Taming Shadow Banking Stalls in Wenzhou One Year After Suicides

Taming Shadow Banking Stalls in Wenzhou One Year After Suicides

Qilai Shen/Bloomberg

A man operates a mobile phone as he walks among shoppers and pedestrians on Wu Ma Jie, or Five Horses Street, in Wenzhou. Underground lending funded Wenzhou’s growth over the past decade, with almost 90 percent of families and 60 percent of companies taking part in 110 billion yuan of such financing.