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This means that the power over final decisions and approval lies with the State Council, rather than with the central bank itself. 2 PBOC’s capital is held by the Chinese state. Its governors are nominated, appointed and removed 21 22 Banking in China by the Premier and approved (that is, rubber-stamped) by China’s legislative body, the National People’s Congress (NPC). Zhou Xiaochuan was reappointed in 2008 for another five-year term after Zhu Rongji and Dai Xianglong. The terms of the governors are not limited officially (in terms of recurrence and overall length), but in practice renewable terms of four to five years seem to be the norm.
For that reason it also collects information from the banks. Its responsibilities are closely linked to the management of those risks that are inherent to the system. This is sometimes the source of conflicts over responsibilities with the CBRC – especially with the growing importance of macroprudential regulation. The China Banking Regulatory Commission With the aim of increasing the independence of the central bank and the efficiency of the regulatory function, in March 2003 the central government established the China Banking Regulatory Commission (CBRC).
In 1993 the State Council outlined for the first time its intention to build a deposit insurance scheme in order to preserve the financial stability of the system in times of crisis. In 1997 a working group was established with the aim of reviewing the possibility of establishing such a 42 The State and the Banking Safety Net 43 scheme. After the large increases in non-performing assets following the Asian crisis the state stepped in to support bankrupt entities. Preliminary conditions and regulations that deal with the guarantee of bank deposits have been promulgated.