The head of China’s central bank and other top financial regulators offered new details on Tuesday on the country’s steps toward a more market-driven economy, including plans to liberalize interest rates as early as next year and to allow the establishment of the first privately owned official banks.
Although the announcements signaled incremental progress in modernizing the country’s financial system and opening its still tightly controlled capital account, analysts welcomed the development.
China’s leadership under President Xi Jinping laid out a program of bold, market-driven overhauls in November, but details on how and when these measures would be implemented have been slow in coming.
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