World Bank to recommend revolutionary Chinese banking reforms

Could threaten communism if implemented.

The World Bank is putting together sweeping proposals for China to privatize a major bank and allow farmers to sell their land. Sources said these changes could overturn the Communist Party ideology if put into action.

The recommendations are part of a reform agenda the World Bank is developing with one of the Chinese government's top think tanks, the Development Research Center. Chinese Premier Li Keqiang has requested the two institutions work on urbanization issues together.

The aim of the reform agenda is to prevent a sharper slowdown in growth and put the economy on a sustainable path. Li's request for World Bank input reflects a long history of China's leaders turning to the bank for advice. .

Last year, the World Bank and the DRC, which reports to China's State Council, the government's top policy-making body, came up with a long-term road map for reform at Beijing's request, and the DRC's participation signaled that Beijing's new leaders take its recommendations seriously.