Wenzhou the testing ground for financial reform

WENZHOU in Zhejiang province took centrestage when the state council announced last month that the coastal city has been chosen as the “testing ground” for financial reform.

The encouraging news from Beijing meant that the city would be given a free hand to bolster its financial system and legalise hundreds of micro-credit financing companies that had helped small-and-medium enterprises weather the storm in tough times when bigger banks snubbed them.