Creation of private-sector lenders to be accelerated

China will accelerate the creation of privately owned commercial banks this year, according to a top banking regulation official.

Guo Ligen, vice-chairman of the China Banking Regulatory Commission, told China Daily on Saturday the banking regulator will offer more licenses for private banks this year.

Speaking at a group discussion with members of the National Committee of the Chinese People's Political Consultative Conference, Guo noted that Premier Li Keqiang said on Thursday in the annual Government Work Report that there is no quota for private investors to establish small and medium-sized banks and financial institutions.