Bo Zhuang

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

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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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