12 tasks set by Beijing

The State Council's experiment with financial reforms in Wenzhou calls for the completion of 12 tasks:

The orderly development of fundraising for private enterprises.

Accelerating the development of new types of financial organizations, including joint-stock village and township banks, loan companies and rural financial co-operatives. Qualified micro-credit companies can be developed into village and township banks.

The development of special assets management to guide private capital into venture capital and private capital funds.

Allowing private direct investments to be made overseas.

Deepening reforms of regional financial institutions; encouraging State-owned banks and joint-stock banks to set up special micro-credit programs for small and medium-sized enterprises; encouraging non-banking financial institutions to expand their businesses; and encouraging rural joint-stock financial institutions.

Developing financial services designed for small enterprises and companies involved in farm production.

Developing local capital markets and encouraging exchanges of property rights - of technologies and copyrights, among other things - among privately held companies.

Opening the local bond market to small enterprises.

Broadening the insurance sector.

Strengthening the credit system to include small enterprises and rural entities and strengthening credit market regulation.

Building up a comprehensive local financial regulatory system.

Developing a risk management system for financial reforms and duly defining and dividing the local government's responsibilities for maintaining financial stability.

China Daily