Informal Lending Rates and the Outlet of the Private Fund:the Case of Wenzhou,Zhejiang Province
分析了2003-2011年温州民间借贷利率的变化，发现其受实体经济、货币政策和资产价格影响，短期替代银行存款、长期补充银行贷款，建议为私人资金开辟更多投资渠道并设立民营银行。
The paper analyzed the changes of informal lending rates in Wenzhou between 2003 and 2011.The major findings include;(i) the informal lending market in Wenzhou is not a traditional informal lending market; (ii) the scale of informal lending is affected by the local real economy as well as monetary policy and asset prices;(iii) the rate of informal lending in Wenzhou is significantly affected by the monetary policy and asset prices;(iv) informal lending is a substitute to bank deposit in short - term,and a supplement to bank lending in long-term.To resolve the issues in Wenzhou's informal lending,the local government should start with creating an enabling environment for industry upgrading and opening some sectors to the private fund.That is, more investment channels should be created for the private fund.Besides,as informal financial service providers charge relatively high interest rates,private - owned banks are needed to provide low - cost funding to the small - and medium - sized enterprises.