After decades of relying on state banks, China’s top leaders are giving the go-ahead to create new, privately held banks, opening up a sector that has been mostly off-limits to private capital and indirectly acknowledging that the current system isn’t working.
A program endorsed last week by the Communist Party leadership calls for letting private investors that meet certain as-yet-undefined requirements set up small and medium-size banks and other financial institutions.
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Dinny McMahon, The Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/QxDFKhNheqU/
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