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Chinese, foreign banks in pact against loan defaulters

Chinese, foreign banks in pact against loan defaulters

(8 April 2003 - China) Chinese and foreign funded banks in Shanghai have signed a pact pledging to make joint efforts to crack down on loan defaulters. The banks, 46 of them foreign funded, passed the pact at a banking trade conference in Shanghai, the financial centre of China.

Under the agreement, the banking trade union is responsible for the management of bad debts and the protection of the banks' rights as creditors.
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