Wenzhou SME center launched

The Wenzhou small and medium-sized enterprises financing service center has been opened to ensure that companies get low-interest loans, in order to make quick contributions to the economy.

"We are monitoring borrowers who urgently need the cash to save their companies from financial problems instead of making investments, in order to control the risks for the lenders," said Wang Xiuzhi, the center's spokesman.

Wang added that the center also aims to build a credit platform for SMEs, which are facing difficulties after hundreds of businessmen in the region failed to repay their loans since September.

The launch of the center over the weekend was another major step for the region’s companies after the Wenzhou's private lending registration service center opened to public recently.

The moves are part of a pilot financial reform, which was launched in March.