国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Private lenders OK'd to fund railway project

Updated: 2011-11-12 09:10

(Xinhua)

  Comments() Print Mail Large Medium  Small 分享按鈕 0

WENZHOU -?Individual creditors have been given the green light to fund a multi-billion-yuan railway project in an eastern Chinese city where authorities undertook financial reforms for the city's huge informal private lending market, local officials said Friday.

The municipal government of Wenzhou, Zhejiang province, has approved the construction of four railways with an estimated cost of 80 billion yuan ($412.6 billion). The company created to oversee the project's construction and operation will have half of it total registered funding, or 7 billion yuan, covered by private lending.

Details of the financing have not been disclosed.

Observers say the move is considered an important "breakthrough" in the method by which infrastructure projects are financed in China and may help solve Wenzhou's private lending issues, which had boiled into a debt crisis felt by the city's numerous small- and medium-enterprises (SMEs) this year.

Most of the 9 million residents in Wenzhou, a city that boasts of its entrepreneurship, have some amount of money invested in the informal lending market, which promises higher returns than other investments.

However, more than 90 bosses of private companies in the city have been reported to have disappeared, committed suicide or declared bankruptcy -- invalidating debts of about 10 billion yuan ($1.57 billion) owed to banks and individual creditors pooled from the high-interest informal lending market.

Entrepreneurs said they turned to loan sharks this year when banks were ordered to tighten lending to curb inflation. The continuing credit crunch made them subsequently unable to repay the interests on the money they brought from the private lending market.

After Premier Wen Jiabao's tour of Wenzhou on Oct 5, the State Council, or China's cabinet, cut taxes and ordered state-owned banks to ease the credit squeeze to salvage cash-strapped SMEs in the city .

The city also initiated financial reforms to set up 100 micro-finance firms, two to four private capital management companies, and a private financing register center to transform Wenzhou into a private capital distribution center, measures that will help make private lending transparent and legal, officials had said.

The city will also pilot the market-based reform of interest rates, allowing deposit and lending rates to reach up to four times the benchmark rates, they added.

曲靖市| 阳山县| 靖江市| 抚远县| 沿河| 墨竹工卡县| 德兴市| 巴林右旗| 吉木萨尔县| 定结县| 临沭县| 东光县| 五指山市| 北宁市| 元阳县| 呼伦贝尔市| 高台县| 沭阳县| 米易县| 陈巴尔虎旗| 云浮市| 澜沧| 萍乡市| 巴青县| 宣化县| 泰和县| 织金县| 秦皇岛市| 汝城县| 汉中市| 游戏| 安阳县| 雷山县| 花莲县| 和龙市| 柳江县| 剑川县| 峨边| 新绛县| 西安市| 阳泉市|