This is a blog about microfinancing trend, practice and resources in China. I am currently volunteering for Wokai, a financing institute for MFI orgnaizations in China. This is a journal of my work.

Thursday, March 26, 2009

China Was Slow to Embrace Microfinance, But the Government's Attitude is Changing III

To continue the story from last post ...

Although there are still legal and practical hurdles for MFI and organizations like Wokai to operate freely in China, like everything else in that country today, the policys are changing.

According to this article, "China Legalizes Private Lending to Ease Rural Credit Pressure", and this one,

... the central bank said it would formulate regulations on private lenders (which, presumably, includes MFIs) and develop the sector into a significant player in the country's rural money markets.

In October 2008, the government began to allow microfinance institutions to take on commercial debt and permitted Citigroup to open two microfinance banks in Hubei Province (see this CCTV9 clip).

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This is a blog about microfinancing trend, practice and resources in China. I am currently volunteering for Wokai, a financing institute for MFI orgnaizations in China. This is a journal of my work.