Government Plans To Set Up Five Private Banks In 2014
News: China will establish up to five private banks in 2014 as the country aims to open up the financial industry and enhance competition. The banks will function on a trial basis under the regulation of Chinese banking authorities. 'Strict procedures and standards will be set for the pilots, with demanding set-up criteria, limited licenses, enhanced supervision and a risk handling system,' reports Xinhua news agency, citing China Banking Regulatory Commission (CBRC) (BBC). The options for lowering the threshold for foreign banks will be explored to enable them to enter the industry, CBRC added.