2012-04-11

Wenzhou to have complete financial system by 2014; to be pillar of economy by 2015

The reform in Wenzhou is the financial equivalent of the special economic zone in Shenzhen and will shake the economy to its financial foundation. A draft plan for the reforms will be released soon, with details leaked to the press.

温州金改拟三步走 2014年初步形成完善金融体制
By 2015, the financial sector will become the pillar of Wenzhou's economy. There will be three stages: this year is the trial phase; 2013-2014 will serve as the implementation stage, with the goal of having a complete local financial sector; 2015 will be the stage of perfecting and deepening reforms.
There are also some preliminary figures for the reform plan (this next bit is Google Translated):
The quantitative indicators is as follows: "Towards 2013 the city's new rural financial institutions and branches (rural banks, rural fund cooperatives, finance companies) the total number of over 30 full coverage of counties (cities, districts), deepening the pilot of the small loan companies batches public bidding to set up microcredit companies, the center of town and the functional areas cover the whole 2012, 30 new small loan companies, net capital reached 20 billion yuan, in 2013 a total of 100, net capital reach 40 billion yuan. "

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