Zhou Dewen News
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Zhou Xiang is playing with his mobile phone in a room just big enough for a desk and chairs at the year-old Wenzhou Private Lending Registration Center. Not a single prospective customer has shown up for hours.
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At a time when China is cracking down on lending, small and medium-sized enterprises in the nation are being granted AAA credit ratings denied to the U.S.
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Hours after a creditor and his gang of tattooed thugs hustled Zhong Maojin into a coffee shop in Wenzhou, he says he wouldn’t yield to their demands.
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To live out his retirement years, He Zhongkui was counting on steady income from an investment that promised interest payments five times higher than what he could earn in a Chinese bank.
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China’s Supreme Court suspended the death sentence for Wu Ying, a woman whose conviction for defrauding investors of $55.7 million highlighted the country’s shadow-banking system and sparked a debate on the use of capital punishment for nonviolent criminals.
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Jiang Xiangsong has 18 days to pay a 2 million yuan ($314,000) bank debt or his suitcase company in eastern China will go bankrupt. He’s close to tears as he realizes his last hope, a government-backed office, won’t help.
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Smaller privately owned companies in China’s Zhejiang province are paying almost five times the central bank’s benchmark borrowing rate on loans from non- banking institutions, a local government report said.
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The cost of fixing interest rates in China dropped to a one-year low on speculation policy makers will relax credit curbs that threaten to worsen a manufacturing downturn and labor unrest.
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When a Chinese court sentenced 28- year-old Wu Ying, known as “Rich Sister,” to death for taking $55.7 million from investors without paying them back, it sparked an unexpected firestorm that has drawn in China’s top leadership.
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China’s economic slowdown threatens to derail efforts to curb underground lending -- measures championed by Premier Wen Jiabao as crucial to future growth.
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