Upgrading Supervision of the Private Banking Market

Private banking,brand new to China’s banking in- dustry,is currently faced with a bright future and a multitude of problems.It is a business full of risk, and for the moment,the country has not been prepared with respect to both the basic and institutional fields.For instance,the system to evaluate an individual’s credit rat- ing has yet to be set up,and private banking can be easily used for money laundering due to the difficulty in obtain- ing a customer’s true identity.China is still a green hand when compared to the government oversight and techno- logical operations of banks in the West.