Premier Wen Jiabao: China Needs to End Big Banks' 'Monopoly'

Premier Wen Jiabao: China Needs to End Big Banks' 'Monopoly' Play

April 4 (Bloomberg) -- China needs to break a banking "monopoly" of a few big lenders that make easy profits because it’s hard to borrow money elsewhere, Premier Wen Jiabao said. The country can extend nationwide the successful parts of a pilot program in Wenzhou in Zhejiang province that allows private financing, including non-bank lending, Wen said yesterday, as cited by China National Radio. Caroline Hyde reports on Bloomberg Television's "First Look." (Source: Bloomberg)

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