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Ask China: Private banking – A more dynamic economy

In what has been called one of the biggest reforms in China’s banking sector for decades, the CBRC approved five private-owned banks last year, including one funded by e-commerce giant Alibaba and another by Internet giant Tencent.
 
The banking regulator said private banks will facilitate small businesses and help develop the rural economy. They will bring greater dynamism to the banking industry, sharing a level playing field with state-owned banks.

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