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Cover Story »

Wenzhou Appointed Pilot Region for Financial Reform

Many argue the pilot program was implemented as a result of the private lending crisis that erupted in Wenzhou six months ago and caught nationwide attention. (See Credit Crunch in Wenzhou, the cover story of the 2011 24th issue of Caijing, and Saving Small- and Medium-sized Enterprises, the cover story of the 2011 25th issue.)

Ba Shusong, deputy director of the Financial Research Institute, Development Research Center of the State Council, and chief economist of the China Banking Association, stated that there are two ways to avert financial risks: one is to remedy the situation after-the-fact; the other is to reform. “The [private lending] crisis in Wenzhou made it easier for people to reach a consensus on the need to reform.”

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