On July 5, 2013, the website of the Central People’s Government of the People’s Republic of China released a document titled, “The State Council’s Guide on Financial Support for Economic Restructuring, Transformation, and Upgrading.” The document lists ten items designed to help guide the “effective prevention and dissolution of financial risks” in China. In the ninth item of the guide, the State Council gives a green light to the establishment of private banks funded by private capital under the leadership of the China Banking Regulatory Commission. However, private banks or other private financial institutions must face their own risks.
Source:
The website of the Central People’s Government of the People’s Republic of China & Xinhua, July 5, 2013
http://www.gov.cn/zwgk/2013-07/05/content_2440894.htm
http://news.xinhuanet.com/fortune/2013-07/05/c_124964540.htm