Wenzhou proposes stock market

The city of Wenzhou, Zhejiang Province submitted a proposal to set up its own stock market. The city has private capital of RMB 270 billion in bank deposits and cash, but no private local companies are listed on mainland markets, the South China Morning Post (SCMP) reported. Wenzhou's Zhejiang Dongri is listed on the Shanghai exchange but is state-owned. Private companies account for 96% of Wenzhou's industrial output. As many as 140 companies are ready for listing, but city officials do not wish to wait for regulatory approval to list in Shenzhen or Shanghai, the SCMP reported.