Regulators Give Green Light to New Private Bank

(Beijing) – Chinese regulators have awarded the fourth license this year to investors seeking to set up a bank — another step to allowing private capital into the banking sector and boosting the growth of the real economy.

The China Banking Regulatory Commission (CBRC) on Monday approved the establishment of Fujian Huatong Bank in a free-trade zone in the southeast coastal province of Fujian. Chongqing Fumin Bank, Sichuan New Hope Bank and Hunan Sanxiang Bank were licensed earlier this year.