Beijing approves reforms for the entrepreneurial hub of Wenzhou which hope to formalize the...

|By:, SA News Editor

Beijing approves reforms for the entrepreneurial hub of Wenzhou which hope to formalize the city's underground lending practices (shift profits from households and the mob to the banks!). Wenzhou suffered a credit crunch last year, with many business owners fleeing instead of facing the chance of broken kneecaps. (the saga)