China Needs to End Big Banks’ ’Monopoly,’ Wen Says

China needs to break a banking “monopoly” of a few big lenders that make easy profits because it’s hard to borrow money elsewhere, Premier Wen Jiabao said.

The country can extend nationwide the successful parts of a pilot program in Wenzhou in Zhejiang province that allows private financing, including non-bank lending, Wen said yesterday, as cited by China National Radio.