Financial reform in Wenzhou has made much progress and gained some experience since it was launched.

The purpose of this paper is to make clear the negative effect mechanism yielded by the finance system with an extractive feature on innovation and economic growth.

High interest has become an impediment to both the healthy development of non-government financial organizations such as small-loan companies, pawns and non-government capital management companies, as well as to the service efficiency provided to the real economy.

Emerging in regional finance reform in recent years, non-government capital management companies are new types of non-government financial organizations.

This paper provides a comparison between the two international law systems, the Anglo-American Law System and the Continental Law System.

P2P industry is an important part of Internet finance.

Small loan companies have witnessed significant development since the launching of the pilot project.