China Credit Squeeze Prompts Offer to Sever Finger

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Nov. 8 (Bloomberg) -- Bloomberg's Margaret Conley reports on the impact of a shortage of credit in China on small business in the eastern city of Wenzhou. 400,000 businesses in Wenzhou are facing financial hardship because of rising costs, soaring black market interest rates and a sudden credit squeeze, according to Zhou Dewen, head of a small business association in the city. Similar problems are happening across China because private enterprises rely on underground borrowing rather than banks to operate, he said. (Source: Bloomberg)

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