China's Wen Says State-Run Bank Monopoly Must Be Dissolved

Law360, New York (April 3, 2012, 10:17 PM EDT) -- Chinese Premier Wen Jiabao told a forum of Chinese business leaders Tuesday that the country's government-run banks had developed a monopoly that was stifling the entire economy and must be broken up.

During the exchange, Wen argued that injecting private capital into the financial sector was necessary to break up the monopoly, and noted that a pilot program in the city of Wenzhou could prove to be a successful example for the rest of the country, the state-controlled China National Radio reported.

Wen praised the Wenzhou...
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