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Rate liberalization within one or two years; no timetable for private banks

03-11-2014 16:26 BJT Special Report: 2014 NPC & CPPCC Sessions |

Top financial officials addressed concerns about China's financial reforms this morning, at the National People's Congress press conference. Two big topics--deposit rate liberalization and private banks.

Chinese central bank governor Zhou Xiaochuan said there are market forces pushing forward interest rate liberalization, which may be realized in one or two years.

"Deposit rate liberalization should be the last phase of the interest rate marketization. It is definitely on our agenda. Personally, I think it's very likely to be realised within one or two years," said Zhou Xiaochuan, governor of People's Bank of China.

China's top banking regulator recently listed the first batch of private banks. The head of the China Banking Regulatory Commission, Shang Fulin, says the first private banks will in Tianjin, Shanghai, Zhejiang and Guangdong, and each bank must have at least two private founders. Shang gave no clear timetable as to when the banks might open.

"We will promote the pilot program prudently, approving one if one is mature enough. The timetable for these bank's official opening depends on whether the conditions are mature," said Shang Fulin, chairman of China Banking Regulatory Commission.

The head of China's top securities regulator also said at the news conference that the priority for this year is to increase market depth.

"We will further regulate the capital market, and bring regional equity markets into the multi-layer capital market system," said Xiao Gang, Chairman of China Securities Regulatory Commission.

Xiao Gang also says the CSRC will continue reforms in the bond market, and to further develop the private equity market. Meanwhile, the head of the Insurance Regulatory Commission -- Xiang Junbo -- says China will establish a catastrophe insurance plan based on the platform of commercial insurance.

Editor:James |Source: CCTV.com

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