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Wenzhou Trial
By Feng Jianmin |
March 28, 2012, Wednesday
|
Online Edition
Online Edition
A trial program to allow individuals to invest overseas may be approved for launching in Zhejiang Province's Wenzhou City, while a proposal to liberalize deposit interest rates in the city is likely to be rejected, Wenzhou officials were quoted.
The proposals are under review by the State Council, China's cabinet, and decisions may be made this week, the China Business News reported today citing an unidentified Wenzhou municipal government official.
According to a draft of the program released last year, individuals may invest at most a combined US$200 million through Wenzhou administration annually. The application was soon turned down on regulatory concerns.
Another eight proposals, including establishing private lending registration center and a management unit for private capitals are also likely to be carried out, the report said.
Wenzhou City, widely acknowledged as a center of China's entrepreneurs, has submitted several proposals to open-up controls on the financial sector since last year as it seeks more investment channels for the accumulated private capitals.
The proposals are under review by the State Council, China's cabinet, and decisions may be made this week, the China Business News reported today citing an unidentified Wenzhou municipal government official.
According to a draft of the program released last year, individuals may invest at most a combined US$200 million through Wenzhou administration annually. The application was soon turned down on regulatory concerns.
Another eight proposals, including establishing private lending registration center and a management unit for private capitals are also likely to be carried out, the report said.
Wenzhou City, widely acknowledged as a center of China's entrepreneurs, has submitted several proposals to open-up controls on the financial sector since last year as it seeks more investment channels for the accumulated private capitals.
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