China to allow fully private banks this year

@Hoest Dictator: You worte "Remember the billionare who was arrested for advocating a democracy in China? Seems like money can't buy everything and the state will take what it wants if it wants to."

don;t know that but So many wealthy Chinese have been top money spenders in Casinos in Hong Kong, Singapore, Macao, and other SE Asia countries. They enabled Macao to earn title of the world's top gambling city. Vegas became No 2.

I'd love to see China succeed without its current form of government. If the average Chinese citizen were allowed free thought and the ability to make choices for their country without the government strongly forcing their hands the way the government wants to I would be 100% behind this. My ex-gf from HK is now back in Hong Kong and is sad with the path the SAR is going to become more like the "mainland" in the quality of life and people moving there as well as lessening democratic rights thanks to China's one party rule.

Remember the billionare who was arrested for advocating a democracy in China? Seems like money can't buy everything and the state will take what it wants if it wants to.

You guys are funny if the USA is struggling its all propaganda there is no need to spend huge amounts on military things that are not being used on the battle fronts, because of technological advances things can be done cheaper now so the budgets don't have to be as big as they use to be. Congressmen in certain states lobby for this money because the jobs are in their state if the state loses jobs then they will hear from their constituents. IF you don't know ask somebody just dont read the writing!!

Exactly. They have yards full of unused tanks. There have been pentagon officials who have requested to not receive more because they don't need them. But the weapons dealers have strong lobbyists, who have essentially bought politicians into office, and if the military budget were to be cut, some people would lose money. So the war machine chugs along.

There are so many millionaireas and billionaires in China, Tthe Govt must have realized that private banking systems are needed in China so that these people will use Chinese banking system instead of Hong Kong,, etc and Swiss banks.

You guys are funny if the USA is struggling its all propaganda there is no need to spend huge amounts on military things that are not being used on the battle fronts, because of technological advances things can be done cheaper now so the budgets don't have to be as big as they use to be. Congressmen in certain states lobby for this money because the jobs are in their state if the state loses jobs then they will hear from their constituents. IF you don't know ask somebody just dont read the writing!!

USA people are outspoken. Everywhere in USA, they express they are sick and tired ofr USA wasting money in middle east. Military reduction in middle east war of their voice equate Military waste redution. Both GOP and Demp members have been struggling Military budget items during sessions. especial;y in Congress. .

Hasn't USA struggling to have military budget?

It depends on how you look at it. They've been struggling with all their other budgets because they spend so much on their military. But there is almost no talk ever of reducing their military budget by any significant amount (though to be fair, they did just make some minor cuts to it)

This artcle is in business section and about China banking system, not territorial dispute, so I wrote it is the wealthiest country. Just because China is aggressive in Asia does not cancel the fact it has largest US bonds holding. It is wealthier than USA. China never had to discuss about the country might be bankrupted. Was';t it in 2013 that USA was talking about it might be bankrupted? China can afford military budget. Hasn't USA struggling to have military budget?

Haha, amazing how many people are lauding this. While this particular spot is a good thing by itself, seems y'all are still forgetting the other oppressive aspects of the country. If the government propaganda and state sanctioned oppression of any sort of individual expression or thought that runs counter to small group of government head-honchos ideals still guides the country, it will not bode well in the long run for a country to be wealthy yet blatantly controlling. How quickly you're forgetting the still ever aggressive attempts at "conquering" more territory and getting more resources in order to "control" the rest of Asia.

Only very ignorant people want to turn black into white and vice versa.

Interesting to see China little by little becoming more free while the US goes in the opposite direction.

As China has shown, being totally free is not the way to go but chaos. It's better to start with a tight-grip and slowly loosening the grip, rather than let people run free. The US is learning this from China and thus tightening their grip now - better late than never. Japan is also now following China too by making the state secrecy law (which is already a legal law in China for decades), and that's good - the two neighbors are finally seeing eye to eye on something.

China is more capitalistic country than USA beside China seems to be the wealthiest country in the world. This new Chinese head seems doing better job than previous corrupted heads. He even could abolish one son only in one family policy. Not just economically but socially, he and his government is progressing.

It's amazing to me to see how China is progressing so rapidly because a lot of credit needs to be given to President Xi. I have great respect for this individual as he has been able to use diplomacy & many countries have signed agreements with China. He hasn't threatened any country leader. People of China are able to enjoy changes that are being made. Just recently over 6 ton of Ivory was destroyed. Africa had experienced the death of approximately 100 elephants annually because of tusks.

Bertiewooster, and I thought I was the only one who realized this.

Interesting to see China little by little becoming more free while the US goes in the opposite direction.

Yup a few Banks will now no longer be owned by the government. But how many such banks will ever be able to object or resist any government policy to which they may object?

It's good to see Communism being replaced by Capitalism. It may be a slow process for China, but at least it's happening.