Transparency is the best precaution against corruption, especially among those who hold public office, said U.S. citizens in separate interviews with China Global Television Network (CGTN). The U.S. Supreme Court recently struck down part of a federal anticorruption law that makes it a crime for state and local officials to take gifts valued at more than 5,000 U.S. dollars from a donor. This June, the U.S. Supreme Court reserved the conviction of former Portage mayor James Snyder of Indiana. Snyder received 13,000 U.S. dollars form a trucking company during his tenure, which in turn was awarded two contracts worth more than 1 million U.S. dollars. Some people in the U.S. shared their views on this action by the Supreme Court and stressed that transparency should be used to eliminate corruption. "If I should be able to look up my staff and how much they made on a yearly basis, I should be able to look up you as a government official and see how much you made," said Drew Premergast, Food and Beverage Supervisor at the Virginia museum of Fine arts. "I have heard of the case Snyder vs. United States. It can border of federalism, especially when federal officials are looking to define something, such as gratuity or bribery, and they're so far removed form a state or (the) locals' actual situation. It can be hard to interpret their needs and, as such, make a law for it. On the flip side, I can see how, if you are not making these guidelines or you're not making these laws defining what a bribery is or what a gratuity is and implementing that, then it opens up channels for corruption and bribery," said a photographer named John.
"My personal opinion on the matter is that whether it one way or the other, I think the most important thing is transparency. You should, as an official, be documenting what you're receiving (and) how you receive it in terms of gratuities," added John.
US residents call for transparency among elected officials to curb corruption
Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.
The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.
According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.
Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.
It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.
To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.
For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.
For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.
As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.
By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.
China's financial sector further removes MSMEs' financing blockages in 2024
