On The Legal Orientation Of The Policy-based Bank

The policy-based bank is a kind of financial institution guaranteed, singly-invested by the government, or in which the government is the controlling shareholder. The outstanding achievement on marketing is its aim, but the profit maximization is not its top priority. It undertakes financing activities directly and indirectly in the relative given business fields in order to carry out or assist the government's social and economic policy, helping develop economy, boost society advances, supervise and regulate the macro economy.In 1994, China Development Bank, China Export & Import Bank and China Agriculture Bank were founded. According to the Decision on the Reform of Finance System issued by China State Council, China Export & Import Bank and China Agriculture Bank are independent corporations, but China Development Bank is not clarified whether it is an independent corporation or not. The Bylaw of China Development Bank only clarifies that China Development Bank is a policy-based bank under the direct leadership of State Council. But according to the 37th article in the General Principles of the Civil Law of the People's Republic of China, China Development Bank is qualified as an independent corporation; and the operation practice of China Development Bank and the real intention of some related laws show that it is considered as an independent corporation. Yet no laws clarify whether they belong to the specific corporations set in the General Principles of the Civil Law of the People's Republic of China, neither does their bylaws. Apparently, there're some ambiguities in the legal orientation of the three policy-based banks, which makes the legal orientation unreasonable and accordingly results in the ill-operation of the three banks.According to the connotation of the corporations set in the law and some related theories, the policy-based bank is a brand new kind of corporation, that is, a special undertaking corporation, beyond the corporations set in the General Principles of the Civil Law of the People's Republic of China, namely, undertaking corporation, official organ corporation, institution corporation and commonweal corporation. As a special undertaking corporation, it not only has some characters existing in all the corporations, but also has its unique ones. For instance, it combines the policy and finance property together; pays equal attention to the policy and exploitation in operation orientation;...