Caixin

Give Wenzhou What It Needs

By Wang Gang
 
a

The development of China's private economy requires financial support, especially private financial support.
Wenzhou is the home of the private economy. With 99.5 percent of companies falling into the category of small and micro enterprises, one in three people in Wenzhou is a businessman.

Corresponding to the development of the private economy in Wenzhou, the private financing industry there also got an early start with the establishment of 51 urban credit cooperatives, 73 rural financial service centers and 236 rural cooperative foundations before the turn of the millennium. Without the private financial industry, there would be no market economy in Wenzhou and no Wenzhounese entrepreneurs.

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