PBOC warns financial firms
14 July 2004
People's Bank of China (PBOC) Governor Zhou Xiaochuan said mismanaged financial institutions must be eradicated, the Shenzhen-based Securities Times reported. Zhou made the comment in a speech, which the Times reprinted, the second instance of a PBOC speech being quoted in full. Analysts said extensive media coverage of PBOC policy positions was a warning to securities firms to improve business practices. Until now, the government has bailed out troubled financial firms, but a new bankruptcy law before China's State Council could end the practice.