China's Wenzhou launches private lending index-paper
SHANGHAI Dec 8 (Reuters) - China's entrepreneurial hub of Wenzhou has launched its own index to track private lending, with China seeking to provide greater transparency in a city known for its shadow-banking practices, the Shanghai Securities News said on Saturday.
The Wenzhou Index, released by the Wenzhou Municipal Government Finance Office, will be updated weekly and will complement a similar index announced by the central bank in May, the official newspaper reported.
The wealthy coastal city of Wenzhou plans to channel private money into local businesses through formal institutions -- mainly small credit firms -- to stem a surge in bad loans as private firms face difficulties in getting loans from state-owned banks, local media reported last month.
Wenzhou is also looking at a plan of a trial that would allow individuals to make direct overseas investments in yuan.