Zhejiang govt OKs Wenzhou private lending draft

The management regulations draft on private lending in Wenzhou in East China's Zhejiang Province has been approved by Zhejiang's provincial government and consequently submitted to Zhejiang Provincial People's Congress, Zhou Dewen, president of the Wenzhou Small and Medium-sized Enterprises Development Associa-tion, told the Global Times Wednesday.

The regulation is expected to get approved and take effect in the near future, Zhou said.