The establishment of a private bank in Zhongguancun, a science and technology base in Beijing, was discussed at a meeting, attended by entrepreneurs, at the Administrative Committee of the Zhongguancun Haidian Science Park on August 12. The State Council decided to open the bank industry to the private sector. The Zhongguancun Bank will be cofunded by several private businesses and assume its own risks. It will be an Internet bank that mainly provides comprehensive, efficient and low-cost financial services to small and medium-sized companies in science and innovation. The schedule has not been finalized.