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China: Companies brace for competitive overhauls with economic reforms

By  |  November 20, 2013

Private companies within China are bracing for major economic reforms within China that are poised to allow competition with state-owned banks, among other changes.

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    According to reports, Asia’s top Internet firm Tencent Holdings is in a group applying for a banking license following reforms that allow investors to establish small-to-medium banks.

    The reforms, outlined in a document offered by the Communist Part, include overhauls of the IPO process, which will allow companies to register for IPO approval rather than have authorities approve share sales.

    Other company stocks, including Nestle and Goodbaby, jumped at the news that China plans to loosen its one child policy; private firms in the tissue, candy and diaper markets are expected to brace for new competition, according to reports.

    Full Content: Bloomberg

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