A year after the launch of landmark financial reforms in Wenzhou, Zhejiang province, the city's top financial official said that they will start to have a deep impact in the year ahead.

"We're preparing to launch more policies to ensure more instant and effective results," Zhang Zhenyu, director of Wenzhou's financial office and the official in charge of the reform, said during an online interview.

Zhang added that it will take three to five years for the full effect of the reform package to be felt.