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No Bank of Education to be Set up for the Time Being in China, Says MOE
According to news from the Ministry of Education (MOE), China will not set up a bank of education for the time being.
Sources say that in accordance with the related requirements for setting up a bank, conditions are not ripe yet to do so. Therefore, the work has to be halted temporarily.
As learned in the Opinions for the Implementation on the Outline of China's Education Reform and Development by the State Council in 1994 it pointed out that China would establish an education bank and enlarge education fund resources by financial means. In order to carry out the Opinions, the MOE, together with the People's Bank of China and the Ministry of Finance have done a great deal of work, but a person concerned of the MOE said later, due to the changes of situation, the work has to be suspended.
The person said that to carry out the strategy of rejuvenating the country by science and education and speeding up the development of education the Decision on Deepening Education Reform and Promoting Quality Education issued in 1999 pointed out that China should continue to improve its multi-channel fund-raising system for education by way of finance, banking and tax policy. He said that the MOE would later on make active suggestions to the People's Bank of China for setting up the bank of education.
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