Wenzhou refines financial direction

WENZHOU, famed for its entrepreneurship and one of China's richest cities, aims to have more than 30 listed companies by 2015.

Under financial reform rules unveiled yesterday, the coastal city in Zhejiang Province plans to have 50 companies ready to go public in three years in addition to the 30 listed companies by 2015.

The city also plans to attract more financial institutions such as foreign banks to set up branches as well as securities and brokerage firms.

Wenzhou will also strengthen regulatory supervision and allow innovative investment tools such as private bond placements to formalize private lending to trim potential financial risks.

In March, the State Council, China's Cabinet, approved Wenzhou's ambitions to try out a bold financial reform.

Under the rules, the State Council will guide the feasibility of letting individuals to use the yuan for direct overseas investments to promote the participation of private capital in international markets.

Private capital will also be encouraged to invest in rural banks. Three rural banks initiated by private investors are waiting for regulatory approval, Zhang Zhenyu, director of Wenzhou's financial service office, said yesterday.

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