China’s Wen says bank monopoly must be broken – state media
REUTERS – China’s state banks make money “too easily” and their monopoly on financial services has to be broken if cash-starved private enterprises are to get access to capital when they need it, state media cited Premier Wen Jiabao as saying on Tuesday. Wen’s comments, carried on China National Radio, come days after Beijing gave the go-ahead for financial reforms in Wenzhou – known as the country’s cradle of private enterprise – that will encourage private investment in local banks. “Frankly, our banks make profits far too easily. . . .
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