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Suggestions for further promoting regional financial reform -- Financial reform in Wenzhou (No 64, 2015)


By Zhu Hongming & Wu Qing, Research Institute of Finance of DRC

Research Report No 64, 2015 (Total 4749)


Financial reform in Wenzhou has made much progress and gained some experience since it was launched. For example, the targeted reform plan has properly controlled the promotion of reform and brought into play the supportive role of law. However, there are many general obstacles confronting financial reform in Wenzhou such as conflicts with current financial management system, lack of corresponding policy support and restrictions imposed by local economic and financial environment. As a high-level, comprehensive and typical regional financial reform, the basic experience gained by and obstacles facing financial reform in Wenzhou could provide relevant lessons for other regional financial reforms. In order to further promote regional financial reform, it is suggested to give full play to local governments' initiatives in regional financial reform, strengthen the interaction between central financial supervision department and regional financial reform, actively promote corresponding policy for regional financial reform and energetically advance the innovation and development in real economy sector.