The chief of China Minsheng Banking Corp, the mainland's sole private lender, has joined the chorus of criticism against the US$45 billion restructuring of Bank of China and China Construction Bank. 'I am worried that the restructuring may result in a new frame only, with nothing changed within them,' the bank's president and chief executive, Dong Wenbiao, said yesterday during a discussion at the 10th Chinese People's Political Consultative Conference. 'This is just old wine in a new bottle. I am worried whether the US$45 billion worth of state bailout money will vanish.' Premier Wen Jiabao recently criticised China Construction Bank for a lack of willingness to reform and establish a truly commercial mechanism. The bank is expected to list this year or next, leading the privatisation road for the mainland's technically insolvent state banks. Mr Dong said the major breakthroughs in the mainland's commercial banking sector included the commercialisation of interest rates, the development of a stronger bond market and the introduction of loan securitisation. A portion of a total of about 20 trillion yuan worth of bank lending could be converted into new securities products to help increase liquidity in the banking sector. The lack of a liberalised interest-rate regime had prevented the more efficient use of bank funds, he said.