Legal basis: Regulations on the Management of Housing Provident Fund
Article 6 The deposit and loan interest rate of housing provident fund shall be proposed by the People's Bank of China, and submitted to the State Council for approval after consulting the construction administrative department of the State Council.
Seventh the State Council municipal construction administrative departments in conjunction with the the State Council municipal finance department, the people's Bank of China to develop housing provident fund policy, and supervise the implementation. The construction administrative departments of the people's governments of provinces and autonomous regions shall, jointly with the financial departments at the same level and the branches of the People's Bank of China, be responsible for supervising the implementation of the regulations and policies on housing provident fund management within their respective administrative areas.
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