The detailed rules of the pilot financial reform scheme in Wenzhou, Zhejiang province, will soon be unveiled.
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.
Wenzhou has been in focus in the Chinese media after some entrepreneurs in the city committed suicide or shut down their factories and fled because they could not pay their debts.
Despite a burgeoning debt crisis, the Hong Kong property market remains attractive to Wenzhou people because of stable returns and favorable policies. Li Tao reports.
The eastern city of Wenzhou announced Wednesday that it has launched a series of financial reforms to help tackle the debt crisis of local small and medium-sized enterprises.
SHANGHAI - Wenzhou's credit crisis is under control and some of its closed enterprises have recovered operation. The city government promised to introduce more measures to improve the financial situation in Wenzhou a month after Premier Wen's visit.
As the world looks at China ahead of the G20 summit in Cannes, France, the country's private sector is going through a hard time.
An emergency fund has been set up in China's eastern city of Wenzhou to help cash-stricken businesses and individuals meet financing needs, the China Securities Journal reported on Wednesday.
Police have begun arresting entrepreneurs who have gone into hiding to avoid repaying bank and informal high-interest loans.
With the current regimen of credit austerity making conditions for SMEs worse, the financial sector is now affecting the country's economic dynamism. Why can't China's SMEs rely on the formal financial sector to finance their daily operations?
A factory owner from Wenzhou, Zhejiang province, who fled owing wages to some 60 employees, has been arrested in his home province.
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