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Chinese premier pledges to provide more loans to entrepreneurs, tighten controls on banks
BEIJING (AP) ' China's premier has pledged to tighten risk controls on its banks and see that they do more to help entrepreneurs to sustain economic growth in the face of a possible global slowdown.
Premier Wen Jiabao said at a weekend financial planning conference Saturday that China's financial industries are sound but still face risks. He vows to press ahead with reforms aimed at giving market forces more influence over lending, but no details have been announced.
China's state-owned banks avoided the financial turmoil that battered Western institutions, but a slump in global demand and exports is fueling concern its relatively robust economic growth might slow dangerously.