Wenzhou is not a dangerous city for foreigners, especially foreigners that are careful.
Taxis
it is not unknown for women to be harassed while in a taxi on their own. If you are catching a taxi on your own at night it may be best to sit in the back of the taxi, out of reach of grabby hands. Do not flash too much cash around late at night, as robbery has been known by taxi drivers who pick up accomplices. However, this is rare, and many taxi drivers are well intentioned and friendly.
Fights
if a fight breaks out between Chinese people, do not get involved. If a Chinese person gets aggressive with you or a friend, leave discreetly as soon as you can.
The streets at night
the streets of Wenzhou are normally safe, and because there are always eyes on foreigners, someone will always see anything that happens. This said, there are certain no-go areas of the city where poverty and demographic abnormality excess men can lead to high aggression levels.
Beggars
here are a number of beggars throughout the city especially around Wuma Street and Renmin Road. The beggars are run by gangs that maintain the beggars with food and shelter while taking the money that is collected by the often disabled/disfigured panhandlers. Don't stand and watch a begging 'performer' because you WILL be harassed for money; being foreign is reason enough to harass you.
Prostitution
prostitution is illegal in China but is widely tolerated. Brothels or 'Pink Houses' because of the pink lights riddle the city and many foreigners are known to use them. Brothels are far from safe, not just because of STIs, but also because of under-age prostitutes, robbery and police raids. Police in Wenzhou have been known to raid brothels while a foreigner is inside, the consequences of which can be far reaching; your visa could be revoked resulting in deportation.