Timeline of Wenzhou financial reforms

Updated: 2013-03-28 07:39

(China Daily)

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Oct 17, 2011

Wenzhou submits a proposal to the Zhejiang provincial government about regulating private financing and building the city into a distribution center for private capital.

March 28, 2012

Former premier Wen Jiabao announces the decision at a meeting of the State Council to launch the pilot financial reform zone in Wenzhou.

April 26, 2012

Wenzhou's private lending registration service center, the first reform measure carried out by the city government, is launched in order to drag private lending activities out of the underground so it can be regulated and protected by law.

July 28, 2012

The Wenzhou SME financing service center is launched to monitor borrowers who need cash to rescue their companies from financial problems, in order to control risks for lenders.

Aug 7, 2012

The Wenzhou financial reform plaza is launched, bringing together a small and mini-sized enterprise financing service center, auction trading center, private capital management center and overseas investment information and service center.

November 2012

The final draft regulation on private financing and management by the city's finance office is submitted to the Zhejiang provincial government for review.

Nov 23, 2012

The detailed 12-point financial reform program is released, aiming to build the city into a financial service center for SMEs and to develop wealth management expertise.

Dec 7, 2012

The Wenzhou Index is launched to establish updated interest rates for loans in the city's private capital market.

January 2013

The Zhejiang branch of the China Development Bank and Wenzhou branch of the Shanghai Pudong Development Bank sign an agreement to provide up to 3 billion yuan (480 million) in standby loans to qualified SMEs.

Feb 5, 2013

A joint information platform is launched between the city's finance-related organizations and departments, and the Wenzhou Intermediate People's Court, to monitor and regulate illegal financial behavior.

March 28, 2013

Zhang Zhenyu, head of the Wenzhou finance office and the official in charge of financial reform, gives a live online interview and presents an annual review for the anniversary of the reform.