Now that Yunus has won the Nobel Peace Prize because of the success of Grameen Bank, the inevitable articles on using the Grameen microcredit model in China have followed. See this one in Xinhua.

I'm a cynic, and a lawyer, so I'm skeptical that a system that is based on using social connections, sort of like peer pressure, to ensure that borrowers pay back their loans (yes, I am grossly oversimplifying - you try to explain this in one sentence) instead of traditional collateral, will work here. Maybe so, but it's a big if. Simply assuming that legal reform and adequate funding will ensure success is making a huge leap.