China will permit more private firms to start banking operations and let more private capital enter into the banking sector, state media quoted Shang Fulin, chairman of China Banking Regulatory Commission (CBRC), as saying.
CBRC plans to add new channels next year by which private capital could invest in banking, including expanding the pilot programmes for private banks and consumer financing companies, Fulin told China Securities Journal.
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The move follows rising private capital participation in the financial sector to enhance efficiency and reduce the central government’s effective liability for bad debts at state banks.
Fulin added that China will also expand a special financial fund in agriculture and rural areas and small and micro enterprises.
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