China's shadow banking sector has become a potential source of systemic financial risk over the next few years.
Timeline of Wenzhou financial reforms
The financial reform plan of Wenzhou in Zhejiang province has been released. It has been several months since the city, which is famous for its prosperous private economy and finance, was earmarked as a financial reform pilot zone.
To keep pace with the prospering banking sector regulations should focus on quality and structural optimization.
So as China's new leaders embark upon a new era of much-needed reforms, transforming the financial system is appropriately a key item on the agenda.
Many small and medium-sized enterprises took a direct hit from the bank liquidity squeeze in June, which disrupted their cash flow and boosted the cost of financing.
Since assuming office in mid-March, Premier Li Keqiang has taken a different policy path. Its key economic policy framework, which could be summarized as "Likonomics", consists of three key pillars: no stimulus, deleveraging and structural reform.
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