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People's Daily Online>>China Business

Private participation in finance not restricted: regulator

(Xinhua)

09:30, March 08, 2012

BEIJING, March 7 (Xinhua) -- China's top banking regulator said Wednesday that the government has not set "particular restrictions" on private investors seeking participation in the financial sector.

Private capital and state assets are given equal treatment in the finance field, according to Shang Fulin, chairman of the China Banking Regulatory Commission (CBRC).

"Actually, massive private investment has already entered the sector during the commercialization of small and medium-sized banks," said Shang.

Private enterprises can buy shares in large state-owned commercial banks in the secondary market, or through private placement and rights issue, said Shang on the sidelines of the country's annual parliamentary session.

The CBRC will unveil further detailed rules for private investment in the financial sector, he added.

Private investment accounts for 42 percent of China's joint-stock commercial banks' equities and 54 percent of that of urban commercial banks, according to CBRC data. Private investors have acquired 92 percent of shares in small and medium-sized financial institutions in rural areas.

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