There is ample historical evidence that government control over banks' lending can breed cronyism and misallocation of funds.

ECONOMIST: Cross your fingers

Misallocation of funds can be disastrous in a market as strategic as China, where competition is intense, regional variations are significant, and capable talent is scarce.

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That will not only be more convenient for the user, but will help prevent the misallocation of funds, says Yao Dingyi, president of the Hainan International Financial Network, which operates the trial system.

CNN: HESE DAYS WHEN CHINESE