In China, since Deng's famous openness to the market, millions of private enterprises, large and small, have been created, but there was one sector of the economy that had remained firmly anchored to real socialism: the banking sector. All banks were owned by central government or local governments. But now things are changing: an exemplary private bank has opened its doors.
It started operations on Sunday, albeit on an experimental basis for now: Shenzhen Qianhai Weizhong Bank, also known as Webank, has invited a number of potential customers, including its shareholders, bank employees and some carefully selected customers.
Among the shareholders is the 'Internet giant' Tencent Holdings, which has the largest stake, 30% of the shares. The bank has paid-up capital of 4 billion yuan (420 million euros) and targets personal loans and loans to small and medium-sized enterprises.
