China's Wenzhou expects substantial financial reforms (3)

Zhou said the private lending registration center was a remarkable reform step, yet the volume of deals was too small compared with the unofficial lending market with an estimated value of 120 billion yuan. in Wenzhou.

"You have got the 'the imperial sword' from the country with the approval of a pilot financial reform zone. The key is how you use it," said Zhou.

In fact, even the private lending registration centers faced problems. For example, lenders would worry about their income tax because their capital is put under official monitoring if they choose to lend via the centers.

"On the whole, courage is lacking in financial reforms with slow pace and less significant progress," said Chen Derong, secretary of the Wenzhou municipal committee of the Communist Party of China in December.

Chen vowed to speed up financial reforms and have results on the first anniversary of the founding of the zone and wants big achievements by October.