Wenzhou to become a testing ground for private lending

17 Oct 2011

China’s Wenzhou, a coastal city that is facing severe credit problems, aims to become an incubator for financial reforms to help cash-strapped small businesses.

Wenzhou, the coastal city of Eastern China, has submitted a proposal to the Zhejiang provincial government to regulate private lending and turn itself into a distribution centre of private capital.

According to state media news agency Xinhua, a local official said that the move is expected to make ...

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