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Wenzhou credit crisis eases up

By Yu Ran (China Daily)

08:55, November 07, 2011

SHANGHAI - Wenzhou's credit crisis is under control and some of its closed enterprises have recovered operation. The city government promised to introduce more measures to improve the financial situation in Wenzhou a month after Premier Wen's visit.

According to the statistics released by the city government on Saturday, the Gross Domestic Product (GDP) of the city for the three quarters of this year exceeded 230 billion yuan ($36 billion), a 9.5 percent increase compared to the same period last year.

"The credit crisis in the city has been controlled by implementing a series of government policies, ensuring the amount of bank loans available in the end of October reached 604.3 billion yuan, 5.45 billion yuan more than in September," said Chen Jun, the deputy secretary-general of Wenzhou city government, at the news conference on Saturday.

This signals an obvious cooling down of the underground bank related crisis in the city. Till the end of October, 38 cases related to illegal private lending activities in the city involving 3.6 billion yuan were filed and 39 suspects arrested.

"The number of suspects decreased by 37 percent and the money involved by 40 percent in October compared to September, which proved that the situation had been eased," said Chen.

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