Wenzhou Wants Law to Cap Interest Rates for Private Loans

(Beijing) – The Wenzhou government wants a local law that would cap the annualized interest rate of private loans with a maturity of over one month at 48 percent, a source involved in the efforts said.

The draft had been submitted to Zhejiang provincial government for review and might be approved by the end of this year, said Li Youxing, a law professor at Zhejiang University who helped draft the law.