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Microfinance in China: Growth and Struggle
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******************************** Microfinance in China: Growth and Struggle http://knowledge.wharton.upenn.edu/index.cfm?fa=viewfeature&id=1471 Microfinance in China is poised for a significant expansion as the government, Non-governmental Organizations (NGOs) and commercial banks begin to explore ways to provide the country's most impoverished people with greater access to credit. According to Bai Chengyu, secretary general of the China Association of Microfinance, microcredit has entered a transition phase and is now moving "from experiment to large-scale commercial development." But bottlenecks remain, created by the lack of policies in the past to encourage involvement by commercial financial institutions, the failure to open the financial market to the private sector and artificially low interest rates.
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