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China will set up three to five fully private banks on a trial basis this year in a bid to further open up the banking sector to domestic and foreign capital, China's banking regulator said Monday.
Private capital will be introduced to restructure current banking institutions or set up new ones bearing their own risks, the China Banking Regulatory Commission (CBRC) said in a work meeting.
Strict procedures and standards will be set for the pilots, with demanding set-up criteria, limited licenses, enhanced supervision and a risk handling system, according to the CBRC.
The CBRC will try to relax the threshold for foreign capital to enter China's banking sector and ease Renminbi operation requirements, while more policies will be issued to support banking reform in the Shanghai free trade zone and financial reform pilot zone.
Private banks to start on trial basis
2013-10-25China's Wenzhou applies to trial private banks
2013-10-24Taking stock of the private banks rush
2013-10-05First batch of fully private banks to be set up under pilot scheme
2013-08-08Authority approves private bank names
2013-09-24PBOC governor calls for more private bank development
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