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China spurs competition in banking and telecoms

9 January 2014 Last updated at 06:25 GMT

China has announced plans to raise competition in the banking and telecoms industries. It is part of a wider effort to spur economic growth.

China intends to create up to five new banks, financed with private capital.

It will also allow overseas firms greater access to parts of the phone and internet industry, if they base operations in Shanghai's free trade zone.

Martin Patience reports from Beijing.

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