China, on Friday, promised sweeping changes to its state-run banking industry, including allowing the creation of private lenders, to support its credit-starved entrepreneurs and curb what regulators worry are growing financial risks.
Analysts, including the World Bank, say an overhaul of a Chinese banking system that lends little to private businesses is urgently needed to keep economic growth strong.
Communist leaders who took power last year have promised to support entrepreneurs who generate China’s new jobs and wealth, but have yet to make significant changes.
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