Bo Zhuang

Chief Economist and Director, China Research
+86 10 5960 3315

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Recent China research

* China Watch: Q3 GDP, Party Congress and the IMF annual meetings, Michelle Lam, Jonathan Fenby, Larry Brainard, 19 Oct 2017
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* China Watch: Pressure on housing sales to grow, Bo Zhuang, Jonathan Fenby, Jon Harrison, 12 Oct 2017
* China Perspective: Communist Party Congress - All Xi’s men, Trey McArver, 10 Oct 2017

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The growing role of China’s non-bank financing

Overview

The market is once again concerned about risks to China’s financial system (which we analysed in a note in September last year) owing to the sharp rise of non-bank credit financing, i.e. “shadow banking”, which includes trust loans, entrusted loans, corporate bonds, wealth management products and undiscounted bills. These products are perceived as higher risks than bank loans because of weaker credit assessment by underwriters amid slack regulatory oversight. The collapse this week...

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