China has launched a pilot project to establish five banks owned entirely by private companies like Alibaba and Tencent in a decision that illustrates Beijing’s intention to accelerate financial sector reforms.
The new banks will be set up in the cities of Shanghai and Tianjin and in the provinces of Guangdong and Zhejiang, Shang Fulin, the chairman of the China Banking Regulatory Commission, said at a briefing with journalists on Tuesday.
In another sign of Beijing’s commitment to rapid reform, China’s central bank governor said he
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