More private banks

In 2015, China will deepen the reform and opening-up of its banking sector by enabling private capital to enter various banking institutions through multiple channels, the China Banking Regulatory Commission announced on Dec 23.

Chairman Shang Fulin told a recent national video conference on the supervision of the banking sector: "The CBRC will expand pilot programs for privately funded banks, accelerate the launch of guidelines on the development of such banks and improve their regulatory framework."

Market insiders said the CBRC is considering promoting private capital to set up banks in China's north-eastern, central and western regions where financial services are weak.

Some of the newly approved banks such as MYbank, which boasts the recently listed Alibaba Group Holding Ltd as a major founder, will apply Internet ideas and techniques to banking activity from the very beginning.