Private lending in the eastern city of Wenzhou shrank by 30 percent compared with August last year after the government vowed in March to regulate private financing activities in the city by setting up a pilot zone.
According to a survey conducted by the city's banking regulator, private lending was 30 percent less than in August. Loans from individuals slid by 50 percent.
So far, some 800 financial intermediaries have shut down businesses.
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