Top 10 economic events in 2014

6. Private bank

China's financial regulator approved Webank to start business on Dec 12, 2014.

Webank, whose 30 percent stake is held by Chinese Internet giant Tencent, has a registered capital of 3 billion yuan ($490 million) and its business scope includes personal banking, corporate banking and international banking.

In 2014, five applications to set up private banks were approved by China Banking Regulatory Commission.

Previously, China had only one private bank, China Minsheng Bank, which was founded in 1996 in Beijing.

A logo of Tencent is seen at the headquarters of Tencent in Shenzhen city, south China's Guangdong province, March 29, 2013. [Photo/IC]