In May 2008, the CBRC and the People's Bank of China jointly issued the Guiding Opinions on the Pilot Project of Small Loan Companies, which clarified the nature of small loan companies. Microfinance companies are limited liability companies or joint stock limited companies established by natural persons, corporate legal persons and other social organizations that do not absorb public deposits and operate microfinance business. A small loan company is an enterprise legal person, and shall bear civil liability for its debts with the property of the legal person. Small loan companies should implement the national financial policies and conduct business within the scope prescribed by laws and regulations in accordance with the principles of independent operation, self-financing and self-discipline. Their legitimate business activities are protected by law and are not interfered by any unit or individual.