A difficult but necessary beginning to recovery

Despite financial reforms, small firms in Wenzhou are still struggling with a shortage of capital, reports Yu Ran from Wenzhou, Zhejiang province

Editor's Note: Wenzhou is marking the first anniversary of landmark financial reforms that are not only of great importance to this center of private enterprise but also to the many other cities and regions that are poised to restructure their own capital markets. Much has been done and much more is expected as the program enters its crucial second year. China Daily is running a series of stories to review these changes:

One year ago, Wenzhou embarked on an ambitious venture of financial reform amid great fanfare.