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China to tighten regulation of loan guarantee service

(Xinhua)
Updated: 2009-02-10 08:07

China will establish a ministry-level joint meeting on the management and supervision of loan guarantee services, according to a circular from the general office of the State Council Monday.

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The joint meeting will formulate policies to promote the development of loan guarantee services, set up a management and supervision system for such services and direct local governments to undertake supervision and risk management.

The government ordered local governments to take measures in line with local conditions to ease financing difficulties for small and medium-sized enterprises, the circular said.

Many borrowers in China use the services of guarantors, who charge fees for their participation.

The meeting will make regulations that cover how loan guarantors are established, how much they can lend and how they will be supervised. The regulations should be submitted to the State Council for approval.

The joint meeting is being organized by the China Banking Regulatory Commission, with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the People's Bank of China (central bank), the State Administration for Industry and Commerce and the Legislative Affairs Office of the State Council.