PBOC's Wu: China needs to ease lending controls

China needs to move towards easing strict controls over private lending, legalizing the business in order to mitigate lending risk for banks, the China Business News reported, citing a senior official from the People's Bank of China.

The newspaper quoted Wu Xiaoling, deputy governor of the central bank, as saying at an economic forum in Beijing that strict control is the fundamental reason leading to the imbalance development between China's financial sector and strong economic growth.

Wu said