According to the Communist Party of China during their Third Plenum on Friday, private banks, the marketing of energy prices and the encouragement of private capital will soon be allowed in China as a part of ‘comprehensively deepening reforms.’
The official Xinhua news agency quoted a party policy document saying that they plan to ‘open up the banking sector wider, on condition of strengthened regulation, by allowing private capital to set up small and medium-sized banks.’
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In a move promoted by party leader and state president, Xi Jinping, the CPC wish to ‘allow more non-state-owned capital into the market in order to develop a more mixed-ownership economy.’
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