By Amy Wong: Subscribe to Amy's RSS feed
September 4, 2010 6:00 PM EDT
China's central bank has set up a databank on companies' environmental records and ordered banks to stop new lending to companies that have violated environmental rules, state media reported on Saturday.
The databank will help banks review companies' environmental records, Shao Fujun, director general of the credit management bureau of the People's Bank of China was quoted by the Shanghai Securities News .
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"Once companies are on the blacklist in the databank, their applications for loans won't be approved," he added.
So far, over 30,000 pieces of information about companies' environmental violations have been recorded in the databank, and another 3,000 have been added on the environmental assessments of companies' construction projects, the report said.
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