Wenzhou to reveal details of financial reform

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2012-11-09 15:22

The detailed rules of the pilot financial reform scheme in Wenzhou, Zhejiang province, will probably be unveiled this month, the city's Party secretary Chen Derong said during a session of the 18th National Congress of the Communist Party of China.

"We will encourage a more active participation of private capital in local banks and in non-banking financial institutions," said Chen.

There are 11 rural cooperative banks in Wenzhou, and two of them have finished joint-stock reforms, Chen said. The reform of the remaining nine will begin either around the end of the year or next year, and private capital will take a dominant role in the reform, Chen added.

On March 28, the State Council decided to set up a pilot financial reform zone in Wenzhou to promote the development of private capital.