
AP Photo
On Tuesday, China’s premier suggested that momentous changes were coming to the country’s financial sector. “Frankly, our banks make profits far too easily,” Wen Jiabao said on state-run China National Radio. “Why? Because a small number of major banks occupy a monopoly position, meaning one can only go to them for loans and capital.” China’s top economic official then made a startling suggestion: “That’s why right now, as we’re dealing with the issue of getting private capital into the finance sector, essentially, that means we have to break up their monopoly.”
TAGGED: China