After decades of relying on state banks, China is finally ready to open up the financial sector to private capital. Regulators announced it will roll out a “pilot project” to allow the creation of up to five privately financed banks this year to support economic growth.
The China Banking Regulatory Commission would maintain “prudential regulatory standards” in approving private banks, it said in a statement following a meeting on banking supervision. It gave no details of who would be allowed to set up a bank or in what lines of business they can compete. Continue reading “China To Set Up Five Private Banks In 2014”

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