China's major banking institutions yesterday vowed to fight
commercial bribery to safeguard the market order of the financial
sector.
Sixty-eight members of the China Banking Association signed an
anti-commercial bribery commitment in Beijing pledging to
strengthen self-discipline, promote fair competition, resist
illegal transactions and establish an ongoing system to combat
commercial bribery.
Under the commitment members will cooperate with a special
working program run by the China Banking Regulatory Commission
(CBRC) on the issue.
Members of the association, including all major domestic banks,
asset management companies and rural co-operatives, also signed
three conventions on fair competition in the sector, moral behavior
of staff and the rational flow of talent.
"Signing the commitment and the three conventions will play an
active role in protecting a good market order of the banking
industry," said Jiang Dingzhi, vice chairman of the CBRC.
Jiang said all banking institutions should pay close attention
to the anti-commercial bribery program and take action according to
the requirements of the commitment and conventions.
Yang Mingsheng, president of Agricultural Bank of China, said
his bank "will carry out specific rules and regulations in
anti-commercial bribery and self-discipline."
"The banking association will establish a report and complaint
system for the public's supervision," said Guo Shuqing, the
association's director and president of China Construction
Bank.
The public will be able to report commercial bribery cases to
the association via two hotlines and its official website.
(China Daily July 8, 2006)