The Shanxi province of China could soon be host to a new private bank, according to media sources. A consortium of private business interests are beginning preparations to start up a bank after China’s latest policy shift.

Plans for Shanxi bank, located in the northern province, have already been approved by the local government and the backers hope to submit their plan to the banking regulator by the end of the year and to gain approval soon after. The only barrier so far is the lack of details concerning the rules governing privately run banks, which have yet to be released.

Shareholders would be primarily from the energy sector, as well as property, manufacturing and the service industries. The group may include participation of as much as 15% from other state-owned financial institutions.

This move follows the Communist Party of China’s Third Plenum reported by PBI last Friday, in which they stated that they wish to ‘allow more non-state-owned capital into the market in order to develop a more mixed-ownership economy.’