China’s first private bank begins operation

Wenzhou Minshang Bank, one of China’s first five pilot private banks, started operations on Thursday, a move which analysts said will help finance the country’s cash-starved small businesses and spur reforms in the financial system.

The bank completed its first credit business on Thursday, offering a credit loan with 300,000 yuan ($48,285) to Jiangda Electronic Co, a Wenzhou-based electronics and aluminum foil producer.

 

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