BEIJING: China will launch a trial programme for private firms to set up banks, the country's banking regulator said Tuesday, with Internet giants Tencent and Alibaba reportedly among the first applicants.
Most Chinese lenders are state-controlled, and banks founded by private companies are extremely rare, while access to lending is a key element of the Communist authorities' control of the economy.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!