Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

xchrom

(108,903 posts)
23. China's premier calls for breaking bank monopolies
Wed Apr 4, 2012, 05:55 AM
Apr 2012
http://hosted.ap.org/dynamic/stories/A/AS_CHINA_BANK_REFORM?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-04-03-23-37-34

BEIJING (AP) -- Premier Wen Jiabao, China's top economic official, says its state-owned banks are monopolies that must be broken up, acknowledging mounting economic and political pressure to reform an industry whose vast profits are fueling public anger.

Wen's comments Tuesday suggest Beijing sees a growing political danger from its failure to carry out long-promised reforms of state banks, which pay minimal interest on deposits and made tens of billions of dollars in profit last year. Public resentment has risen as China's rapid economic growth slows and fears of job losses rise.

Speaking Tuesday to businesspeople, Wen said Beijing has launched reforms aimed at serving entrepreneurs better by opening up banking to private investors, China National Radio reported. It gave no indication of a possible timeline for further reforms.

"Our banks make money too easily. Why? Because a small number of big banks have monopoly status," Wen said, according to a transcript on the CNR website. "To allow private capital to flow into finance, basically, we need to break the monopoly."
McKenna: JP Morgan Chase Knew MF Global 'All Too Well' Demeter Apr 2012 #1
Clients Raise Questions About MF Global Checks Demeter Apr 2012 #12
More Evidence of Fraud: MF Global's Inscrutable Accounting Error - Who Shot Jon? Demeter Apr 2012 #43
CME to Require Daily Customer Fund Reports Following MF Failure Demeter Apr 2012 #67
Investors Are Looking to Buy Homes by the Thousands Demeter Apr 2012 #2
This was the intention all along, wasn't it? Destroy the middle class by Tansy_Gold Apr 2012 #3
Point is, the Investors aren't going to legally own anything, either Demeter Apr 2012 #5
This is not going to end well, for anyone DemReadingDU Apr 2012 #13
The legality is what they make of it. Tansy_Gold Apr 2012 #14
Treasury’s Ridiculous Defense of their Second Lien Policies Demeter Apr 2012 #4
JOBS Act Jeopardizes Safety Net for Investors Demeter Apr 2012 #6
Michael Hudson on Why There is an Alternative to European Austerity PODCAST Demeter Apr 2012 #7
How American Corporations Transformed from Producers to Predators By William Lazonick Demeter Apr 2012 #8
PART 2: Whose Corporations? Our Corporations! Demeter Apr 2012 #44
How Empires Really Work By Paul Craig Roberts Demeter Apr 2012 #9
Investors remain divided over Greek foreign-law bond losses Demeter Apr 2012 #10
Why People Hate the Banks By JOE NOCERA Demeter Apr 2012 #11
Very cool toon, Tansy! hamerfan Apr 2012 #15
I actually saw the tribute before I saw the toon and Tansy_Gold Apr 2012 #17
He also dabbled in songwriting hamerfan Apr 2012 #18
Two 'Famous" people that had a suprising effect in our house..... AnneD Apr 2012 #53
Nikkei looks to close down over 2% girl gone mad Apr 2012 #16
morning every one xchrom Apr 2012 #19
World stocks slump on US job growth worries xchrom Apr 2012 #20
Passover Recipes 2012: 7 Ideas For Your Seder Plate xchrom Apr 2012 #21
ooooh and roast chicken xchrom Apr 2012 #22
Thanks for the reminder.... AnneD Apr 2012 #54
that's very nice of you. my partner was jewish -- so when i can i keep pesach and easter. xchrom Apr 2012 #55
We have an interesting house..... AnneD Apr 2012 #68
I love it! xchrom Apr 2012 #70
Even I know how to make... AnneD Apr 2012 #72
I have lucked on an Indian who is making dinners xchrom Apr 2012 #75
Everyone that loves Indian food knows... AnneD Apr 2012 #76
Whenever I get over there - that's about all I eat. xchrom Apr 2012 #77
China's premier calls for breaking bank monopolies xchrom Apr 2012 #23
SELLOFF: The Japanese Market Got Clobbered, Europe Is Down, US Futures Are Falling xchrom Apr 2012 #24
CHART OF THE MORNING: There's A Rout Happening In The Spanish Bond Market xchrom Apr 2012 #25
Something Strange: The Economy Is Behaving Badly In The Least Expected Way xchrom Apr 2012 #26
Spending on debt in this year to exceed government payroll {spain} xchrom Apr 2012 #27
Irish services sector employment 'rises' xchrom Apr 2012 #28
How to Prevent a Financial Overdose By GRETCHEN MORGENSON Demeter Apr 2012 #29
ECB leaves key eurozone rate unchanged at 1% xchrom Apr 2012 #30
How to Start Your Own Power Company, Stop Coal and Nukes, and Transform Your City Demeter Apr 2012 #31
DOW FUTURES -112 AT 9:17 Demeter Apr 2012 #32
ayup...looking ugly. Roland99 Apr 2012 #33
Welcome back! You Are Just in time for the Apocalypse, I Fear Demeter Apr 2012 #41
Glad to have you back...... AnneD Apr 2012 #74
ah ha ha ha ha!! Roland99 Apr 2012 #79
Just a blip. Back up tomorrow. n/t Hotler Apr 2012 #62
That's what they said yesterday Demeter Apr 2012 #66
The crooks still run free. n/t Hotler Apr 2012 #78
BTG Pactual IPO will value investment bank at $15bn Demeter Apr 2012 #34
SEC hits Pentagon with biggest fine on foreign group Demeter Apr 2012 #35
Fed to fine Morgan Stanley over home loans Demeter Apr 2012 #36
Good Jobs: Three Reasons There Aren’t More Paul Osterman Demeter Apr 2012 #37
Spain Now on Deck in European Demolition Derby xchrom Apr 2012 #38
The 99 Percent for the 100 Percent: The Case for Deep Patriotism Van Jones Demeter Apr 2012 #39
Partisan Rulings Could Put Supreme Court on Trial in 2012 Demeter Apr 2012 #40
DECLARATION OF REVOLUTION IN MY INBOX THIS MORNING Demeter Apr 2012 #42
The Jubilee... AnneD Apr 2012 #56
And will not be Tansy_Gold Apr 2012 #73
Cashless: The Coming War on Tax-Evasion and Decentralized Money By Cris Sheridan Demeter Apr 2012 #45
Why do you think that... AnneD Apr 2012 #57
Tansy, Today May Be Your Lucky Day! Demeter Apr 2012 #46
We'll see, we'll see Tansy_Gold Apr 2012 #48
Mercury no longer retrograde Demeter Apr 2012 #50
markets are pretty range-bound after that initial dropoff Roland99 Apr 2012 #59
Down 174 at 11 am with no sign of even token resistance Demeter Apr 2012 #47
The Keen/Krugman Debate: A Summary GOOD INFO Demeter Apr 2012 #49
I have been saying for a very long time, Tansy_Gold Apr 2012 #51
Say rather he doesn't know his limitations, nor those of his pet theories Demeter Apr 2012 #52
He doesn't know his limitations, true, and he's gone beyond them, into territory where Tansy_Gold Apr 2012 #60
Study finds air clean-up link to US hurricanes Demeter Apr 2012 #58
I'll take one of whatever he's on. Fuddnik Apr 2012 #61
Just dropped in to see what condition my condition was in. Hotler Apr 2012 #63
Well the Maginot---er, 13K line is holding Demeter Apr 2012 #64
Stick out your tongue, and say "Aahhh". Fuddnik Apr 2012 #65
All hope 'annihilated,' retiree kills himself outside Greek parliament Fuddnik Apr 2012 #69
10 Big Mistakes People Make in Thinking About the Future Fuddnik Apr 2012 #71
Latest Discussions»Issue Forums»Economy»STOCK MARKET WATCH -- Wed...»Reply #23