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Wen Jiabao: Communist Leaders Have Agreed to Break the Banking Monopoly

During his trip to southern China, Chinese Premier Wen Jiabao stated that the top national banks in China have too much power and have made too much money, and that their monopoly must be broken. “As for financing costs, actually let me speak frankly here. Our banks make a profit too easily. Why? It is because a few large banks are in a monopoly position. People can only obtain loans from these banks. It is very difficult to obtain loans from other sources. Now private capital has entered into the financial market. Fundamentally speaking, [we] have to break the monopoly. The Communist Party’s Central Committee has reached a unanimous agreement to carry out a pilot project in Wenzhou. A successful Wenzhou pilot project should be promoted across the country. Some (features of the project) can be implemented immediately throughout the country. "

Source: Beijing News, April 4, 2012