The "Administrative Rules For the Conduct of Financial Statistics" (or Rules hereinafter referred) are formulated according to the " Statistic Law of the People's Republic of China", " Implementation Rules of the Statistic law of the People's Bank of China", "Law on the People's Bank of China of the People's Republic of China", "Law on commercial banks of the People's Republic of China", "Rules on punishment of financial irregularities", so as to promote the development of financial business and institutional reform of financial regulatory framework, reinforce administration of financial statistics, standardize financial statistic practice, and improve the quality of financial statistics.
Comprising 8 chapters and 45 articles, the rules are applicable to the People's Bank of China, as well as domestic and foreign-funded financial institutions approved by the People's Bank of China to be engaged in financial business, including policy banks, commercial banks, urban credit cooperatives, rural credit cooperatives, trust and investment companies, finance companies of enterprise groups, financial leasing companies, financial asset management companies, postal savings bureau, etc.
The rules clearly define that conduct of financial statistics refers to the following activities:
The statistic units of the People's Bank of China and financial institutions collect, process and analyze information on financial businesses, provide statistic information and advisory comments, exchange and share statistic information, administer and supervise the conduct of financial statistics, etc.
Financial statistics include monetary statistics, statistics of both local and foreign currency denominated loans flow, statistics of cash flow, accumulative statistics of loans extending and collecting, financial supervision statistics, statistics of funds flow, financial market statistics, statistics of financial businesses such as banking intermediary business and other specific statistics.
The rules specify the basic tasks for the conduct of financial statistics as follows:
- Complete statistics of various financial businesses in a timely, accurate and comprehensive manner.
- Collect, process and accumulate statistic information on financial sector and national economy.
- Conduct statistic survey, analysis and forecast
- Carry out statistic regulation and inspection according to the law; provide statistic information and advisory comments for the state and the financial sector to make macroeconomic policy decisions, monitor the developments of the national economy and the financial sector, financial supervision and management.
- Provide statistic information to the general public.
- Exchange information with international community and provide statistic information to relevant international financial organizations.
The rules require that the conduct of financial statistics shall adhere to the principles of objectivity, scientificity, uniformity and timeliness. A regulatory system with centralized supervision and hierarchical accountability is to be adopted in financial statistics. The People's Bank of China assumes the authority to organize, supervise, monitor, regulate and coordinate conduct of financial statistics all over the country. Financial statistics shall be gradually automatized, standardized and uniformed with the support of a computer-based network. Its compliance with international practices shall be speeded up, with processing and disclosing of financial statistic data in line with international standards being gradually achieved.
The rules also make specific provisions on the administration of financial statistic data, statistic survey, release of financial statistic data, responsibilities of financial statistic authorities, staffing and accountability system, supervision and inspection, awards and penalties, etc.
The rules take effect on December 15, 2002, while the original "Administrative rules for conduct of financial statistics" issued on December 3, 1995 are invalidated at the same time.
