In year 2012, China's central government approved Wenzhou and Lishui as two pilot areas for financial reform in the hope to find a way to regularize the informal finance. However, until today, the progress of the two pilot financial reforms is not satisfactory. Anbound research team highlighted that the informal financial reform needs to be combined with local financial situation and proper regulations. Over-intervention from the local government does not seem to be conducive for the positive development.