2016 - 19th Annual Steven Galovich Memorial Student Symposium
Presentation Title
Informal Financial Services in China
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
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.