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The State Council Decides to Launch Pilot Financial Reforms in Wenzhou

An executive meeting of the State Council chaired by Premier Wen Jiabao on March 28 decides to launch experimental financial reforms in Wenzhou.

According to the meeting, Wenzhou has a developed private economy with abundant private capital and active private lending. In recent years, some small and medium-sized enterprises in Wenzhou have been challenged with a breakdown of their funding and cases of some entrepreneurs’ running away, causing damages to the economic and social stability. It is of great significance to the healthy development of Wenzhou to carry out comprehensive financial reforms so as to conquer some major problems challenging Wenzhou’s economic development, guide private lending and improve the ability of finance serving the substantial economy. Meanwhile, the pilot work in Wenzhou will also be meaningful to the national financial reforms and economic development.

The meeting approves the implementation of the pilot financial reform plan in Wenzhou and clarifies twelve major tasks to be achieved in Wenzhou’s pilot reforms, including regulating the development of private lending, speeding up the development of new-style financial institutions, such as rural banks, loan companies and rural mutual cooperatives etc, developing professional asset management companies, researching on the pilot of Wenzhou individuals’ overseas investment, enlarging local financial institutions’ reforms, bringing out special financial products and services tailored for small and micro businesses and agriculture, fostering local capital market, developing different bonds, expanding insurance services, enhancing the buildup of social credit system, improving local financial management and establishing a mechanism to prevent the risks of the pilot reforms.

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