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Saturday, April 7, 2012

Wen and Obama: Breaking Up the Banks

Chinese Premier Wen Jiabao told a radio audience on April 3, 2012 “that China’s state-controlled banks are a ‘monopoly’ that must be broken up.” He also urged other businesses to get into the financial sector. “Let me be frank,” he said. “Our banks earn profit too easily. Why? Because a small number of large banks have a monopoly. To break the monopoly, we must allow private capital to flow into the financial sector.” This included raising the total amount foreigners can bring into China under the Qualified Foreign Institutional Investor program to $80 billion.

The full essay is at "Wen and Obama: Breaking Up the Banks."