers shall not be exclusive. All banking institutions shall operate in accordance with the General Rules on Loans, Interim Measures on the Administration of Commercial Banks' Authorization and Credit Extension, Guide for Implementing Uniform Credit Extension System in Commercial Banks, Guide for Commercial Banks' Interior Control System etc, shall not soften the requirements for credit extension to contend for clients, launch marketing activities on credit extension or give commitment of credit extension and shall not extend credit beyond the proportion limited by the People's Bank of China to their clients of individuals, affiliated enterprises and group. All banking institutions shall abide by the Anti-unfair Competition Law of the People's Republic of China, the Price Law of the People's Republic of China etc., adhere to the principle of free will, equality, justice, good faith and universally acknowledged commercial morality, carefully undertake relevant stipulations and commitments of the same trade in banking, shall not enlarge market shares by offer price lower than cost, shall not suppress other banking institutions' fair competitions through illicit means and shall not participate in the activities launched by public institutions to restrict competitions. All policy banks and post savings houses shall not operate beyond the business scope approved by the People's Bank of China. II. All banking institution shall follow the "president's responsibility system" in order to correct the acts of unfair competition, shall organize the branches of all levels to make self-examinations and self-corrections, to rectify the acts in violation of the laws, regulations and rules of the People's Republic of China and other acts of unfair competition, and shall report relevant information of rectifying the acts of unfair competition and the results thereof to the People's Bank of China in written form before December 31, 2002. III. The associations of all regions shall actively undertake their duties on their own initiatives and actually exercise their functions of self-discipline and supervision. They shall create banking convention and self-discipline system according to the same circumstances and organize the implementing activities. They shall take necessary measures against the unfair competition acts uncorrected upon dissuasion. The People's Bank of China has considered the comments made by the associations of all regions as important basis for management of market entry. IV.The branches of the People's Bank of China of all levels shall strengthen the supervision of assets quality and operation effectiveness of the banking institutions, intensify the assessment of the bad loans and the authenticity of profits and losses, to increase spot examinations to those of poor management, investigate the delicts and acts of unfair competition and give punishments accordingly in time. V. The People's Bank of China shall further implement the report system for the banking institutions' delicts and acts of unfair competition. All banking institutions, clients and citizens may report to the local branches of the People's Bank of China if they find cutthroat competitions and other acts of impairing the normal financial order. In accordance with the Commercial Banking Law of the People's Republic of China and the Measures for Imposing Punishments on Financial Delicts, the People's Bank of China will, investigate and fix the economic and administrative liabilities of the relevant leaders and the acting persons by taking account of the actual circumstances. |
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