China to set up fully private banks in 2014: CBRC

BEIJING, Jan. 6 (Xinhua) -- 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.

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