Broadly speaking, it refers to some non-governmental monetary credit organizations that appear in urban and rural areas in addition to financial institutions such as state-owned banks. In a narrow sense, non-governmental financial organizations refer to informal financial institutions run by the people in rural areas without the approval of the People's Bank of China and the issuance of financial business licenses.
Including savings associations, foundations, mutual aid agencies, credit service stations (companies), stock credit cooperatives and other collective financial organizations and private financial institutions.
Three Levels of Rural Private Finance in China
Reasonable and legal "informal finance", which is usually called "normal private finance", mainly refers to private lending.
Reasonable and illegal "grey finance" mainly includes private fund-raising, cooperatives, private banks and so on.
Unreasonable and illegal "black finance" mainly refers to illegal and criminal activities such as usury, financial fraud and money laundering.
The information comes from Baidu Library.