Wenzhou's bad loan ratio growing, but at a slower pace

Wenzhou's nonperforming loan ratio is growing at a slower pace and is projected to reach its peak, according to the mayor of the city.

The latest development indicates that the private business hub in Zhejiang might be approaching the end of the aftershock from a local default and bad loan crisis that broke out more than two years ago.

"The bad loan ratio is still climbing but at a slower pace. I think it might reach its peak soon," Chen Jinbiao, mayor of Wenzhou, told China Daily.