No word from regulators on private-bank policy

Those who dream of running private-sector banks in Wenzhou, Zhejiang province, will have to be patient, as the detailed policies that will allow them to move forward are taking time to emerge.

In 2010, the State Council, China's cabinet, issued an advisory that was intended to encourage the sound development of private investment by introducing private capital into the financial field.

In 2012, the China Banking Regulatory Commission released a document in which it supported the entry of private capital on an equal footing with other funding into the banking industry.