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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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Renminbi Compass, a new research service launched by the FT, aims to act as a navigational guide through the expanding universe of renminbi asset classes. With the Chinese currency gaining ever-wider acceptance around the world and Beijing taking steps to open its capital account, we are broadening our research coverage to include not only equity funds but also all other important renminbi asset classes, such as chengtou bonds, dim sum bonds, real estate, trust products, underground banking, art, antiques and several others.