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Response to Tansy_Gold (Original post)

Wed Apr 4, 2012, 05:55 AM

23. China's premier calls for breaking bank monopolies

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."

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