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China Approves Trial for Five New Privately Owned Banks

Chinese regulators approved a trial program to establish five privately owned banks as the government seeks to ease restrictions on the state-controlled banking industry.

The China Banking Regulatory Commission will allow the banks to be set up in the cities of Shanghai and Tianjin and in Guangdong and Zhejiang provinces, Chairman Shang Fulin said at a briefing in Beijing today. Alibaba Group Holding Ltd. and Tencent Holdings Ltd. are among 10 companies chosen to participate in the trial, the CBRC said in a statement.