Zhejiang billionaire elder sister second trial draw attention to hundreds of billions of private borrowing needs to be standardized

April 16, 2009 morning, the Wu Ying illegal fund-raising case in Zhejiang Province Jinhua Intermediate People's Court trial.　　Zhejiang "Billions of rich sister" second instance to draw attention to private lending and then become the focus of public opinion April 7, Zhejiang "billionaire sister" Wu Ying illegal fund-raising case, in the first trial 2 years later, and finally to the second trial.　　For ordinary people, Wu Ying is alive or dead, perhaps just gossip about "billionaire sister" of the conversation, and in the private lending is extremely prevalent in Jiangsu and Zhejiang, people seem to be able to see their future from the Wu Ying, and even some people interpret this as a national treatment of private lending "vane."　　Obviously, Wu Ying's sin and Punishment, life and death, is not only about the individual. On the day before the second trial of the Wu Ying case, the central bank raised the benchmark interest rate on deposits and loans, the second time this year, the fourth time since last year. Whenever interest rates rise, the interest rate of private loans in Zhejiang will rise.　　At present, Wenzhou People's relatives and friends of the loan interest reached monthly 2 cents, and private lending to the extreme interest rate even reached monthly 3~6 Mao. "Due to the complexity of the case", the second trial of the Wu Ying case was not pronounced in court.　　The following days, is the court to make the final decision, but also Zhejiang private lending and trembling waiting for the wind time. At this time, in the private capital of Wenzhou, Zhejiang, hundreds of billions of dollars are through the form of private lending, between ordinary citizens, as well as small and medium-sized enterprises between the rapid maneuver.　　Hundreds of billions of private lending to standardize, become "Wu Ying" case behind, the most eye-catching focus. Wen/This newspaper in Shanghai reporter Liang map/cfp April 7 9 o'clock in the morning, wearing a detention center yellow vest, wearing a pair of glasses Wu Ying, appeared in the Jinhua of the Four courts in the east. This once boarded the Hurun women rich List of the Dongyang girl, is about to face is the high Court of Zhejiang province to the second trial.　　3 judges from the High Court came from Hangzhou, responsible for the trial. The next 5 hours of the second trial, Wu Ying has been waiting for a long time.　　At this time, her first trial was sentenced to death for more than 1 years, from its Dongyang police detained just 4 years and 2 months.　　Wu Ying "changed" the whole trial down, Wu Yong is also feel, daughter and first trial of stubborn, "more mature." Wu Ying in the dock, with a ponytail and glasses, looked calm. "The daughter is fatter than before. "The father who sits in the gallery looks at his beloved big daughter," Wu Yongzheng.　　The four eyes are connected. In 2 years ' time, the change of Wu Ying's appearance is not big. But the careful person found that, the first trial of the tone of the brave, angry expression, at this time from the Wu Ying body disappeared hidden.　　The whole trial down, Wu Yong is also feel, daughter and first trial of stubborn, "more mature." April 2006, Wu Ying's "natural group" in Dongyang turned out: commerce, washing industry, advertising, hotels, computer networks, decorative materials, wedding services, logistics ... Color Department company One after another registration, more than 100 shops even let Dong Yanghaning Road became a "true Color street." That year, Wu Ying surprise everyone, to 3.6 billion yuan to the Hurun women richThe 6th place, known as the mainland's youngest female millionaire.　　Wu Ying's wealth is called "the myth of the True Colors".　　However, the achievements Wu Ying "billions of rich elder sister" the money, but usury borrowed: the court "verdict" found that from May 2005 to February 2007, Wu Ying successively from the Lin Weiping and other 11 people illegally raise RMB 773.395 million yuan, the actual fund-raising fraud RMB 384.265 million yuan. Wu Ying borrow the high interest rate is also staggering: the annual return of funds borrowed at least 50%, some of the 100%, the late capital chain problems even appear "3-month return period"-that is, three-month interest up to 100%.　　Even if not arbitrage, the annual coupon is more than 400%. 2007, Wu Ying suddenly arrested, "myth" ephemeral shattered.　　December 18, 2009, Jinhua the first trial sentenced to Wu Ying death penalty. From the peak to the bottom, Wu Ying near despair.　　According to people close to the case, the Wu Ying experienced a period of almost "Nirvana" during the 2 years from the first instance to the second instance. After being sentenced to death, Wu Ying had a great distrust of legal justice and was once anxious to waive his appeal. This reporter in Wu Ying through the lawyer brought out the detention center of the material to see such a passage: "After the first examination, I have always thought that the law is unfair, the law is the right to have the potential rich play games, such as I have no background, only like the meat on the chopping block, I thought I would like to waive appeal, But also in the family support and the detention center leadership, discipline, under the patient guidance, in the final appeal against the deadline to sign.　　The appeal insider also revealed that, in June 2009, because of suspicion of their own in the detention center wrote the "complaint letter" was read, fearing that the letter will be harmful to the family, the character of the Wu Ying drink a large bottle of glue, fortunately was found in time to rescue. Survival is a human instinct. There was a time, with Wu Ying, a female offender, through the Supreme People's Court to review the death penalty procedure, sent back to Zhejiang High Law retrial after the revision, so that Wu Ying again see the hope of life. "I have changed my view, I believe that the law is fair and just."　　"Out of the trough of the Wu Ying, began in the detention center for the criminal Law, the Criminal Procedure Law, the Prison law and other laws and related implementation of the details of the detailed study, but also persisted in reading and learning, to the outside world also have more understanding." In addition, Wu Ying recalls, writes "The appeal material", "The accusation letter" as well as "the prosecution material", in order to meritorious action.　　March 2010, May, July, Wu Ying three times commissioned a lawyer to take these materials out of the detention center, submitted to the High Court in Zhejiang province.　　The Wu Ying of memory, which records the amount and purpose of each loan and repayment that she handles, records in detail how many officials she has bribed. Guilty of a plea for survival "after the first trial, in fact, her spirit is in a state of rout, has given up the hope of acquittal." "April 6, from Dandong trial midway leave of the famous criminal defense lawyer Yang Zhaodong came to Jinhua, he was Huang Guangyu (column) Case of defenseThe lawyer, together with Zhang Yanfeng lawyer, continued to plead not guilty to the Wu Ying case. In the first trial, 2 years ago, Yang Zhaodong and Zhang Yanfeng pleaded guilty to Wu Ying. According to Yangzhao Dongweibo revealed that after the verdict of the first instance, the lawyer and Wu Ying, there have been more than 70 meetings.　　In the meeting before the second trial, although Wu Ying had confided in the idea of "recognition", the two sides still agreed to continue to plead guilty. To testify Wu Ying Innocence, the lawyer also produced 5 investigation record.　　However, the trial of the afternoon of 7th had just begun for 1 minutes, allowing Yang Zhaodong unexpected mutations to appear. After the noon recess, the second trial continued in the afternoon, according to the procedure, the judge let Wu Ying defense. "I do not think I am guilty of raising money for fraud, but I accept the offence of illegal absorption of deposits." Wu Ying whispered. The Wu Yong father in the gallery was sitting on his back, "it's an insult to me!" "She confessed is helpless." "Yang Zhaodong explained in court," after the first trial, in fact, her spirit is in a state of rout, has given up the hope of acquittal.　　Zhang Yanfeng speculated that Wu Ying may feel that he could not acquit, so he admitted the "illegal absorption of public deposits," the maximum sentence is 10, and the highest penalty for fund-raising fraud is the capital punishment. Wu Ying suddenly "changed his mind" Why, at present, no one can say clearly. A more consistent guess is that Wu Ying want to plead guilty to survival.　　This in the previous Wu Ying constantly report corrupt officials, and put forward the act of commutation, you can see the clue.　　August 17, 2010, Wu Ying formally through the deputy lawyer Yang Zhaodong, to the court to apply for commutation. Prior to this, Wu Ying in materials such as "prosecution materials", detailed records of the fact that a number of officials, including Dongyang more than 10 local public officials bribery. Among them, Hubei Jingmen former deputy director Li Tiangui, Agricultural Bank Jingmen Sub-branch President Liang Zhou, Lishui Agricultural Bank sub-branches director Liang and other three people have been identified as bribery and other illegal circumstances and get punishment. "These cases have been recognized by the Court of second instance."　　"lawyer Zhang Yanfeng told the newspaper reporter.　　The written material issued by Hubei Procuratorate said, "according to Wu Ying report Li Tiangui, Liang Zhou 2 people took bribes, dug up a case involving 21 21 people's Nest case, involving 2 2 people, Office-level officials 5 5 people", and said "the province shook very large", "achieved good social effects." Acting lawyer Zhang Yanfeng in the second trial after the reporter said, "After the first trial Wu Ying of the prosecution of the disclosure of the part of the investigation is true, we think constitute meritorious service."　　But he also said that the court of second instance did not comment on this, whether it will be identified as a major meritorious performance, it is not easy to say.　　Ups and downs of the "people", "the tide" of the situation, but also by the private lending participants as "vane". Behind the Wu Ying, the clear manifestation is Jiangsu huge private loan market.　　This girl, just one of the "tide-goers." In fact, a careful analysis of the cases in recent years as a result of the sentencing of private borrowers, it can be found that the economic environment, private lending situation is good or bad, there are countless links.　　The situation of "the tide-goers" is also regarded as "vane" by the folk lending participants. "The boom and bust in private lending is going along with the economic cycle. Dewen, chairman of the Wenzhou SME Promotion Association, who has studied deeply in private lending, said since 2007, some of the real economy in Zhejiang began to decline, the fund-raising capital chain tightened more tightly, private lending interest rate is also getting higher, "enterprises can not make money, but also pay high interest, it is easy to crash."　　"Before and after the Wu Ying incident, it was the time when the economy of Zhejiang was affected by the global financial crisis and the" illegal fund-raising "case was concentrated. January 13, 2009, Lishui "Little Girl" Du Yimin was charged with raising money to defraud more than 700 million yuan, to "fund-raising fraud crime" final sentence of death sentence. March 20, 2009, Wenzhou yueqing Gao Qiuho for illegal fund-raising 116 million yuan, was "fund-raising fraud crime" sentenced to death. August 23, 2009, Wenzhou yueqing Zheng Cunfen also because of illegal fund-raising more than 100 million yuan, was "fund-raising fraud crime" sentenced to death.　　February 23, 2010, known as "Taizhou Wu Ying" taizhou Economic Development Zone Qicaichem Business Hotel, the original legal representative Wang Jufeng, for illegally raising more than 470 million yuan was sentenced to death ... Outside the big case, more "illegal fundraising" cases surfaced. According to a statistical data of the higher People's Court of Zhejiang Province, since the financial crisis, the economic disputes caused by the private loans in Zhejiang have risen markedly--2009 in the first quarter, the total amount of private loan cases received by Zhejiang Province Court was as high as 5.8 billion yuan, three times times the same period a year earlier.　　In 2008, the civil loan cases of Zhejiang province were increased by about 60% compared with the previous year.　　The High Court of Zhejiang Province has publicly read that the private lending cases have increased, mainly because many private enterprises in Zhejiang has been deeply involved in private lending, and as an important financing channel, some enterprises since the financial crisis because of deteriorating operating conditions and capital chain rupture, unable to repay the lead to the court. The "illegal fund-raising" case is frequent, and the community's thinking and discussion about the "crime and punishment" of the folk lending is also getting deeper. March 2010, the NPC deputies, Zhou, a female entrepreneur in Yiwu, submitted a motion on the request for the enactment of the "Folk lending law", calling for the enactment of a special "folk lending law", giving legal status to private borrowers from the law level, guiding and standardizing the behavior of folk lending, preventing and reducing the potential risks of private lending.　　, thus avoiding the development of vicious events. "Private lending activity, indicating that it has a huge market demand." In cases where formal financial institutions are unable to meet such needs, legislation should be adopted to make private financial institutions public and legitimate.　　"Zhou said. Subsequently, private lending ushered in a "untie" period.　　At this time, the impact of the international financial crisis, also gradually dispersed. In February 2010, the Supreme Court issued some opinions on the implementation of the criminal policy of leniency and leniency; in May, the State Council on encouraging and guiding civilA number of views on the healthy development of investment ("new 36") issued in June, Zhejiang High Court issued the "on the promotion of small and medium-sized enterprises to accelerate the development of innovation and provide judicial security guidance" ...　　This series of policies has been interpreted by some as a "loosening up" and "crime-removing" for private lending.　　It is noteworthy that the Wenzhou Municipal Hospital in the "fund-raising fraud" crime first trial sentenced to death, Gao Qiuho, Zheng Cunfen, and then in the second trial of the High Court in Zhejiang province, were commuted to a reprieve.　　After the second trial of the Wu Ying case, how to standardize the private lending has aroused the concern and discussion of public opinion again.　　Hundreds of billions of people borrow 100,000 yuan below a cup of tea time, more than 100,000 on the same day, or even a phone can solve 500,000 yuan. In fact, what Wu Ying do is happening all the times in Zhejiang. "One of Wenzhou investors who often took part in the interbank lending said to our correspondent," because Wu Ying is a typical private borrower, the court will be so concerned about how she is convicted and punished, "maybe one day we'll have another Wu Ying in the middle.　　"The fierce controversy over whether Wu Ying should be sentenced to capital punishment is in fact a long-standing dispute over whether private lending is lawful and reasonable." In the 80 's, the first private banks appeared in Wenzhou, 1985, 1986, many urban credit cooperatives, rural credit cooperatives, foundations, pawn shop was born; 2000, the first guarantee company was established in Wenzhou, has developed to more than 300. "There are now investment companies, investment consulting companies, pawn shops, consignment lines and other forms."　　"New China's first private bank founder, now Wenzhou Party Hing Guarantee Co., Ltd. Chairman Fong Pelin told our correspondent, the current Wenzhou engaged in various types of private lending, the type of institutions, a total of more than 500.　　According to the survey by the Financial regulatory department, these private lending institutions, the funds are mainly for businessmen in the field of business, the local small and medium-sized enterprises, and to invest in foreign speculation and mining, oil and other resources development.　　According to the People's Bank of Wenzhou Central branch in mid-April 2010, a survey of private lending in Wenzhou, 89% of households and 59.67% of enterprises involved in private lending, of which small and medium-sized enterprises have about 60% participation. In Wenzhou, the story of folk lending is often heard.　　For example, the supremacy of personal credit-lenders, in the agreed time even if the lack of money usury, will not urge people to pay money, the borrower, even if the company died to sell the property, will also pay the price. Wenzhou people borrow money, said borrowed, fast forward fast. 100,000 yuan below a cup of tea time, more than 100,000 yuan on the same day, or even a telephone can solve 500,000 yuan.　　In the most typical case, the Willow town had been raised for 680 million yuan in 3 days for the old City renovation. How much is the total scale of Wenzhou's private lending?　　According to the monitoring data of the People's Bank of China's Wenzhou Central branch, June 2010 Wenzhou Private lending scale of 80 billion yuan. "At present, the total amount of private loans in Wenzhou, estimated at 100 billion yuan." "Wenzhou SMEDewen, chairman of the Industry Promotion Association, said that in recent years the total amount of private lending has shown an increasing trend, plus the first half of the bank tightening, "this year, the increase is more, an estimated 20 billion yuan growth."　　"The Prisoner's Black Swan" in this autobiographical novel, Wu Ying a detailed review of his life experience for nearly 30 years. "Wenzhou has about 360,000 small and medium-sized private enterprises, it is difficult for them to obtain enough loans from the bank channels, only through private lending to finance."　　"Dewen analysis said that such a huge demand for capital market, coupled with Wenzhou people's hands of a large number of private capital, private lending" will certainly not stop. " October 13, 2008, Wenzhou first microfinance company opened in Cangnan. Since then, microfinance companies have increased rapidly in Wenzhou.　　According to Wenzhou Financial office, as of the end of February this year, Wenzhou has been operating and trial microfinance companies have 21, registered capital of nearly 5 billion yuan. "Microfinance companies are a very good way to standardize private lending."　　"Fong Pelin to this reporter said, if the policy open, allow the natural persons, enterprises can set up microfinance companies, huge private capital can find the way to sunshine, and many small and medium-sized private enterprises can solve financing problems." Fong Pelin, for example, says that if a microfinance company can flourish, the Wu Ying case will not appear again. "A standard and convenient source of funding, Wu Ying will also go to borrow personal money?" "However, for the current development of microfinance companies, Fong Pelin is not satisfied," now a district, the county average of only 2, still far from enough! Limit should be released. According to Fong Pelin's preliminary statistics, the total amount of loans offered by microfinance companies is only the 1%~2% of total private lending. "If microfinance companies are the sunshine of private lending, the sun is still only 1%," he said. "How to integrate huge private lending into the formal channels of regulation in the financial system?"　　Fong Pelin suggested that "every village, at least 3 more than the microfinance companies to do", "entry threshold to reduce the capital 500~1000 million can."　　Detention detention Center for 4 years, Wu Ying in addition to several times to write "prosecution material", but also wrote a more than 200,000-word autobiography novel, called "Black Swan". Acting lawyer Zhang Yanfeng read this novel, 16 open small book, wrote a full, full of more than 200 pages. Careful Wu Ying also specially for it to add a cover, binding to be very nice, "looks like a book."　　"Zhang Yanfeng said. In this autobiographical novel, Wu Ying a detailed review of his life experience for nearly 30 years. Childhood stories, go out to learn the hardships of beauty, then open the idea of the company ...　　Unlike previous appeals, Wu Ying used literary language to tell a story about a legendary folk woman. Last winter, Wu Ying tried to bring the book out of the detention center by Zhang Yanfeng. However, many attempts have been unsuccessful. In the European narrative context, the existence of black swans implies unpredictable and important rare events. Wu Ying write "Black Swan" three words on the cover, whether or notCome, pinned a trace of different expectations? Ye Tan (column): "Underground financing" and its not as good as sparse well-known financial critics of the blog said, April 7, Zhejiang billionaire sister Wu Ying Case II trial, Wu Ying I admitted in court, "illegal absorption of public deposits crime", and Wu Ying Lawyers for their innocence defense, the prosecution said that "the first instance of the court to apply the law correct, It is clear that the death penalty should be upheld, that is to say, the crime of collecting funds for fraud is established. The stance of the three parties is, of course, the difference between standing in different positions and the different demands of the legal results. December 18, 2009, the Jinhua Intermediate People's Court sentenced to Wu Ying the death penalty for the first instance of fund-raising fraud, deprived of political rights for life, and confiscated all his personal property.　　The judgment of the second instance is crucial to Wu Ying.　　No matter how many flag-makers have been in the past, Chinese folk finance and underground finance are becoming more and more serious, which shows that the current restrictions on nongovernmental finance have lagged far behind the development of real economy. First of all, the delay in the rectification of private finance, it is impossible to form a standardized operating system, it is not possible to appear in China's urgent need of bankers.　　Secondly, the underground existence of the folk financial system causes the short-term trend of the folk finance, because the private finance faces the legal discount, so it is necessary to pursue the highest profit in the shortest time, to add the risk cost in the private interest rate, and to aggravate the phenomenon of the popular usury. The Chinese financial industry can develop healthily with the objective treatment of private finance and the establishment of fair and uniform rules.　　One mistake cannot obscure another, and even with the severest punishment of Wu Ying, China's financial system will not move any further. In an interview with the media, Tan said: The legalization of underground financing is the general trend, must be legalized, otherwise the underground financing market can not be resolved, and the underground financing market will deteriorate, the deterioration will be short-term, and then use usury to confuse the financial market, so rather than to block it to dredge it,　　When the underground financial market is legalized, the loan sharks are cancelled so that the capital market will return to normal. Tan said that, from now on, to open up two markets, the first is the investment goods market, whether it is the stock market or equity investment market, or art investment market, to establish a normative channel so that everyone's funds have a place to go. The second is to develop the real economy, only after the development of the real economy, then the real economy in the substantial investment in the amount of money, it needs more capital to go in, the real economy after the better it can have more real wealth, will not become a Ponzi scheme, or become a bubble. After these two parts are perfected, I think the folk finance will also be ripe, otherwise you just block, today a Wu Ying problem, tomorrow will have a lot of Wu Ying out. Comprehensive)