The detailed rules of the pilot financial reform scheme in Wenzhou, Zhejiang province, will soon be unveiled.
A factory owner from Wenzhou, Zhejiang province, who fled owing wages to some 60 employees, has been arrested in his home province.
China's eastern city of Wenzhou has submitted a proposal to the Zhejiang provincial government about regulating private financing and building the city into a distribution center of private capital, local officials said.
China's eastern city of Wenzhou has submitted a proposal to the Zhejiang provincial government about regulating private financing and building the city into a distribution center of private capital, local officials told Xinhua on Monday.
"It's scary out there," she conceded. "But what can I do, other than sit tight and hope that the ill wind will blow away without carrying me with it?" she sighed.
Premier Wen Jiabao paid a rare visit to Wenzhou, a typical boomtown in eastern Zhejiang province, during the National Day holidays.
SHANGHAI - More than 65 percent of entrepreneurs at companies with annual sales of at least 30 million yuan ($4.72 million) believe that the credit crisis in Wenzhou was inevitable, given the little-supervised private lending system, according to a survey released on Thursday.
Debt-laden entrepreneurs who fled from Wenzhou, Zhejiang province, have only had a "limited impact" on the local banking system and the overall economic situation in the region remains healthy, banking executives and analysts said.
The China's Cabinet on Wednesday took a new approach toward helping the cash-strapped small- and micro-sized enterprises, pledging stronger financial and fiscal support.
Authorities in east Zhejiang province have sent 11 work groups to oversee a bank bailout of private firms suffering from a liquidity crunch in a coordinated move to tackle the Wenzhou debt crisis.
Authorities in Zhejiang have sent 11 work groups to oversee a bank bailout of private firms suffering from a liquidity crunch to tackle the Wenzhou debt crisis.
WENZHOU, Zhejiang - A fugitive Wenzhou eyeglass manufacturer returned to his hometown on Monday to assist the local government in the restructuring of his business.
Small enterprises should be a priority for bank credit support and enjoy more preferential tax policies.
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