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Wenzhou: pilot zone for financial reform

19 April 2012

In late March, the State Council appointed Wenzhou, an underground lending hub in Zhejiang province, as a pilot zone for financial reform. The reforms will include encouraging the establishment of rural banks by private capital, designing offshore investment schemes for individuals, setting up regulatory rules for private lending activities, and developing a bond market for local small and medium businesses. Experts have been debating whether the reforms will finally break state-owned banks’ monopoly over financial services in China.

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