Private bank trial poised for expansion during 2015

China plans to expand a trial program to allow the creation of private banks and ease the entry of private capital into the banking sector next year, the China Banking Regulatory Commission chairman said on Tuesday.

Shang Fulin said the CBRC will "expand pilot programs for privately funded banks, accelerate the launch of guidelines on the development of such banks, and improve their regulation framework".

The CBRC has already approved applications for the creation of five privately funded banks this year and helped push forward their creation in terms of building corporate governance and risk management frameworks.