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People's Daily Online>>China Business

Help offered to businesses

By Yu Ran  (China Daily)

15:30, February 01, 2012

Zhejiang Center Group, a maker of spectacles, resumed production after a restructuring in October. (Wang Dingyong / Xinhua)

WENZHOU, Zhejiang - Wenzhou's economic difficulties are under control and some enterprises that closed down have resumed operations following measures to improve the financial situation in the city.

"The credit crisis has been controlled with a series of policies carried out by the government by ensuring a sufficient amount of bank loans were available for enterprises by the end of year," said Chen Jun, the deputy secretary-general of Wenzhou government.

The local government released a draft plan of innovative financial reform in November and is waiting for approval from the central government before instituting it.

According to the plan, the number of small-loan companies rose to 50 from the previous 30 at the end of 2011 offering up to 12 billion yuan ($1.9 billion). There will be 100 of them by the end of this year.

To support small and medium-sized enterprises (SMEs), five more authorized agencies will be launched this year with the task of offering private loans to SMEs in particular.

"The only way to solve the problem is by replacing the underground running of private capital with reasonable authorized loans for every company in need," said Zhou Dewen, chairman of the Wenzhou Small and Medium-sized Enterprises Development Association.

The authorities have budgeted for 80 billion yuan by 2013 for small-loan companies in Wenzhou to dole out.

"We've seen the government react quickly when the crisis occurred in Wenzhou three months ago. It was a relief knowing the lack of financial support we were suffering could be eased sooner or later," said Zhang Beilei, the manager of Wenzhou Gaotian Shoes.


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