2016 - 19th Annual Steven Galovich Memorial Student Symposium

Presentation Title

Informal Financial Services in China

Student Presenter(s) and Advisor

Alex Rhodes, Lake Forest CollegeFollow

Location

Meyer Auditorium

Abstract

With less than half of China's population having access to formal banking, alternative financial services address the needs of many for personal, business, and marketplace transactions. Private money houses offer expensive loans to entrepreneurs, sometimes involving hourly interest rates. Community-based health insurance programs provide coverage for those not in the formal system. Hehui, a type of rotating savings and credit association (RoSCA), serves borrowing needs. Fei-Chen facilitate money transfers. While China's urban middle class continues to grow, along with expanded use of formal banking, others in the country will continue to be dependent on varied informal financial services.

Presentation Type

Individual Presentation

Start Date

4-5-2016 1:00 PM

End Date

4-5-2016 2:15 PM

Panel

A Global Perspective on Informal Financial Services

Panel Moderator

Les Dlabay

Field of Study for Presentation

Asian Studies, Business, Finance, International Relations

No downloadable materials are available for this event.

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Apr 5th, 1:00 PM Apr 5th, 2:15 PM

Informal Financial Services in China

Meyer Auditorium

With less than half of China's population having access to formal banking, alternative financial services address the needs of many for personal, business, and marketplace transactions. Private money houses offer expensive loans to entrepreneurs, sometimes involving hourly interest rates. Community-based health insurance programs provide coverage for those not in the formal system. Hehui, a type of rotating savings and credit association (RoSCA), serves borrowing needs. Fei-Chen facilitate money transfers. While China's urban middle class continues to grow, along with expanded use of formal banking, others in the country will continue to be dependent on varied informal financial services.