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CSRC Vice Chairman Zhuang Xinyi Visited GRC Bank for Investigation

  Released on: October 31st, 2012 

     On the morning of October 30th, Zhuang Xinyi, Vice Chairman of China Securities Regulatory Commission (CSRC), visited GRC Bank for investigation in the company of Qu Qiuping, Director of CSRC Public Department, Li Ming, Deputy Director of the Public Department, Hou Wailin, Director General of Guangdong Securities Regulatory Bureau, Luo Wei, Deputy Director General of the Bureau, Huang Weilin, Director of the State-owned Assets Supervision and Administration Commission of Guangzhou Municipal Government and other leaders. GRC Bank Chairman Huang Zili, President Wang Jikang, Vice President Yi Xuefei, Vice President Luo Jinshi and responsible officers from the office of the Board of Directors and other departments attended the symposium for the investigation.
     Chairman Huang Zili first expressed his warm welcome and sincere thanks for the visit of the delegation led by Vice Chairman Zhuang Xinyi and then reported development, operation, reform measures and reasons for change of the number of shareholders. Chairman Mr. Huang said that the Measures for Supervision and Administration of Unlisted Public Companies (hereinafter referred to as the "Measures") and the share transfer system for small and medium-sized enterprises played a meaningful role in further reform and development of GRC Bank. In addition, he also put forward four working suggestions concerning the Measures: First, CSRC to specify entry conditions in the Measures and their influence on the listing progress of small and medium-sized banks; Second, to consider their connection with requirements of CSRC while formulating implementation rules for the Measures; Third, to offer ways for small and medium-sized banks to realize the transfer of listing to the main board; Fourth, to earnestly request CSRC to conduct differentiated regulation over listing of rural commercial banks.
     President Wang Jikang gave an account of problems and confusions faced by GRC Bank in operation and development in front of Vice Chairman Zhuang Xinyi and his entourage. On the one hand, rural commercial banks were "young but with a long-standing origin". In other words, although it had not been long since establishment of GRC Bank, it had inherited six decades' development history and features of rural credit cooperatives. On the other hand, rural commercial banks were "small in scale but with great responsibilities". It is true that rural commercial banks were much smaller than joint-stock banks and state-owned banks, but they undertook heavy social responsibilities for agriculture, rural areas and farmers. President Mr. Wang pointed out that with accelerated urbanization, deep and great changes had taken place in the market concerning agriculture, rural areas and farmers, resulting in disharmony between the scale and financial needs of the said market and the regulatory policies. For such disharmony, President Mr. Wang proposed three policy suggestions: First, to formulate unified and normative regulatory standards to create a market environment with fair competition for establishment of branches in other areas by rural commercial banks as well as for their business access; Second, to provide appropriate policy support to rural commercial banks with special historical missions; Third, to strengthen innovation in rural financial services to meet requirements of agriculture, rural areas and farmers on financial services in construction of a new socialist countryside.
     Vice Chairman Zhuang Xinyi fully acknowledged operation and development achievements of GRC Bank and affirmed its remarkable results achieved in reform, clear property relations and mature conditions to become better and stronger. He also made important instructions at the symposium. First, CSRC Public Department shall make in-depth study of situations of commercial banks and communicate with CBRC about regulatory rules so as to serve as a link in supervision; Second, the Public Department and the Circulation Department shall work together to study possible barriers in incorporating commercial banks into the unlisted public company regulatory system, take into full account development needs of rural commercial banks and develop scientific and normative channels easy for operation; Third, CSRC shall establish more normative and detailed supporting measures based on the results of this investigation.

Vice Chairman Zhuang Xinyi made important instructions

 At the symposium

A delegation led by Vice Chairman Zhuang Xinyi visited GRC Bank for investigation 

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