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Winners for Economy Science & Technology News Stories: The trembling fortune--the private lending crisis in Wenzhou

By Jiadai Tengfei (CHIPP.cn)

20:26, March 26, 2012

Wenzhou, a city in southeast China's Zhejiang Province which was once considered as s mentor of China's market economy, is now dropping into a crisis as "a besiegeed city of systems". The phenomenon that nearly one hundred enterprisers have escaped from China needs being paid attention. Wenzhou people are sometimes demonized beacuse of their suddenly rise to wealth. But during the past 33 years, Wenzhou people actually accumulated wealth through three first: first to develop commodity economy, first to establish market economy and first to breed private economy with clear ownership. Now the crisis reflects hinden danger of Wenzhou: comprehansive reform of finance and supporting facilities are very slow; government act alternates and power configuration resources resurges; enthusiasm for small and medium enterprises fades away. Prosperous Wenzhou people are actually fragile.

The 8th China International Press Photo Contest
Economy Science & Technology News Stories - Gold Prize
The trembling fortune--the private lending crisis in Wenzhou
Photo taken on Nov. 18, 2011 shows the skyscraper World Trade Center at the Central Business District of Wenzhou, southeast China's Zhejiang Province. The skyscraper hasn't been put into full use yet.

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