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This link recently saved by dbandurski on February 10, 2012
In an editorial published in today's edition of Zhejiang Daily, the official Party mouthpiece of Zhejiang, the province's vice-governor, Chen Derong (陈德荣), heaps praise on the entrepreneurial spirit of the city of Wenzhou and criticizes what he calls the "demonization" of private financing. Chen concludes his editorial by saying that Wenzhou entrepreneurs have "used their fresh blood to protect the market economy." A number of entrepreneurs in Wenzhou were reported to have committed suicide in late 2011 as they were unable to repay huge private loans they had taken out with local financiers, often at rates of 70-90 percent. This led some in China to speak out against the practice of underground lending. Chen's editorial today counters by praising what he calls the "Wenzhou Model", based on a fierce entrepreneurial spirit.