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Tuesday, January 25, 2005

Well, a friend of mine from China sent me the results of an unprecedented banking survey done by Xie Ping of the PBOC. This survey asks a sample of almost 3000 bankers and brokers what they thought of corruption in the Chinese financial sector. The results, though not surprising, is quite interesting.

1. General How much corruption is there in China’s financial sector?
Respondents, %
Very common 36.6
Fairly common 45.2
Rare 12.8
Does not exist 5.4

How would rate China’s financial institutions in terms of corruption? (1 – most corrupt)
1 Securities companies
2 Insurance companies
3 Rural and urban credit co-operatives
4 Shareholding banks
5 State banks
6 Policy banks

Are you satisfied with anti-corruption efforts so far?
Respondents, %
Very satisfied 6.7
Kind of satisfied 25.3
Not satisfied 43.2
Very unsatisfied 24.8

The cases of financial corruption currently being discoveredar
Respondents, %
Happened in the past 72.2
Are happening now 2.82.

What are the costs involved in obtaining a loan? When applying for a bank loanar
Respondents, %
A bribe is not required 31.8
Conditional on making deposit at bank 22.7
A bribe is required 45.5

As an enterprise, when you apply for a loan of CNY1m, what is the total ‘application fee’?
CNY
National 38,811
North 63,004
North-east 52,291
Central 32,852
East 14,654
South 25,167
West 44,897

As an enterprise, what cost is involved in retaining credit facilities?
% of total loan, per year
National 4.9
North 5.2
North-east 4.2
Central 6.1
East 3.4
South 4.0
West 6.3

The total yearly extra cost of loans to enterprises
% of total loan, per year
National 8.8
North 11.5
North-east 9.4
Central 9.4
East 4.9
South 6.5
West 10.7

As a rural household, to obtain a loan of CNY10,000, what is the total ‘application fee’?
CNY
National 590
North 869
North-east 332
Central 707
East 248
South 600
West 782

As a rural household, what cost is involved in retaining credit facilities?
% of total loan, per year
National 2.9
North 4.1
North-east 3.9
Central 2.5
East 1.7
South 3.1
West 2.3

What is the total cost to a rural household gaining credit?
% of total loan, per year
National 8.8
North 12.8
North-east 7.2
Central 9.6
East 4.2
South 9.1
West 10.13.

Defaults and punishments Do banks pursue defaulters?
Respondents, %

If they discover them, they pursue them vigorously 13.7
They know who they are, but they never pursue 20.3
They discover them, but only pursue some of them 19.8
They do not look and they do not pursue 46.2

How would you describe the flexibility of punishments by the banking regulators?
Respondents, %
Little flexibility 34.7
Some flexibility 33.4
Lots of flexibility 17.2
Do not rigorously punish 14.74.

The stock market Is the stock market manipulated?
Respondents, %
Commonly 48.8
Seriously, but getting better 40.0
Rarely 11.2

Do securities companies massage the accounts of listing companies?
Respondents, %
Yes 82.5
No 17.5

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