China to Allow Up to 5 Privately Funded Banks in Trial
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China will allow a batch of three to five banks funded by private investment this year to operate under a trial as part of the country’s financial reforms, according to the China Banking Regulatory Commission.
China will guide private investment to participate in the restructuring of existing banks and explore lowering the threshold for foreign banks to enter the industry, the banking regulator said in a statement on its website yesterday. The commission will step up its support of the Shanghai free trade zone, according to the statement.