BEIJING — All financial institutions in China are required to have their inner network connected with the Supreme People’s Court (SPC) by the end of December.
A circular co-released by the SPC and the China Banking Regulatory Commission on Dec 21 announced the decision to ensure court decisions are duly executed.
The circular said the SPC will complete account inquiry and money control functions on banks by the end of February 2016.
By that time the SPC can use the network connection to inquire about, freeze or transfer funds from any bank account of any legal entity or individual subject to court judgement, the circular said.
The SPC said this move will significantly reduce the execution costs and leave no hiding place for wrongdoers.
In China, courts often encounter various difficulties during judgement implementations, especially when individuals or institutions refuse to pay plaintiffs.