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Premier Wen says to allow non-public capital into financial sector

(Xinhua)

14:04, March 14, 2012

Chinese Premier Wen Jiabao speaks during a press conference after the closing meeting of the Fifth Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 14, 2012. (Xinhua/Jin Liwang)

BEIJING, March 14 (Xinhua) -- Chinese Premier Wen Jiabao said here Wednesday that the government should allow private capital to enter the financial sector and make the process "standardized and open".

China's financial authorities are actively considering taking private financing activities in China's east city of Wenzhou as one of the pilots for an overall reform in this field, Wen told a press conference after the conclusion of the annual parliamentary session.

"We need to encourage their development, and at the same time put them under strict oversight and supervision," said Wen when commenting on the case of Wu Ying, a businesswoman who was once listed among the country's richest women and faced death penalty for cheating investors out of several hundred million yuan.

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