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Lowland effect shows up in Yiwu finance

Source: Yiwu sourcing agent    Author:       Date: 2008-10-05

Yiwu is a county-level city in central Zhejiang Province . However, according to the latest statistics,by the end of August this year,the city's total deposits had reached 100 . 51 billion yuan,which is nearly 3,500 times more compared with the deposits in 1978 when China kicked off its reform and opening-up . Particularly since the beginning of this year, as a world-renowned commodities market,Yiwu has kept an overall economic growth despite the difficult situations in the province .
  Yiwu possesses the largest small commodities mart in China, which is a city not only strong at market but also favored by the domestic private capitals . Yiwu achieved a great success through active response to the macro-control in the first half of this year . The statistics show that by the end of August this year,the deposits in the financial institutions had reached 100 . 51 billion yuan,3,477 times more than those of 1978, with an average annual growth of 31. 23%; savings deposits had reached 50 . 77 billion yuan,6,992 times more than those of 1978,with an average annual growth of 4 . 32%; and the loans offered by various financial institutions had reached 68 . 35 billion yuan,2,280 times more than those of 1978,with an average annual growth of 29 . 4%. It took savings deposits in various forms 13 years to increase from 28 . 9 million yuan in 1978 to 1 billion yuan in 1991,7 years from 1billion yuan to 10 billion yuan in 1998,again 7 years from 10 billion yuan to over 50 billion yuan in
2005,and only 3 years from over 50 billion yuan to over 100 billion yuan this year .
  According to the introduction by Yiwu Municipal Bureau of Statistics, the average per-capita disposable income of Yiwu urban residents reached 20,057 yuan in 2007 and
their Engel's coefficient reached 27 . 5%;the per-capita net income of rural residents reached 10,255 yuan and their Engel's coefficient reached 32 . 2%;by the end of August this year the balance of the urban and rural residents' savings deposits had reached 50 . 77 billion yuan with per-capita savings deposit rising to 70,880 yuan,both taking the lead among 66 counties(countylevel cities or regions)in Zhejiang Province .
  The rapid increase of deposits in Yiwu financial institutions should be mainly attributed to the steady development of banking business, the continuous improvement of
people's living standard,the government's support of the financial industry ,the agglomeration of financial in stitutions, the achievements in the credit construction,
the mind-emancipation and innovative spirits of the financial departments,the reform of business operation and management styles, the expansion of the government's
power on economic and social management, and the advantages of the system . Since the beginning of this year, Yiwu has been constantly bringing forth the financial innovation. Over 9 billion yuan was involved in broadening the credit line in the first half of the year through various loan businesses, short-term financing bills,and trust finance . Also Yiwu government cooperated with the banks and launched the project that allowed the use of booth use right as collateral for loan,so as to support the
small and medium-sized enterprises as well as dealers in great need of financing .
Presently,the lowland effect of Yiwu finance gradually shows up . State-owned commercial banks develop rapidly ,local commercial banks grow up fast,shareholding commercial banks settle down in Yiwu successively,and the classic collaborations between government, banks and enterprises can be observed frequently . It is learned that currently Yiwu has 1 policy bank,4 state-owned commercial banks,7 shareholding commercial banks,2 regional banks,1 post bank,5 securities institutions and 23 insurance companies . The agglomeration of financial institutions not only lays a solid base for the steady development of Yiwu banking, but also enables Yiwu to regulate economy and serve the society more effectively .
Some relevant department of Yiwu government revealed that with its financial industry fast developing ,Yiwu also gains a stronger ability in handling the financial risks . In the first half of the year,Yiwu financial institutions paid close attention to the new problems about credit risks under the macro-control,improved the policy links between financial credit,industry and environmental protection, enhanced credit risk management and put into practice credit supervision, which promoted the city's ability to foresee the financial risks and take active actions . People concerned said that the pattern of cooperation between banks and enterprises will contribute to building up a"credit Yiwu", optimizing the financial and enterprise environments, and achieving stable development . This cooperation pattern is believed to help build Yiwu into a pioneering city in banking reform as well as a region with a prosperous financial industry, an excellent financial ecology and safe finance .

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