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CBRC: 14 private banks up for approval

CCTV.com

09-24-2016 00:17 BJT

Chinese banking regulators are set to grant additional banking licenses to private banks as a major part of China's financial system reforms. 

"Banking regulators and private bank's shareholders need to change their minds. They should increase their tolerance and allow mistakes and the possibility of failure. Besides, they should support the mass innovations of private banks," said Cao Yu, Vice Chairman of China Banking Regulatory Commission.

The China Banking Regulatory Commission said that 14 proposed private banks have finished the procedures needed for approval. China has been pushing for the entry of private capital into the banking sector through various channels, such as allowing private companies to establish privately owned banks.

Experts warn that banking involves risks and that private banks should focus on strengthening risk management.

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