www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Finance

Filling the gap in Wenzhou's finance market

By Yu Ran (China Daily) Updated: 2013-01-24 09:56

Cen Li, general manager of the government-sponsored Wenzhou Financial Investment Group, said that he was feeling great pressure to show results.

After more than four months of tough negotiations, Cen managed to persuade the Zhejiang branch of China Development Bank and Wenzhou branch of Shanghai Pudong Development Bank to agree to provide up to 3 billion yuan in standby loans to qualified SMEs.

The first batch of loans, totaling 9.3 million yuan, has been offered to two local companies.

"The arrangement was something new to all of us," said Cen. "It took a long time for us to iron out all the issues. But I am glad to say that we are now ready to sign the formal agreement."

Filling the gap in Wenzhou's finance market

Bringing the established banks into play is seen as key to the success of the financial reform. Their participation can help ensure a proper and regulated source of funding to the many SMEs in Wenzhou, and that's what financial reform is all about, said Ma Jinlong, an economist and former director of the Wenzhou government's economic research center.

For years, Wenzhou's merchants and manufacturers, shunned by the established banks, had to rely on underground lenders for funding. The key players in that market, with an estimated worth of around 300 billion yuan, are the middlemen. Some of them are registered moneylenders supervised by the local industrial and commercial bureau. Many more are individuals with well-established connections within the business community.

This market, mainly based on trust and guanxi, or personal connections, worked well when almost every merchant or factory owner was raking in money from the flood of overseas orders. The tide turned in 2008 when the export trade was hit hard by the global recession.

With overseas orders shrinking, many of Wenzhou's entrepreneurs began siphoning off their funds to more profitable endeavors: speculating in properties in Shanghai, coal mines in Shanxi or farm produce around the country.

The government's tough measures to cool the overheated property market since 2010 have effectively pulled the rug from under the feet of this band of Wenzhou marauders, as they have come to be known.

In the past couple of years, there have been frequent reports of Wenzhou factory owners fleeing abroad, leaving behind piles of debt and scores of unpaid workers.

The wave of defaults practically wiped out the underground lending market and triggered the outbreak of a local financial crisis that prompted the government to act.

Despite official enthusiasm, the Wenzhou business community has remained skeptical about the financial reforms.

Efforts to convince registered moneylenders to convert into finance companies under the supervision of the China Banking Regulatory Commission have met with stubborn resistance.

"We have no plan to change because our partners don't see any benefit in becoming a finance company," said Zhuang Zhonghua, general manager of Wenzhou Yizhao Small-Sum Loan Corp.

Zhuang told China Daily that his company has been doing well through good times and bad because he and his employees know their clients well.

"Our partners, who are all local business people, have good connections in this city," Zhuang said. "We only lend to people we know and defaults are extremely rare."

Skepticism lingers

Wenzhou Yizhao can obtain funding from large banks for loans to its clients, and make a profit from the interest spread. Zhuang declined to disclose the exact figures, but said that his company is doing well enough.

Financial reform on bumpy road

Private lenders offer little help for sagging SMEs

China has 6,000 microcredit companies

Private-loan court cases in Wenzhou on pace with 2011

Emergency funds to aid capital-deprived SMEs

Premier calls for greater efforts on financial reforms

Financial reforms 'should benefit real economy'

Pilot zones

Quanzhou becomes pilot financial reform zone

Wenzhou expects substantial financial reforms

Wenzhou needs a change of tack

Wenzhou unveils financial reform details

Find more in

Shadow banking on the rise

 

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 免费视频亚洲 | 日本最色视频 | 亚洲网站免费观看 | 免费看成人www的网站软件 | 亚洲精品一区二区三区在线观看 | 亚洲成人高清在线观看 | 欧美不卡一区 | 99视频网址 | 国产精品中文 | 日韩在线不卡一区在线观看 | 成人毛片18女人毛片免费 | 精品久久免费视频 | 欧美另类高清xxxxx | 国产三级做爰在线观看∵ | 成年大片免费视频播放二级 | 91色老99久久九九爱精品 | 亚洲字幕波多野结衣作品 | 国产精品久久久久亚洲 | 国产手机在线国内精品 | 日本一在线中文字幕天堂 | 亚洲精品视频免费看 | 国产成人一区二区三区免费观看 | 亚洲精品无码专区在线播放 | 亚洲bbbbbxxxxx精品三十七 | 91在线精品亚洲一区二区 | 免费成人毛片 | 三级毛片子 | 欧美极品在线视频 | 久久久久久久久久久9精品视频 | aaaa毛片 | 91精品国产91 | 午夜视频国产 | 久久久综合结合狠狠狠97色 | 国产自产21区 | 欧美一级视频在线观看欧美 | 欧美成人看片黄a免费看 | 美女张开双腿让男人桶 | 91精品国产免费久久久久久 | 九九久久国产 | 久久精品国产一区二区 | 一级毛片韩国 |