At the Grameen international conference on Microcredit in China, Dr. Muhammad Yunus, this year's Nobel Peace Prize winner who has offered small and unsecured loans to millions of poor Bangladeshis to help them become self-employed in the past 30 years, told the Chinese that his business model could also benefit the poor people in China.
It is fair to say that some economists have experimented with microcredit programs in China’s underdevelopment areas for decades. But, they have all failed to accomplish their mission due to the various reasons such as high operational costs, repayment risks, and legal restrictions.
However, Dr. Muhammad Yunus has proved that he could help the millions of poor Bangladeshis. I don’t see why Chinese economists cannot match his success.
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