China eyes private cash for banks

27 May 2012 Last updated at 20:39 ET

Yuan notes

China has opened up its banking system to private sector investors, the latest move by Beijing aimed at underpinning economic growth.

Over the weekend, China said that private investors would have the same rights as state firms when trying to invest in domestic banks.

Despite China's strong economic growth, critics say expansion has been hampered by an inefficient banking sector.

Last week, China opened up investment in other sectors such as energy.

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