Some of powers previously held by the ministries, in such areas as the notification of production and allocation planning, were not inherited under the new system. We will also consider whether there has been any shift away from the perceptions mentioned in IV.2. The sources also include General Secretary Jiang Zemin’s political report to the 15 th CCP National Congress in 1997. This predates Zhu Rongji’s emergence as leader of the administrative organization reform in 1998. However, it cannot be excluded from the scope of the analysis, since it is at the CCP National Congress that the basic political and economic line is determined for the next five years.

A) Every bank should develop a clear Customer Acceptance Policy laying down explicit criteria for acceptance of customers. The Customer Acceptance Policy must ensure that explicit guidelines are in place on the following aspects of customer relationship in the bank. Ii) Banks should ensure that any remittance of funds by way of demand draft, mail/telegraphic transfer or any other mode and issue of travellers’ cheques for value of Rupees fifty thousand and above is effected by debit to the customer’s account or against cheques and not against cash payment. I) Banks should keep in mind that the information collected from the customer for the purpose of opening of account is to be treated as confidential and details thereof are not to be divulged for cross selling or any other like purposes. Banks should, therefore, ensure that information sought from the customer is relevant to the perceived risk, is not intrusive, and is in conformity with the guidelines issued in this regard. Any other information from the customer should be sought separately with his/her consent and after opening the account.

Apart from a massive influx of foreign investment, entrepreneurial activity within China was also encouraged. This led to the formation of countless foreign-owned companies, private enterprises, individual enterprises, and other types of business, in addition to the existing state-owned enterprises and township enterprises. These newly established enterprises are classified as “enterprises under other ownership structures.” Many of them operate more efficiently and pay their employees more than state-owned or township enterprises (Fig. 3). This has been reflected in a growing income gap between the owners, directors, and executives of these enterprises and the employees of state-owned enterprises. Inflows of foreign capital, technology, and management knowhow enabled China to turn its vast labor resources and space to rapid economic growth. The shift to an open-door economic policy ushered in a period of high economic growth in the first half of the 1980s.

Generally, the antitrust laws require that each company establish prices and other competitive terms on its own, without agreeing with a competitor. When purchasers make choices about what products and services to buy, they expect that the price has been determined on the basis of supply and demand, not by an agreement among competitors. When competitors agree to restrict competition, the result is often higher prices.

Banks to keep vigil over heavy cash withdrawals by account holders which may be disproportionate to their normal trade/business requirements and cases of unusual trends. It may be appreciated that KYC norms/AML standards/CFT measures have been prescribed to ensure that criminals are not allowed to misuse the banking channels. It would, therefore, be necessary that adequate screening mechanism is put in place by banks as an integral part of their recruitment/hiring process of personnel. I) The Cash Transaction Report for each month should be submitted to FIU-IND by 15th of the succeeding month. Cash transaction reporting by branches to their controlling offices should, therefore, invariably be submitted on monthly basis and banks should ensure to submit CTR for every month to FIU-IND within the prescribed time schedule. When the bank has knowledge or reason to believe that the client account opened by a professional intermediary is on behalf of a single client, that client must be identified.

When a single area of activity is under the control of multiple government agencies, there will inevitably be problems, including duplication of tasks and confusion over policies. That appears to be why simplification has emerged once again as a key goal for administrative organization reform. Due to the present economic environment, however, it would be unrealistic to expect the government to take on the fiscal burden of disposing of such huge amounts of non-performing loans, since it is already working to stimulate the economy prepositions show all of the following types of relationship except through large-scale bond issues. It also faces other costs, including the need to provide for a rapidly growing unemployed population and to bring the social security system in for a soft landing. Fifth, the liquidation and restructuring of financial institutions have centered primarily on the closure and amalgamation of non-bank institutions. Particularly important from the viewpoint of avoiding financial risk are the liquidation and restructuring of major financial institutions, such as GITIC and the China Investment Bank.