Mar 29, 2012 03:22 PM

China Launches Pilot Financial Reform in Wenzhou


(Beijing) – After seeing several businesses go into a tailspin last summer, businesses in Wenzhou are set to get a major boost following the State Council's announcement of a new pilot program.

At a State Council executive meeting chaired by Premier Wen Jiabao on March 28, the government announced the creation of a financial reform "pilot zone" in Wenzhou, which will allow private lenders to operate loan companies targeting small- and medium-size enterprises. Long considered a regulatory gray area, the measure has already been lauded as a key reform in brining greater transparency to the industry.

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