Wenzhou credit crisis eases up

SHANGHAI - Wenzhou's credit crisis is under control and some of its closed enterprises have recovered operation. The city government promised to introduce more measures to improve the financial situation in Wenzhou a month after Premier Wen's visit.

According to the statistics released by the city government on Saturday, the Gross Domestic Product (GDP) of the city for the three quarters of this year exceeded 230 billion yuan ($36 billion), a 9.5 percent increase compared to the same period last year.

"The credit crisis in the city has been controlled by implementing a series of government policies, ensuring the amount of bank loans available in the end of October reached 604.3 billion yuan, 5.45 billion yuan more than in September," said Chen Jun, the deputy secretary-general of Wenzhou city government, at the news conference on Saturday.