Private banks get go-ahead

Reserve ratio cuts to tackle slowdown

BEIJING -- China's central bank said on Friday that reforms to the nation's banks will be deepened in order to improve their services.

According to a report from the People's Bank of China, the country will continue to reform the nation's large commercial banks as well as other large financial institutions.

Specifically, reforms will be accelerated in the Export-Import Bank of China and the Agricultural Development Bank of China, which are both wholly state-owned, with an aim to standardize their accounting.

The China Development Bank, another state-owned policy bank, will prioritize lending to shantytown renovation projects, the report added.

Meanwhile, the central bank will seek to build a sustainable model through which commercial banks may improve their financial services for agriculture and farmers, according to the report.

The central bank will also improve standards and regulations regarding Internet finance in a bid to create fair competition and enhance risk control, it said.