China State-Owned Policy Bank Agricultural Development Bank of China (ADBC) Fined Total of $287 Million (CNY 2 Trillion) by China Regulators for Misreporting Financial Statistics
22nd January | Hong Kong
China state-owned policy bank Agricultural Development Bank of China (ADBC) is reported to have been fined a total of $287 million (CNY 2 trillion) by China regulators for misreporting financial statistics. Agricultural Development Bank of China (ADBC) – Founded in 1994, the Agricultural Development Bank of China (ADBC) is a state-funded and state-owned policy bank with the status of an independent legal entity. It is a bank under the direct leadership of the State Council and dedicated to supporting the sustainable and healthy development of agriculture and rural areas. Its main task is to play the main and backbone role in the rural financial system by relying on the support of national credit to increase support for key areas and weak links in agriculture and rural areas and promote sustained and healthy economic and social development. Its business purpose is to build an agricultural policy bank with clear positioning, outstanding functions, clearly defined business scope, abundant capital, standardized governance, strict internal control, safe operation, good service and sustainable development capability while serving national strategies. ADBC’s business scope covers lending for the purchase, storage, regulation and distribution of important agricultural products such as grain, cotton, edible oil, sugar, pork, and fertilizer; lending for the construction of agricultural and rural infrastructure projects, water conservancy projects and circulation systems, lending for comprehensive agricultural development, means of production and agricultural science and technology; lending for shantytown renovation and construction of concentrated housing for farmers; lending for poverty alleviation through relocation projects, infrastructure in poor areas, development of special industries and special poverty alleviation projects; lending for township construction in counties; lending for small and leading agricultural enterprises; organizing or participating in syndicated loans; handling bill acceptance, discounting and other credit businesses; absorbing deposits from client enterprises and public institutions within approved business scope, county public deposit accounts other than residents’ savings deposits, and fiscal balances; issuing financial bonds; conducting settlement, foreign exchange settlement and sale, and foreign exchange trading for clients; opening special accounts for fiscal funds to support agriculture as required and to disburse fiscal agriculture-related subsidies; trading, agency trading and underwriting bonds, conducting interbank borrowing and placement, agency collection and payment; agency insurance; asset securitization; corporate finance advisory service; agriculture-related businesses through cooperation with leasing companies, agriculture-related guarantee companies and agriculture-related equity investment companies after approval; and other businesses approved by the banking regulatory authorities of the State Council.
“ China State-Owned Policy Bank Agricultural Development Bank of China (ADBC) Fined Total of $287 Million (CNY 2 Trillion) by China Regulators for Misreporting Financial Statistics “
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China State-Owned Policy Bank Agricultural Development Bank of China (ADBC) Fined Total of $287 Million (CNY 2 Trillion) by China Regulators for Misreporting Financial Statistics
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