It is certain that the internal pressure for reform might not be powerful enough to transform the mechanism without share-holding reform, without outside pressure from going public, without monitoring by strategic institutional investors and public investors and without introduction of independent directors.
Reform will not probably achieve practical effect without listing in the stock market, without adjustment of shares distribution and without adequate outside monitoring and pressure. The same goes with commercial banks. After going public, they are subject to monitoring of shareholders, regulatory authorities, the general public and other related parties.