The sharp contraction of credit in the eastern manufacturing hub of Wenzhou this autumn led to market speculation and media reports that China was experiencing a major crunch that would wreak havoc among small and medium-sized enterprises. Visiting the Wenzhou area in Zhejiang province as well as Quanzhou and Fuzhou in neighbouring Fujian, our economist Bo Zhuang found that fears of the region being the first stage of a national private sector credit collapse are overstated.
His...
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