Private lending in the eastern city of Wenzhou shrank by 30 percent compared with August last year.
Private lending in Wenzhou shrank by 30 percent compared with August last year after the government set up a pilot zone in the city.
The city of Wenzhou was a symbol of family workshops, township enterprises, small commodities, housing speculators and private capital.
A center that will monitor and act as a clearinghouse for private lending opened in Wenzhou, Zhejiang province, on Thursday under a 12-point pilot plan to reform the city's financial industry.
The Supreme People's Court did not approve the death sentence for Wu Ying, who was convicted of cheating investors out of several hundred million yuan.
Wenzhou should relax control over the entry of private capital into the financial sector in order to create sufficient competition, a bank official said Wednesday.
Wenzhou has started a broad-ranging recruitment campaign for financial talent, offering high-level jobs with annual compensation of up to 1 million yuan ($158,400).
Authorities in east China have started to liquidate a bankrupt private firm at the center of a series of lending scams that have heightened public concerns over reforms in the financial sector.
Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said Tuesday during his tour of Wenzhou that the city being a pilot zone for financial reform should encourage private capital to flow into its financial sector.
In a factory in the city of Wenzhou, Zhejiang province, Luo Li, vice-general manager of shoemaker China Juyi Group, talked proudly about how new laser machines have helped to improve its productivity.
Wenzhou will release details to the public about a test project to reform its financial industry.
Wenzhou will release details about a test project to reform its financial industry and is planning to make financial services the city's chief industry by 2015.
The State Council has earmarked Wenzhou in Zhejiang province as a pilot zone for financial reform, which will allow local residents to invest overseas and set up loan companies.
Wenzhou official says experiment may be extended to Tianjin and Shanghai.
The State Council's experiment with financial reforms in Wenzhou calls for the completion of 12 tasks:
Wenzhou won Beijing's approval on Wednesday for a landmark financial pilot project that will allow residents of the coastal city to, among other things, invest privately overseas and set up loan companies.
Residents of Wenzhou are allowed to invest privately overseas and set up loan companies.
Wenzhou, a pioneer in the nation's private-sector economy, is about to embark on another experiment: a banking platform meant to ease the financial woes of thousands of companies that teetered on the edge bankruptcy last year.
Wenzhou firms that closed down have resumed operations following measures to improve the financial situation in the city.
Measures to direct and regulate private fundraising, including the launch of a trial service center to register transactions, have been released by the municipal government in Wenzhou, Zhejiang province.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
