Administrative Regulations on the Housing Provident Fund (Revised in 2002)
Administrative Regulations on the Housing Provident Fund (Revised in 2002)
Administrative Regulations on the Housing Provident Fund (Revised in 2002)
Order of the State Council [2002] No. 350
March 24, 2002
(Promulgated by Order of the State Council No. 262 on April 3, 1999, and revised in accordance with the Decision of the State Council on the Revision of the Administrative Regulations on the Housing Provident Fund on March 24, 2002)
Chapter I General Provisions
Article 1 These Regulations are formulated for the purpose of strengthening the management of housing provident fund, safeguarding the lawful rights and interests of owners of housing provident fund, promoting the construction of houses in cities and towns, and improving housing standards of residents in cities and towns.
Article 2 These Regulations are applicable to the payment and deposit, withdrawal, use, management and supervision of housing provident fund within the territory of the People's Republic of China.
The term "housing provident fund" as used in these Regulations refers to long-term housing savings paid and deposited by State organs, State-owned enterprises, collective enterprises in cities and towns, foreign-invested enterprises, private enterprises in cities and towns and other enterprises in cities and towns, institutions, private non-enterprise units and associations (hereinafter collectively referred to as "units"), and by their on-the-job staff and workers.
Article 5 The housing provident fund shall be used for staff and workers to purchase, construct, renovate or rebuild self-occupied housing, and no unit or individual may misappropriate it for any other purposes.
Article 6 The interest rate of deposits and loans for housing provident fund shall be proposed by the People's Bank of China, and be submitted to the State Council for approval after soliciting the opinions of the competent administrative department of construction of the State Council.
Article 7 The competent administrative department of construction of the State Council shall formulate policies on housing provident fund jointly with the finance department of the State Council and the People's Bank of China, and supervise the implementation.
The competent administrative departments of construction of the people's governments of provinces and autonomous regions shall, jointly with the finance departments at the same level and the branches of the People's Bank of China, be responsible for supervising the implementation of the management regulations and policies of housing provident fund within their administrative areas.
Chapter II Organs and Their Duties
Article 8 Municipalities directly under the Central Government, cities where the people's governments of provinces or autonomous regions are situated and other cities divided into districts (prefectures, autonomous prefectures and leagues) shall establish housing provident fund management committees to serve as the policy-making organs for the management of housing provident fund. Of the members of a housing provident fund management committee, one third shall be responsible persons from the people's governments, the departments of finance, construction, people's bank and other relevant departments, as well as relevant experts; one third representatives of trade unions and workers; and one third representatives of units.
The chairman of a housing provident fund management committee shall be held by a person with high social prestige.
Article 9 A housing provident fund management committee performs the following duties in the management of housing provident fund:
1. formulating and adjusting specific measures for the management of housing provident fund in accordance with relevant laws, regulations and policies, and supervising the implementation;
2. drawing up specific proportions of the payment and deposit for housing provident fund in accordance with the provisions of Article 18 of these Regulations;
3. setting the highest loan quota of the housing provident fund;
4. examining and approving plans for the collection and use of housing provident fund;
5. deliberating the distribution plan of the appreciated proceeds of housing provident fund; and
6. examining and approving the reports on the implementation of plans for the collection and use of housing provident fund.
Article 10 Each municipality directly under the Central Government, the city where the people's government of a province or an autonomous region is situated and any other city divided into districts (prefecture, autonomous prefecture or league) shall, in accordance with the principle of simplification and efficiency, establish its own housing provident fund management center responsible for the operation and management of housing provident fund.
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