Abstract
As in many other developing countries, Chinese businesses and individuals frequently fund transactions using informal, unmonitored financial methods. The impact of this phenomenon is both positive and negative: positive when funds are used for legitimate purposes, such as providing much needed working capital for businesses, and negative when funds are used for illegitimate and/or illegal purposes, such as to finance criminal activity or launder proceeds of crime. There is a dearth of literature and research on this topic. Further study is necessary to understand the precise political, economic and social reasons for this diversity of non-bank financing and its legal and economic implications. This paper aims to pave the ground for such research and analytical work by reviewing the existing literature, placing it into context and raising the main questions that must be answered in future work.
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