It’s way too easy to portray this as a Chinese peculiarity, something oh, so picturesque and culturally specific. Look carefully among any immigrant community and you’ll find plenty of similar organizations. As for us, qianzhuang are run by Wenzhou people in Milan, Turin, Rome, Naples, Prato and several other Italian cities, too.
These disgressions apart, the State Council is examining the
Regulations on loan-granting by individuals
The turnover of informal banking institutions has been estimated in 60.000.000.000 yuan (600 yi). Yes, that’s 6.000.000.000 EUR/7.631.694.000 USD.
According to this website “passing such regulations will contribute to the healthy development of the private economy.”