China will allow the creation of up to five privately financed banks this year to support economic growth by gradually opening the state-run industry, the country’s banking regulator said.
Analysts including the World Bank say an overhaul of Chinese banks that lend little to entrepreneurs is urgently needed to achieve the ruling Communist Party’s goals of making the economy more productive.
The China Banking Regulatory Commission said in a statement Monday it would enlarge the role of private capital in banking. It said that would include a closely supervised “pilot project” to allow creation of three to five privately financed banks.
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Joe McDonald, Associated Press via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/TT693kpys4M/
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