date:Apr 03, 2014
s the development of a credit system to go hand in hand with the ramp up in rural banking networks and lending. As part of a package of reforms announced last autumn China has allowed the establishment of five new banks which it hopes will lend to the small, private enterprises and in turn spur economic growth.
Another hopeful sign that the market is being allowed to take hold in financing Chinas economy was the default by a Shanghai-based firm on its bonds. Normally unthinkable for central and