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China to rein in bank risk, eyes private lenders

BEIJING (Reuters) - China banking regulator vowed on Monday to take steps to rein in banking risks in 2014 while outlining plans to set up private banks to boost competition in the industry.

Three to five private banks will be set up under a pilot scheme, the China Banking Regulatory Commission (CBRC) said in a statement following a meeting on banking supervision.

The CBRC said that it will take measures to resolve lending risks linked to local government financing vehicles and tighten rules on wealth management products.

Banks must control risks associated with lending to the property sector and industries with excess capacity, the regulator said.

(Reporting by China Economics Team)