BIZCHINA> Opinion & Analysis
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BIZCHINA> Opinion & Analysis
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A new law is needed
(China Daily)
Updated: 2007-03-12 10:36 The law should define how the pension funds are to be pooled, ensuring both public and corporate funds are invested in a safe way. More importantly, the law must clearly define the legal responsibilities of fund managers and how and to what an extent the managing institutions should open up their management to public supervision. Especially, as the Shanghai scandal has warned, the law should strictly define how funds can be invested, preventing misuse of the money. As past public fund-related crimes have shown, the blurred process of management and investment of funds prevent the public understanding how they work, which produces the perfect environment for corruption. In essence, a law that can guarantee effective supervision by multiple sources, including both internal checks and public supervision, would curb abuse of public funds. (For more biz stories, please visit Industries)
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