- Wenzhou Non-government Interest Rate Index Releases First Phase Comprehensive Interest Rate 21.43% On December 7, the Wenzhou City Finance Office officially announced the private interest rate index (referred to as the Wenzhou index). The index aims to establish and improve the non-governmental financing monitoring system, and do a good job of tracking non-governmental financing and early warning of risks. Monitoring shows that the first index statistics are from November 26 to 1...
- Quanzhou Financial Reform: Proposed Regional Credit System On December 25th, the Fujian Provincial Financial Office, the Provincial Government Information Office and the Quanzhou Municipal Government issued the news that the “Overall Plan for Comprehensive Reform of Financial Service Real Economy in Quanzhou, Fujian Province” (hereinafter referred to as “Overall Plan”) was recently approved by the State Council. The person in charge of Quanzhou City stated that...
- 12 Implementation Rules for the Comprehensive Financial Reform Experimental Zone in Wenzhou November 22 from the Wenzhou municipal government was informed that the government of Zhejiang Province has introduced the implementation of the comprehensive reform of financial rules in Wenzhou. According to the General Plan for Financial Comprehensive Reform Pilot Zone in Wenzhou City, Zhejiang Province, approved and implemented by the State Council's executive meeting on March 28 this year, the Zhejiang Provincial Government formulated the corresponding regulations.
- Wenzhou Releases "New 12" Financial Reforms to Support Mutual Development Zhejiang Wenzhou City Financial Reform Leading Group issued 12 new financial reforms in Wenzhou on the 26th. According to Ding Minzhe, director of the Office of Financial Affairs of Zhejiang Province and deputy head of the Financial Reform Leading Group of Wenzhou City, Zhejiang Province, among the 12 tasks identified by the State Council's executive meeting, besides individual individuals, ...
- Wenzhou launched financial reforms On March 26th, Wenzhou Financial Reform Leading Group of Zhejiang Province issued the “Opinions on Further Deepening the Construction of Wenzhou's Comprehensive Financial Reform Experimental Area” in Wenzhou, which is the 12 new Wenzhou Gold Reforms. The "Opinions on Further Deepening the Construction of the Experimental Area for Comprehensive Financial Reform in Wenzhou" has ...
Wenzhou Financial Reform Rules: It is proposed to establish a private interest index
The Zhejiang government formulated 12 rules for the implementation of the comprehensive financial reform in Wenzhou. In this golden reform rule, it is emphasized that for the private financing market, Wenzhou will establish a private financing monitoring system to form a private financing interest rate index, namely the “Wenzhou Index.” In addition, Wenzhou will also actively seek for innovative products such as high-yield bills to advance first in the local area. test.
“Because the economic and financial environment is sluggish, the current policy is difficult to break through, and the coordination of regulations is difficult, the market-oriented reforms in the element areas are relatively lagging. The unequivocal factors, unequal functions, and inadequate market development have affected Wenzhou Finance. Progress of the reform.” Chen Derong, secretary of the Wenzhou Municipal Party Committee, admitted frankly, but it is still a time window for advancing financial reforms.
In April this year, WenzhouPrivate lendingThe Registration Service Center was formally listed. The platform gathered private financial intermediary services, record management and monitoring systems and other functions. According to the overall plan for the Wenzhou Gold Reform approved by the State Council, Wenzhou first needs to focus on solving the “two or more dilemmas” problem involving many small and medium-sized enterprises, but it is difficult to raise funds, there are many private funds, but investment is difficult. The main point of this is to further regulate and guide the private financing platform. Change. In the private financing market, the detailed rules of the Wenzhou Gold Reform proposed that a private lending service center be piloted, a group of intermediary agencies be introduced to provide services such as private lending registration, notarization, and asset evaluation to guide the private financing to be sunny and standardized. Establish and improve the non-governmental financing monitoring system, form the “Wenzhou Index” for the private interest rate index, do a good job of tracking non-governmental financing and early warning of risks, develop professional asset management agencies, and actively develop private capital management companies. By the end of 2013, counties (cities, cities, District) full coverage and so on.
In addition, informed sources disclosed that the "Wenzhou Wenzhou Private Finance Management Regulations (Draft)" has also been drafted, including detailed regulations on private lending rates and the legality of individual lending activities, and proposed "three months or less Some private lending methods will implement some marketization measures on interest rates." The biggest highlight of the draft is to “make a reform attempt on the interest rate of private lending”. Its specific content is that various private lending methods with a term of less than three months will implement some marketization measures on interest rates. If this happens, this will be Wenzhou's most valuable statutory regulations for the financial reform so far. It is reported that this regulation has been included in the legislative plan of the Zhejiang Provincial People’s Congress and is likely to be introduced within this year.
The comprehensive financial reform in Wenzhou is quite a twist. Although there have been breakthroughs, some analysts believe that China’s current financial reform is a game of chess. It is necessary to promote “top-level design” in an all-round way, and interest rate liberalization should be promoted as a whole and nationally.
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