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On August 9th the China Banking Regulatory Commission, the industry's main regulator, unveiled draft rules for banking licences that are designed to encourage the entry of private capital into the industry.Competition has already begun to dent the Big Four's monopoly.
The broad proposals include expanding a tax on natural resources, taking gradual steps to allow market forces to determine bank interest rates and developing policies to "promote the effective entry of private capital into finance, energy, railways, telecommunications and other spheres," according to a directive issued on the government's Web site.
The collapse of "communism" in 1989 created the basis for a new social agreement, the Washington Consensus, whereby deregulation and the entry of private capital into hitherto hallowed domains of public provision would become the norm everywhere, making traditional social democracy redundant and threatening the democratic process itself.
In HE privatisation is manifest via the entrance of private providers into the HE market; the outsourcing of activities to the private sector; and the entry of private capital into HE via donations, commissioned projects, or public private partnerships (Brown & Carasso, 2013; McGettigan, 2013).
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There is a lot of private capital invested outside the country, a reflection of that fear.
Emerging economies are being hit hard by weakening exports and the collapse of private capital flows.
Nor does the rescue necessarily point to a resurgence of private capital.
Leverage is limited to the amount of private capital a fund has raised, up to $50 million.
A record 6,700 turbines were installed that year, and $25 billion of private capital was invested.
They have access to lots of private capital and sophisticated know-how.
"In this struggle," he said, "the interests of private capital rarely lose".
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