How property-hungry Chinese millennials and shadow banking could fuel a financial crisis
- Millennials are borrowing heavily to invest in property, counting on the government to keep property prices buoyant. However, the rise of shadow banking means the government lacks the levers it has historically pulled to prevent a debt crisis
Dr Andy Xie is a Shanghai-based independent economist specialising in China and Asia, and writes, speaks and consults on global economics and financial markets. He joined Morgan Stanley in 1997 and was managing director and head of the firm’s Asia-Pacific economics team until 2006. Prior to that he spent two years with Macquarie Bank in Singapore, where he was an associate director in corporate finance. He also spent five years as an economist with the World Bank. He was voted one of the 50 most influential persons in finance by Bloomberg magazine in 2013.