You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

China details plan to liberalize rates

Some of the changes to the Chinese financial system seek to boost domestic spending, including on construction.

Carlos Barria /Reuters

Some of the changes to the Chinese financial system seek to boost domestic spending, including on construction.

HONG KONG — The head of China’s central bank and other top financial regulators offered new details Tuesday on the country’s steps toward a more market-driven economy, including plans to liberalize interest rates as early as next year and to allow the establishment of the first privately owned official banks.

Although the announcements signaled incremental progress in modernizing the financial system and opening its still tightly controlled capital account, analysts welcomed the development.

Continue reading below

China’s leadership under President Xi Jinping laid out a program of bold, market-driven overhauls in November, but details on how and when these measures would be put into effect have been slow in coming.

“China’s financial reforms are likely to advance faster than many had expected in 2014,” HSBC analysts led by Qu Hongbin, co-head of Asian economic research, wrote Tuesday in a research note.

Zhou Xiaochuan, governor of the People’s Bank of China, said he expected the country to remove its ceiling on bank deposit rates — the last and most significant government restriction on interest rates — as early as next year.

China moved last summer to lift restrictions on lending rates, leaving banks free to charge what they wanted for loans.

Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.