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People's Daily Online>>China Politics

Banking monopoly by State sector targeted (3)

By Gao Changxin  (China Daily)

08:40, April 05, 2012

Up to 55 percent of the outstanding loans in the banking system were extended by the Big Four together with Bank of Communications, China Development Bank and the Postal Savings Bank.

Chen Wanzhi, an NPC deputy, said the banking monopoly has impeded innovation in financial products and services. The system encourages discrimination in favor of State-owned enterprises against private businesses that are desperate for credit.

Rail Investment

Wen also mentioned investment during his visit, especially in high-speed rail.

Despite the fatal July train crash in Wenzhou, the premier said that China should not overreact to the tragedy by abandoning high-speed rail. An investment of 500 billion yuan will be made this year to build new high-speed tracks, following last year's 700 billion yuan investment, he said.

The investment comes at a time described by economists as a slow-growth cycle.

GDP growth may have hit a three-year low of 8.4 percent in the first quarter, Zhang Xiaoqiang, deputy minister of the National Development and Reform Commission, said on Tuesday. That figure implies an annualized quarter-on-quarter growth of just 6.5 percent, below the 7.5 percent target.

The National Bureau of Statistics will officially announce the first-quarter GDP figure on April 13.

【1】 【2】 【3】

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