The credit market in late Qing Tulufan,Xinjiang,had many forms:loans could be made through intermediaries,with guarantors,against collateral,through conditional(dian)sales,or through"rent-sales"(zumai).These different markets were fluid and interconnected,loans through zumai represented a modern form of finance,and there was active arbitrage within and between credit markets,all of which reflect the varied,complex,and modern nature of the credit market in Tulufan.The government managed and supported the popular credit market through the establishment of legal regulations and the injection of capital.The credit market in Tulufan was thus a government-supervised free market.
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