By Soo Ai Peng
September 4, 2010 5:35 PM EDT
China's central bank has set up a databank on companies' environmental records and banks were told not to approve loans to companies that have violated environmental rules, a newspaper reported on Saturday.
The databank will serve as an important guideline in banks' credit policy, Shao Fujun, director general of the credit management bureau of the People's Bank of China, was quoted by the Shanghai Securities News as saying.
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Once companies are on the blacklist, their applications for loans will be rejected, he added.
The databank has so far collected about 30,000 pieces of information about companies that have violated environmental regulations and another 3,000 on the environmental assessments of companies' construction projects, the Securities News said.
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