China on 19 July 2013 lifted control on banks allowing them to set their own lending rates, a move to arrest slowdown and spur growth as well as to liberalise the economy. China decided to further ease lending interest rates for financial institutions so they can decide the rates themselves. The removal of control on lending rates is the first major economic reform launched under the government of President Xi Jinping. Lifting controls on lending interest rates will help cut costs for companies in raising funds. It can also maximise financial resources to strengthen the economy and economic restructuring of China.
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