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Chinanews, Hangzhou, April 7 - Wenzhou of Zhejiang Province released its specific plan on economic reform during the 11th Five-Year Plan Period (2006-2010), saying that a private "Wenzhou Bank" will be founded soon, to boost reform in the local capital market.
The new decision has triggered widespread concern in China. Wenzhou with its rapid economic development has been a hot spot in China since the beginning of the reform and opening-up. Nowadays, private capital contributes to some 80% of its GDP, and private financing sector1 has also contributed its share to the healthy economic development of the city. The private financing sector used to operate "family way", as its origin was contracted lending relationship among family members (at a low interest rate). Today, the sector has become an important financing method for booming small and medium-sized private enterprises. Unlike loans from commercial banks, the private financing sector depends only on the borrowers' good credit, but not on mortgaged property. It has also offered timely help to many ordinary citizens who need money. It is estimated that at least 600 million yuan is flowing in the private financing sector in Wenzhou. Thus the Wenzhou city government believes it is time to regulate the sector. Obviously, the sector will only grow faster after the founding of the Wenzhou Bank.
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