Wenzhou leads the way
HOME > PAST ISSUE > REPORTS [Premium content] > Regional FocusJune 2003
With national banking reform already agreed in principle, a trial scheme in Wenzhou is designed to show that change is possible, politically.
Typically, when the Chinese government wants to introduce reforms, it trials them in select locations for a year or more before rolling them out to other parts of the country. However, this is not quite the story with the wide-ranging financial and banking reforms taking place this year in Wenzhou, Zhejiang province. There is more here than a mere pilot project. Wenzhou was selected, it would appear, to achieve a specific effect and to make a small but significant political statement.
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