Experience and Enlightenment of Luqiao Micro and Small Finance Innovation

Wen Xiao, Jiadong Pan and Wenwu Xie
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Wen Xiao: Zhejiang University
Jiadong Pan: Zhejiang Institution of Administration
Wenwu Xie: Zhejiang University

Chapter Chapter 10 in Microfinance and China's Regional Development, 2023, pp 255-284 from Springer

Abstract: Abstract “Small is Beautiful”. With the title of a book, the author, British economist Michael Schumacher vividly expounds such a truth: small work units and small-scale economies, with low access threshold and fast establishment speed, are like “ant soldiers” in economic development. In the international scope, many well-known multinational companies and large groups start from micro and small enterprises (MSEs) and gradually grow bigger and stronger. Data in China shows that micro, small and medium-sized enterprises have become the main driving force of China’s economic development. In the current economic situation, micro and small economies are rising as a new force and gradually become significant in China’s national economy. Speaking of the development of micro and small finance, Zhejiang may play as the leader nationwide, and Taizhou as the leader in Zhejiang. After decades of growth and development, Taizhou’s private economy has achieved a double leap in quantity and quality from “picking up for the leftovers” in the 1980s to “more than 90% of the world” today. In Taizhou, the development of micro and small finance in Luqiao appears unique. It not only shows the general characteristics of the development of micro and small finance in Taizhou, but also shows the particular characteristics of Luqiao in some parts. In this chapter, the author will summarize the innovation experience of micro and small finance in Luqiao, obtain the “secret key” for its success, outline the main problems, explore the “source” of these problems, and finally condense these into a “unique strategy” that can be adopted for reference by other regions.

Date: 2023
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DOI: 10.1007/978-981-99-1960-4_10

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