China picks owners, including Alibaba and Tencent, for 5 private banks in reform initiative

  • by: JOE McDONALD , Associated Press
  • Updated: March 11, 2014 - 8:25 AM

BEIJING — Ten companies including Internet giants Alibaba and Tencent have been picked to invest in China's first five privately owned banks, the industry's chief regulator said Tuesday.

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