On March 28, 2012, the State Council executive meeting approved the implementation of the “Overall Program of Comprehensive Financial Reform Pilot Zone in Wenzhou City of Zhejiang Province,” to implement the decision to establish a pilot project of comprehensive financial reform in Wenzhou City. The meeting proposed to carry out comprehensive financial reforms in order to effectively solve the outstanding problems with economic development in Wenzhou and to guide the development of private financing to enhance the ability of financial services to contribute to the real economy. The program has an important exploratory significance as it may lead to the country’s financial reform and economic development.
In this regard, the meeting proposed to accelerate the development of new financial organizations, to encourage and support private capital to participate in the reform of the local financial institutions, and to launch new financial organizations such as village banks, mortgage companies, and rural fund cooperatives. The meeting proposed, as part of the pilot project, to create and develop financial products and services for small and micro enterprises and for the agricultural sector.
Source: Xinhua, March 29, 2012