Wenzhou has been in focus in the Chinese media after some entrepreneurs in the city committed suicide or shut down their factories and fled because they could not pay their debts.
Despite a burgeoning debt crisis, the Hong Kong property market remains attractive to Wenzhou people because of stable returns and favorable policies. Li Tao reports.
The eastern city of Wenzhou announced Wednesday that it has launched a series of financial reforms to help tackle the debt crisis of local small and medium-sized enterprises.
SHANGHAI - Wenzhou's credit crisis is under control and some of its closed enterprises have recovered operation. The city government promised to introduce more measures to improve the financial situation in Wenzhou a month after Premier Wen's visit.
As the world looks at China ahead of the G20 summit in Cannes, France, the country's private sector is going through a hard time.
An emergency fund has been set up in China's eastern city of Wenzhou to help cash-stricken businesses and individuals meet financing needs, the China Securities Journal reported on Wednesday.
Police have begun arresting entrepreneurs who have gone into hiding to avoid repaying bank and informal high-interest loans.
With the current regimen of credit austerity making conditions for SMEs worse, the financial sector is now affecting the country's economic dynamism. Why can't China's SMEs rely on the formal financial sector to finance their daily operations?
A factory owner from Wenzhou, Zhejiang province, who fled owing wages to some 60 employees, has been arrested in his home province.
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.
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