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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.

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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.