By Chen Dujuan
Several banks in medium-sized cities have halted home mortgage lending due to government reserve requirement measures, which have forced them to lock up cash reserves and dry up the issuing of new loans,
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In China, banks rely on deposits to guarantee loans, so when deposit growth is low, home mortgage lending, which is long-term lending, is the first to be suspended. More importantly, loans become scarce because of the liquidity squeeze, and home mortgages offer lower interest returns than corporate loans.
"In Wuhan and Chengdu where many projects have been undertaken, liquidity tightening easily occurs, but it's not possible to see the same suspension of home mortgage lending in large cities like Beijing and Shanghai – even with two or three interest rate increases or additional hikes in the reserve requirement,
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In November last year, a netizen posted online a list of hospitals, doctors, and details of bribery claims by a medical device sales agent at a local website of Hangzhou, eastern Zhejiang Province, which triggered a large-scale investigation into hospital bribery.
"The reasons for mortgage suspensions include tightened liquidity resulted from increases in the deposit reserve ratio, as well as stricter control over the real estate sector," said Yang Li, a partner with Adfaith Management Consulting in Beijing.
Traditionally, the CPC used education and punishment to fight corruption, but now it focuses more on improving administrative and supervision systems to prevent corruption, said Dai Yanjun, an expert from the Party School of the CPC Central Committee.
According to the provincial discipline agency, the system has sent about 3,200 yellow-light warnings and 22,400 red-light warnings throughout the province since it started operation in January last year.
The Global Times on Tuesday contacted some of the above banks, and the two banks in Chengdu confirmed that they have suspended home mortgage lending since earlier this year, but didn't offer any explanation. Wuhan branches of the Bank of China and China Everbright Bank denied the news, saying that they still offer home mortgages.
The discipline department will monitor the work of all officials through the system.
At a plenary session ending on Tuesday, the Central Commission for Discipline Inspection (CCDI) of the Communist Party of China (CPC) vowed to minimize loopholes and improve transparency in government work, especially through new technologies.
In Wuhan, the Bank of China, China Minsheng Banking Co and China Everbright Bank said they too have suspended home loan lending.
"The number of tips and complaints against corrupt officials through the website has notably increased in 2010," said Gan Yisheng, deputy secretary of the CCDI.
"Since the system was installed, every official has tried his best to finish his part of his work on time and hand it to colleagues in the next step. No one wants to be the one who delays the case and causes the yellow light to flicker," Ding said.
In the Nanjing Urban Planning Bureau,
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"The point is that the CPC has the resolve to curb corruption," Dai Yanjun said.
Also, in 2009 the CCDI and Ministry of Supervision opened its first tip-off website against corrupt officials.
"Transparency of government work and effective supervision are the best way to prevent corruption. The new computer system helps us supervise the administrative power and stem graft from its source," said Xie Chang, deputy secretary of the provincial commission for discipline inspection.
Adfaith Management's Yang said that due to monetary tightening, banks have tighter lending quotas, so they will halt lending when their limit is reached.
Now 52 departments of the provincial government, 13 city governments and 106 county departments in Jiangsu are linked by the new monitoring system.
A new computer software program is pushing government officials in east China's Jiangsu Province to work hard and behave professionally.
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"If an official violates the protocol when dealing with a case, a red light will flicker," said Ding Haiyang, head of the discipline department of the bureau.
Prof. Wang Wei, with the Chinese Academy of Governance, told Xinhua that technical developments, such as the application of management science, psychology and computer science, can save lots of resources, time and effort in battling corruption.
"Information technologies, including Internet, are providing a more effective tool of supervision," he said.
As China's netizens reached 450 million last year, 35 percent of the total population, the Internet became a major platform for people to supervise the behavior of officials and even tip off supervisors to inappropriate or corrupt behavior.
Banks in Sichuan Province cities including Chengdu, Leshan and in Hubei Province's Wuhan have suspended home mortgage lending, a phenomenon unlikely to spread to larger cities, they said.
The public can follow the process,
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Experts suggested that China's leadership has realized information technologies can play a positive part in improving governance and fighting corruption.
Some local discipline agencies also improve interaction with netizens. The discipline agency in Hangzhou has founded a team to respond to clues exposed online.
Bankrate, Inc's Chinese website, reported Monday that in Chengdu, the Industrial Bank Co and China Minsheng Banking Co suspended home mortgage lending while China Merchants Bank and China Everbright Bank stated they may no longer offer home loans.
"(What we are seeing is) actions taken by local banks, and not rules (handed down) by their head offices or the China Banking Regulatory Commission," Lian Ping, chief economist with the Bank of Communications, told the Global Times on Tuesday.
In Leshan city, some banks have also suspended the service.
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NEW YORK — An executive producer of the hit musical reality TV show "American Idol" says celebrity judge Jennifer Lopez will return for another season. Lopez hasn't said anything.
But executive producer Nigel Lythgoe (LITH'-goh) was on the "On-Air with Ryan Seacrest" program on Wednesday morning and made the announcement. He acknowledged it wasn't official. But he added he was "delighted to say that all three judges" and the show's "brilliant host" are back for the next season.
Seacrest is the show's host. Singer-actress Lopez debuted as a judge this past season. The other judges are Aerosmith rocker Steven Tyler and record producer Randy Jackson.
"American Idol" is due to return to Fox television in January for its 11th season.
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