Word: xu
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...Staff writer Risheng Xu can be reached at xu4@fas.harvard.edu...
...Staff writer Risheng Xu may be reached at xu4@fas.harvard.edu...
...most common source of funding in Zhejiang comes from investment pools, called hui, run by people like Xu Shoucong. This past March, Xu's family organized 17 people to create a fund that rotates credit to all participants, who use the cash for anything from weddings to starting small businesses. Huis loosely resemble microfinance schemes of the kind made famous by the Grameen Bank in Bangladesh, and millions of people participate in Zhejiang and neighboring Fujian province. Because the pressure to repay derives from social networks that are as strong as rebar in Confucian China, borrowers rarely default...
...Staff writer Risheng Xu can be reached at xu4@fas.harvard.edu...
...Staff writer Risheng Xu may be reached at xu4@fas.harvard.edu...