Businessman from eastern China’s Zhejiang province have taken at least US$14.58 billion (RMB100 billion) out of the country’s stock markets, property markets in Shanghai and Beijing and some manufacturing industries over the past two years, China Business News
reported, citing a small and medium-sized enterprises (SMEs) authority from Wenzhou, a key center of private enterprise in the province. Market watchers say the money is flowing into the private credit market. Statistics show the province’s SMEs paid 45.18% more in interest in the first four months of the year than they did a year earlier; and that 21.03% reported a combined US$1.03 billion (RMB7.06 billion) loss over the period, up 34.93% year-on-year.
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