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China cracks down on spending by state bank execs
[November 22, 2012]

China cracks down on spending by state bank execs

Beijing, Nov 22, 2012 (EFE via COMTEX) -- Chinese authorities prohibited executives of banks and state-run financial companies from spending "in an extravagant way and above the established" levels on items such as their vehicles or offices, the Jinghua Times reported Thursday on its Web site.

The new code of behavior for this group of officials, published on Wednesday, will go into effect next month, the paper said, citing a joint statement released by the Chinese Finance Ministry, the Supervision Ministry and the National Auditing Office.

The document, which consists of 12 points, is aimed at lessening corruption among the top officials of the Chinese Communist Party, as well as reducing the "inappropriate spending" that has occurred at those levels.

One of the points in the document explicitly prohibits executives from buying automobiles "above the established range" or decorating their offices luxuriously.

The 12 points also prohibit officials from changing their vehicles or offices if the firm they head registers losses or cannot pay the salaries of its workers.

Many of the points included in the code of conduct are focused on prohibiting the use of public monies to pay for personal expenses such as homes, travel, transportation services, communications or entertainment for the businessmen as well as for their families.

They also forbid "unnecessary subsidies" and emphasize the prohibition on "inflating" invoices or receipts to pocket cash. EFE xf/bp

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