China's financial sector is moving in a.......>

CHINA: China's financial sector is moving in a more positive direction with the

involvement of more diversified participants, Michael Taylor, the managing

director and chief credit officer for the Asia-Pacific region at Moody's, said

Friday at the annual Caixin Summit in Beijing. Taylor said 42% of financial

assets belonged to China's "Big Four" state-owned banks in 2012, while last year

the proportion fell to 28%, calling this a "welcome development." Zhi Peng, the

deputy chief executive  of Tsinghua Asset Management, said at the summit that

Chinese banks are increasingly under pressure as China further opens up its

financial sector to foreign investors. Zhi stressed that Chinese banks need to

enhance their competitiveness to meet the challenge, and have an incentive to

more actively research the market and invest smartly rather than simply wait for

requests for partnerships, as they did in the past when they dominated the

market.