Breaking news! CBIRC Approval in Principle for Baoshang Bank to Enter Bankruptcy Proceedings

Edited by Qijiaoxing, Wenfei, and Wenyou

On November 23, the CBIRC announced that it agreed in principle that Baoshang Bank would enter bankruptcy and required the bank to carry out follow-up work in strict accordance with relevant laws and regulations.

Following the closure of Hainan Development Bank by People’s Bank of China (PBOC), and the bankruptcy&liquidation of Rural Credit Cooperatives of Shangcun Town, Suning County, Hebei Province, Baoshang Bank is another bank that has entered bankruptcy and liquidation proceedings.

From the time of takeover, it has taken one and a half years for Baoshang Bank to enter into bankruptcy proceedings.

The liquidation of Baoshang Bank is of great significance and far-reaching impact on the development of China’s banking industry. Strictly speaking, it was the first commercial bank to be liquidated through judicial bankruptcy proceedings since the reform and opening up of China. Previously, Hainan Development Bank was closed down by PBOC, but the bank did not enter into a judicial bankruptcy, but rather an administrative liquidation. The Rural Credit Cooperatives of Shangcun Town, Suning County, Hebei Province, entered bankruptcy and liquidation through a judicial process, but actually it had been out of business for many years at the time.

Editor’s note: The Chinese Communist Party’s counterfeit economy can no longer be sustained.

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