Word: wenzhou
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...legitimate banks. It now appears that savers in Zhejiang, who have few legal investment options, are lending their cash directly to friends or are turning more of their nest eggs over to people like Ye, who pays higher interest rates than banks. Government figures show that depositors in Wenzhou?the financial heart of Zhejiang province?have withdrawn at least $1.2 billion in bank savings since February, according to the city's branch of the China Banking Regulatory Commission (CBRC...
...high growth rates partly by curtailing lending. But financial czars have no control over money sloshing around in unregulated banking networks, making it difficult to enforce curbs. Illegal funds have defied the government by investing in overheated sectors such as real estate. State-run media blamed "wandering ghouls" from Wenzhou for driving up property prices in Shanghai last summer...
...business. With his crew cut, oversize glasses, blue jeans and phlegmatic manner, 33-year-old Wu looks like a teenager slouching in the back of sex-ed class?but he's an empire builder emblematic of China's growing entrepreneurial class. His company, headquartered in the industrial city of Wenzhou in Zhejiang province, is China's only major government- licensed erotica manufacturer. The plant daily pumps out some 10,000 sex toys destined for bedroom drawers worldwide, but Wu and his Japanese venture partner have grander plans: a $12 million investment in a new factory that could triple Loves' production...
...Neither does Wu, a native of Wenzhou, long renowned for producing hard-nosed businessmen. His concerns are familiar to entrepreneurs the world over: competition, innovation and industrial espionage. Boosted by an e-commerce website, sales were up 1,200% last year, half of the total accounted for by exports. Wu attributes rapid growth in part to advanced R. and D. With the help of his Japanese partner (the Japanese are, unsurprisingly, the leaders in sex toy innovation), he is developing unusual products to fill new niches of sexual proclivity-and not just farm animals. Works-in-progress include a "lovebot...
...Well, idle hands are the devil's playthings. But redeeming social value is less of a worry these days. "Even women no longer shy away from buying such things," says Miss Wang, a lab-coat-wearing saleswoman at downtown Wenzhou's Adam Eve Health Center, part of a nationwide sex-shop chain. On the dusty glass shelves of the store sit many of the products from the Loves factory. The names range from the whimsical ("The Plump Landlady") to the boastful ("The Great Penis") to the perspicacious ("The Strongly Systolic"). Prices range from $1 to $150 plus. Wang...