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Activating Private Capital
Cover Stories Series 2012> Activating Private Capital
UPDATED: May 8, 2012 NO. 19 MAY 10, 2012
Highlights of Financial Reform in Wenzhou
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- Regulate development of private financing and set up filing and monitoring mechanisms for private financing;

- Support private capital to participate in local financial reforms and launch or participate in the establishment of village banks, credit companies and rural cooperatives;

- Develop special asset management institutions, and guide private capital to set up venture capital, equity investment companies and related investment management institutions;

- Research to carry out pilot projects on individual direct investment and explore to establish convenient direct investment channels;

- Encourage state-owned banks and joint stock banks to set up special institutions of credit to small enterprises, support financial leasing companies and other non-bank financial institutions to develop business, and promote joint stock transformation of rural cooperative financial institutions;

- Innovate the development of financial products and services offered to micro and small enterprises, agriculture, the countryside and farmers, and strengthen credit support and comprehensive services to them;

- Carry out stock transfer and property right transactions of technologies and culture by non-listed companies;

- Actively develop bond products of various types, and promote more enterprises, especially micro and small ones, to establish and improve the re-guarantee system;

- Expand insurance services, develop insurance products serving special markets and industrial clusters, and support commercial insurance to participate in the construction of the social security system;

- Enhance construction of the social credit system, promote construction of the credit system of micro and small enterprises and the rural credit system, and strengthen supervision of the credit market;

- Encourage state-owned banks and joint stock banks to set up special institutions of credit to small enterprises, support financial leasing companies and other non-bank financial institutions to develop business, and promote joint stock transformation of rural cooperative financial institutions;

- Establish a comprehensive statistical system for the financial industry and strengthen supervision and pre-warning;

- Establish risk-control mechanisms for the comprehensive financial reform.

(Source: Wenzhou government financial reform plan)



 
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