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| Decision of the State Council on Reform of the Financial System | | 国务院关于金融体制改革的决定 |
(December 25, 1993) | |
（１９９３年１２月２５日国发〔１９９３〕９１号） |
In order to carry out the decision of the Third Plenary Session of the Fourteenth Central Committee of the Party, to suit the needs of establishing the socialist market economy system, to bring into fuller play the role of finance in macro-regulation, macro-control and optimal resource allocation in the national economy, and to promote sustained, speedy and healthy development of the national economy, the State Council has decided to reform the current financial structure. | |
为了贯彻党的十四届三中全会决定，适应建立社会主义市场经济体制的需要，更好地发挥金融在国民经济中宏观调控和优化资源配置的作用，促进国民经济持续、快速、健康发展，国务院决定改革现行金融体制。 |
The goals of the financial structure reform are: to set up a macro-regulatory system of the central bank that implements independently the monetary policy under the leadership of the State Council; to set up the financial organization system that separates the policy finance from the commercial finance, makes the State-commercial banks principal part and different financial institutions coexist; to build a financial market system which is uniform and open, with orderly competition and strict administration. | |
金融体制改革的目标是：建立在国务院领导下，独立执行货币政策的中央银行宏观调控体系；建立政策性金融与商业性金融分离，以国有商业银行为主体、多种金融机构并存的金融组织体系；建立统一开放、有序竞争、严格管理的金融市场体系。 |
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| 1. Establish a Strong Macro-regulatory System of the Central Bank | | 一、确立强有力的中央银行宏观调控体系 |
The primary task of deepening reform of the financial structure is to turn the People's Bank of China into a central bank true to its name. The main functions of PBC are: formulate and implement monetary policy, keep the currency stable, supervise and administer strictly financial institutions and ensure that the financial system operates safely and effectively. | |
深化金融体制改革，首要的任务是把中国人民银行办成真正的中央银行。中国人民银行的主要职能是：制定和实施货币政策，保持货币的稳定；对金融机构实行严格的监管，保证金融体系安全、有效地运行。 |
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| (1) Clearly and define the responsibilities of of PBC offices at all levels, transform PBC's functions. | | （一）明确人民银行各级机构的职责，转换人民银行职能。 |
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| a. PBC is the functional sector under the leadership of the State responsible for the administration of the financial industry. The head office of PBC has the rights of issuing currency, administering basic money, regulating and controlling the aggregate amount of credit, and regulating the base rate, to ensure the implementation of the unified nation-wide monetary policy. In general, the head office of PBC circulates necessary funds only to head offices of the nation-wide commercial banks (mainly referred to the head offices of specialized banks at present). | | １、中国人民银行是国家领导、管理金融业的职能部门。总行掌握货币发行权、基础货币管理权、信用总量调控权和基准利率调节权，保证全国统一货币政策的贯彻执行。人民银行总行一般只对全国性商业银行总行（目前主要指专业银行总行）融通资金。 |
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| b. Business operations of PBC offices at all levels shall be put under centralized management in accordance with the requirements of nationwide currency circulation. As agencies of PBC, the branch banks should actively create conditions to set up transregional offices whose main functions are: financial supervision and administration, investigation and statistical analysis, lateral position adjustment, national treasury management, allocating issue fund, foreign exchange control and interbank settlement. | | ２、按照货币在全国范围流通的要求，需要对人民银行各级机构的业务实行集中统一管理。人民银行的分支机构作为总行的派出机构，应积极创造条件跨行政区设置，其基本职责是：金融监督管理、调查统计分析、横向头寸调剂、经理国库、发行基金调拨、外汇管理和联行清算。 |
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| (2) Reform and perfect the monetary policy system. | | （二）改革和完善货币政策体系。 |
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| a. The final goal of PBC's monetary policy is to keep the currency stable, and to promote economic growth through it; The intermediary and operating goals of monetary policy are amount of currency supply, aggregate amount of credit, inter-bank offered rate and bank provision rate. | | １、人民银行货币政策的最终目标是保持货币的稳定，并以此促进经济增长；货币政策的中介目标和操作目标是货币供应量、信用总量、同业拆借利率和银行备付金率。 |
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| b. The instruments of monetary policy are: statutory reserved rate of deposit, loan of central bank, official re-discount rate, open market operations, foreign exchange operations of central bank, loan restricted volume, deposit and loan rates of central bank. In accordance with the macro-economic situation, the PBC utilizes all these policy instruments flexibly and selectively to regulate and control amount of money supply. | | ２、实施货币政策的工具是：法定存款准备金率、中央银行贷款、再贴现利率、公开市场操作、中央银行外汇操作、贷款限额、中央银行存贷款利率。中国人民银行根据宏观经济形势，灵活地、有选择地运用上述政策工具，调控货币供应量。 |
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| c. From 1994 on, the Central Bank begins to practise asset-liability ratio management and asset risk management with commercial banks. | | ３、从一九九四年开始对商业性银行实施资产负债比例管理和资产风险管理。 |
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| d. PBC should set up a perfect investigation and statistic system and a monetary policy forecasting system, and provide scientific basis for formulating monetary policy by way of stepping up analysis and prediction of macroeconomy. | | ４、人民银行要建立完善的调查统计体系和货币政策预警系统，通过加强对宏观经济的分析和预测，为制定货币政策提供科学依据。 |
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| e. Set up monetary policy committee, to make formulation of monetary policy more scientific. | | ５、建立货币政策委员会，增强货币政策制定的科学性。 |
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| (3) Perfect financial laws and regulations, enforce financial supervision and administration. | | （三）健全金融法规，强化金融监督管理。 |
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| a. Make the best use of time to draw up laws such as Banking Law of the People's Republic of China, Law of People's Bank of China, Law of Bills and Law of Insurance etc. and submit all them to the National People's Congress for examination. | | １、抓紧拟订《中华人民共和国银行法》、《中国人民银行法》、《票据法》、《保险法》等法律草案，提交全国人大审议。 |
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| b. Make the best use of time to formulate and perfect the administrative regulations and supervising criteria for different kinds of financial institutions, and conform the mode of supervision and administration to laws and regulations. The main contents of supervision and administration are: registration administration, review of the qualification of legal representative, scope of business definition, capital abundance rate, capital mobility and degree of capital risk, etc.. | | ２、抓紧制定和完善对各类金融机构的管理条例和监管标准，并依法规范监管方式。监管的主要内容是：注册登记管理、法定代表人资格审查、业务范围界定、资本充足率、资产流动性和资产风险度等。 |
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| c. Investigate and deal with cases of setting up financial institutions and conducting financial business on their own without the approval of PBC, in accordance with laws and regulations. | | ３、对未经中国人民银行批准擅自设立金融机构和经营金融业务的，要依法查处。 |
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| d. Auditing shall be further strengthened. The head office of PBC shall strictly audit financial institutions at the national level, and even audit their branch offices when necessary; The branch offices of PBC shall set up auditing financial institutions under their jurisdiction. Conscientiously investigate and deal with violations of laws and regulations as soon as they are discovered. | | ４、要进一步加强稽核监督。中国人民银行要对全国性金融机构进行严格稽核，必要时可对其分支机构实行稽核；人民银行分支机构要加强对辖区内金融机构的稽核。发现违规行为，要认真查处。 |
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| (4) Reform PBC's financial system. | | （四）改革人民银行财务制度。 |
Abolish the profit retaining and tax paying system of branches of PBC at different levels. The Head Office and all branches of PBC shall implement respectively independent financial budget management system. The financial revenue and expenditure plans drawn up by all branches yearly will be carried out upon approval by the Head Office of PBC. Expenses balance receipts, all of the surplus profit must be delivered to central finance, the deficit will be subsidized by the central finance. The financial statement of PBC shall be examined and verified by the Ministry of Finance, and to be audited by the Sate Auditing Bureau. Banking personnel rank wage system shall be implemented for staff (excluding manual workers) working in different levels of branches of PBC. | |
取消人民银行各级分支机构的利润留成制度和缴税制度，人民银行总行和各级分支机构实行独立的财务预算管理制度。人民银行各级分支机构每年编制的财务收支计划，由总行批准后执行。各项收支相抵后，实现利润全部上缴中央财政，亏损由中央财政拨补。人民银行系统的财务决算报告要经财政部审核，并接受国家审计。人民银行分支机构工作人员（除工勤人员外）实行行员等级工资制。 |
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| 2. Set Up Policy Banks | | 二、建立政策性银行 |
The aims of setting up policy banks are: Separating policy finance from commercial finance, in order to solve the problem of national specialized banks executing dual functions; Cutting off the direct connections of policy loans with base currency, to ensure PBC's initiative in regulating and controlling base money. | |
建立政策性银行的目的是，实现政策性金融和商业性金融分离，以解决国有专业银行身兼二任的问题；割断政策性贷款与基础货币的直接联系，确保人民银行调控基础货币的主动权。 |
It is necessary for policy banks to strengthen management, to keep to the principle of self-bearing of risks, break-even operating, and not competing with commercial financial institutions. Business of policy banks is supervised by PBC. | |
政策性银行要加强经营管理，坚持自担风险、保本经营、不与商业性金融机构竞争的原则，其业务受中国人民银行监督。 |
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| (1) Set up National Development Bank, to administer the People's Construction Bank of China (PCBC) and national investment institutions. | | （一）组建国家开发银行，管辖中国人民建设银行和国家投资机构。 |
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| a. National Development Bank handles policy loans and discount business for key national construction projects (including capital construction and technical transformation). National Development Bank has only the head with no branches office. Its credit business is represented by PCBC. People's Construction Bank of China shall be transformed into a state-owned commercial bank mainly engaging in middle and long term credit business after the policy credit business of the bank is separated. The investment departments of National Development Bank shall utilize state approved and appropriated capital fund for stock-investing in key national construction projects. | | １、国家开发银行办理政策性国家重点建设（包括基本建设和技术改造）贷款及贴息业务。国家开发银行只设总行，不设分支机构，信贷业务由中国人民建设银行代理。中国人民建设银行的政策性业务分离出去以后，转变为以从事中长期信贷业务为主的国有商业银行。国家开发银行投资机构，用国家核拨的资本金向国家重点建设项目进行股本投资。 |
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| b. The National Development Bank shall be accountable to the Ministry of Finance for its financial affairs. Subject to approval by the Ministry of Finance, the Bank shall be in a position to regulate and adjust capital funds and profit among legal persons. The person in charge of financial affairs of the Bank shall be nominated by president of the Bank, and submitted to the State Council for appointment. | | ２、国家开发银行的财务统一对财政部，经财政部批准，可以调剂各法人之间的资本金与利润。其管辖机构的负责人，由国家开发银行行长提名，报国务院任命。 |
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| c. According to its fund-raising capacity and risks of projects, National Development Bank shall consult repeatedly with State Planning Commission and State Economy and Trade Commission before determining jointly and carrying out the plan of key construction investment and loan. | | ３、国家开发银行根据筹资能力和项目风险情况，与国家计委和国家经贸委反复协商后，共同确定重点建设投资和贷款计划，并组织实施。 |
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| d. The fund resources of National Development Bank mainly are: (a) the capital fund and key construction funds appropriated by the Ministry of Finance; (b) issuance of state-guaranteed bonds in the society and financial bonds to financial institutions by National Development Bank, the amount of which shall be determined by State Planning Commission and People's Bank of China; (c) a portion of deposit absorbed by People's Construction Bank of China. | | ４、国家开发银行的资金来源主要是：（１）财政部拨付的资本金和重点建设基金；（２）国家开发银行对社会发行的国家担保债券和对金融机构发行的金融债券，其发债额度由国家计委和人民银行确定；（３）中国人民建设银行吸收存款的一部分。 |
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| e. Adjust the organizational structure of People's Construction Bank of China, merge China Investment Bank into international business department of PCBC. | | ５、调整中国人民建设银行的组织结构，将现在的中国投资银行并入中国人民建设银行国际业务部。 |
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| f. Formulate Act of National Development Bank and Constitution of National Development Bank. National Development Bank shall begin its operation in 1994. | | ６、制订《国家开发银行条例》和《国家开发银行章程》。国家开发银行从一九九四年开始运作。 |
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(2) Set up Agricultural Development Bank of China (ADBC) to undertake policy loans for State reserve in grain, cotton and edible oil, for contract-purchasing of farm and sideline products, and agricultural development, and to appropriate fiscal funds for supporting agriculture and to supervise their use as an agent.
．．．．．． | | （二）组建中国农业发展银行，承担国家粮棉油储备和农副产品合同收购、农业开发等业务中的政策性贷款，代理财政支农资金的拨付及监督使用。
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