Chinese c bank formulates financial insolvent law

CHINA - Wu Xiaolin, the vice president of the People's Bank of China, recently declared that foreign financial organisations will come to Chinese markets after China's entry into WTO. It will make the competition in the financial industry more violent. If Chinese financial organisations don't want to be washed-out, they have to reform their monetary system.

However, present Chinese financial law is designed in the model of supervising by industries. The appearance of more and more new financial

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