https://www.scmp.com/rss/306014/feed Joe Zhang is co-chairman of SBI China Capital and author of Inside China’s Shadow Banking: The Next Subprime Crisis? en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com China’s economy is at its weakest in decades. Every observer seems to be anticipating an economic stimulus plan from Beijing. But I believe China should try deregulation and supply-side solutions for a change. Economic stimulus is well-suited to addressing the cyclical weakness of the economy. But China’s downturn today is also structural in nature. And China has very limited scope for further economic stimulus, having offered that for over four decades. First, while the central government... https://www.scmp.com/comment/opinion/article/3233522/stimulus-simply-wrong-cure-chinas-ailing-economy?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3233522/stimulus-simply-wrong-cure-chinas-ailing-economy?utm_source=rss_feed Fri, 08 Sep 2023 22:15:14 +0000 Now that the property bubble has burst in China, it is time to examine why the bubble formed and grew to such an enormous size in the first place. Analysts often mention three factors – the reliance of local governments on a hot property market to sell land, cheap credit, and the availability of credit. However, I feel a more relevant factor is the zero holding cost, or the absence of a property tax. Let’s look at these four factors in turn. First, local governments. While it is true that local... https://www.scmp.com/comment/opinion/article/3190182/how-lack-property-tax-left-china-open-housing-bubble?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3190182/how-lack-property-tax-left-china-open-housing-bubble?utm_source=rss_feed Sat, 27 Aug 2022 22:45:12 +0000 Over the past few decades, China has been a deflationary force to its export destinations through its seemingly unlimited cheap labour and subsidised credit. But that role may be reversing. China has a long history of high inflation and the past two decades of low inflation is really an aberration. As soon as China started its economic reforms in 1978, its citizens began to struggle with rapid price increases that lasted two decades. In some years, the official figures for consumer price... https://www.scmp.com/comment/opinion/article/3166255/why-china-may-finally-become-exporter-inflation?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3166255/why-china-may-finally-become-exporter-inflation?utm_source=rss_feed Wed, 09 Feb 2022 06:30:15 +0000 Despite widespread ridicule, Turkey is persisting with reductions of its benchmark interest rates. While this may have contributed to the sharp declines in the exchange rates of the Turkish lira, it may prove to be a very sensible policy over time. Turkey’s economy is in a tough spot: inflation is at double-digit rates; foreign exchange reserves are less than plentiful; and the corporate sector has to navigate a turbulent business environment. But, when there are many competing policy... https://www.scmp.com/comment/opinion/article/3161683/despite-currency-woes-turkey-may-be-right-cut-interest-rates?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3161683/despite-currency-woes-turkey-may-be-right-cut-interest-rates?utm_source=rss_feed Sat, 01 Jan 2022 18:30:21 +0000 If there is one lesson to be learned from the rise and fall of real estate developer Evergrande, it is this: China favours big business. The bigger your business, the easier it is to get lots of financing and other privileges. It has emerged that, as of June, some 171 banks as well as dozens of other lenders involved in “wealth management products” have had a total exposure to Evergrande of US$313 billion. HNA Group, China Fortune Land and many others all took a lucrative ride on this big... https://www.scmp.com/comment/opinion/article/3151564/evergrande-crisis-doesnt-spell-end-beijings-support-big-business?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3151564/evergrande-crisis-doesnt-spell-end-beijings-support-big-business?utm_source=rss_feed Sun, 10 Oct 2021 01:45:16 +0000 One morning five years ago, Shenzhen-based businessman Zhang Hua took his 11-year-old daughter Emma to school. Emma was sleep-deprived and grumpy. “I know you have lots of unfinished homework. Let’s get it done during the weekend. Just be happy,” he said. “How can I be happy without top scores? They are the only thing that matters at school!” Emma replied. Zhang – who asked that his real name not be used – knew this well. Academic scores are key to getting into top universities and also affect... https://www.scmp.com/comment/opinion/article/3143670/why-chinas-cram-school-crackdown-welcome-and-needed-reform?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3143670/why-chinas-cram-school-crackdown-welcome-and-needed-reform?utm_source=rss_feed Wed, 04 Aug 2021 08:30:11 +0000 Last week, while China watchers were preoccupied with Covid-19 and US-China tensions, Shenzhen authorities released guidelines for consumer bankruptcy. While details are not yet available, the guidelines confirm that pressure is mounting on the government to do something for the tens of millions of highly indebted consumers. A week earlier, China’s Supreme Court lowered the interest rate ceiling on all non-bank credit, from 24 per cent per annum to 15.4 per cent, to the despair of many lenders.... https://www.scmp.com/comment/opinion/article/3099761/why-chinas-subprime-credit-crisis-would-benefit-debt-amnesty?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3099761/why-chinas-subprime-credit-crisis-would-benefit-debt-amnesty?utm_source=rss_feed Wed, 02 Sep 2020 19:30:08 +0000 It is a cliché that Chinese consumers are frugal and that they maintain a high savings ratio because of a lack of a social safety net. While that may still be true, it is becoming less so each year. Indeed, Chinese consumers are facing a real stress test in the wake of a sluggish economy, a trade war with the US and the coronavirus pandemic. As recently as the 1980s, consumer credit was unheard of in China. But it has surged to make up 36 per cent of total assets of a banking sector that has... https://www.scmp.com/comment/opinion/article/3076660/trade-war-and-coronavirus-will-bring-chinas-quietly-raging-consumer?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3076660/trade-war-and-coronavirus-will-bring-chinas-quietly-raging-consumer?utm_source=rss_feed Tue, 24 Mar 2020 17:00:07 +0000 If “three steps forward and two steps back” is China’s typical rhythm, we are now in the regressive stage, at least in the banking sector. Both the government and the public seem to be working hard to sabotage the country’s fragile credit infrastructure. In the Tang and Song dynasties, delinquent borrowers were often sent to prison. After the last Chinese emperor was forced out in 1912, however, chaos prevailed and creditors took justice into their own hands. After the communist revolution in... https://www.scmp.com/comment/opinion/article/3042533/if-china-serious-about-cracking-down-its-mountain-debt-it-must-stop?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3042533/if-china-serious-about-cracking-down-its-mountain-debt-it-must-stop?utm_source=rss_feed Wed, 18 Dec 2019 21:00:08 +0000 For four decades, China has seemed like an overly energetic start-up company. It has always had ambitious targets, from the “Four Modernisations” to “Quadrupling National Income” and “Made in China 2025”. Now, it seems, “slogan fatigue” is setting in and officials appear to have run out of ideas. In my view, that’s not a bad thing. Indeed, it is a sign of maturity and increasing sophistication. If officials can take a back seat, the economy will be able to grow “not only at night, but also... https://www.scmp.com/comment/opinion/article/3022586/chinas-economy-fix-authorities-are-right-resist-more-stimulus?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3022586/chinas-economy-fix-authorities-are-right-resist-more-stimulus?utm_source=rss_feed Wed, 14 Aug 2019 15:00:30 +0000 China has just celebrated the 40th anniversary of its economic liberalisation. While everyone praised Deng Xiaoping again for his vision and leadership, one of his famous sayings, “Let some people get rich first”, was conveniently not mentioned. Amid widening inequality in China, that slogan just doesn’t feel appropriate now. If China were to hold a referendum today on increasing or decreasing state controls, chances are that the public would vote overwhelmingly for increasing them. Capitalists... https://www.scmp.com/comment/insight-opinion/asia/article/2180258/state-tightens-its-grip-economy-will-china-reject?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/asia/article/2180258/state-tightens-its-grip-economy-will-china-reject?utm_source=rss_feed Wed, 02 Jan 2019 03:30:00 +0000 How big is China’s fintech sector? I would say, Britain’s peer-to-peer (P2P) lender Funding Circle plus payday lender Wonga times 100. In addition to giants such as Alibaba’s Ant Financial, Pingan’s Lufax and Tencent’s WeBank, a dozen mid-size operators have gone public in the US and Hong Kong in the past 18 months alone. There are also 40 to 50 serious players that are waiting in the wings to go public. However, as the year-long official clampdown has revealed, there are far too many also-ran... https://www.scmp.com/comment/insight-opinion/united-states/article/2172983/why-chinas-online-lending-crisis-makes?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/united-states/article/2172983/why-chinas-online-lending-crisis-makes?utm_source=rss_feed Wed, 14 Nov 2018 03:15:30 +0000 Chinese officials are far better at self-criticism than their counterparts elsewhere. Ten years ago, then premier Wen Jiabao declared that the country’s economy was “unstable, unbalanced and unsustainable”. Last month, the governor of China’s central bank, Zhou Xiaochuan, blasted the country’s financial system as, if I were to paraphrase, “messy, shaky and risky”. These are all music to the ears of some China watchers who have maintained a 12-month rolling forecast of a major crisis. China’s... https://www.scmp.com/news/china/money-wealth/article/2119859/opinion-why-chinas-financial-system-safer-you-may-think?utm_source=rss_feed https://www.scmp.com/news/china/money-wealth/article/2119859/opinion-why-chinas-financial-system-safer-you-may-think?utm_source=rss_feed Wed, 15 Nov 2017 02:00:29 +0000 At the national finance summit earlier this month, President Xi Jinping (習近平) vowed to arrest China’s credit expansion and contain financial risks. But should we realistically expect a significant change in China’s monetary policy? A bit of history may help us see the path forward. With the exception of barely two years, China has implemented only two types of monetary policy in the last four decades: expansionary and very expansionary. The only exception was in 1995-1996 when, amid runaway... https://www.scmp.com/comment/insight-opinion/article/2104183/will-china-really-be-able-arrest-its-runaway-credit-growth?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2104183/will-china-really-be-able-arrest-its-runaway-credit-growth?utm_source=rss_feed Wed, 26 Jul 2017 08:39:21 +0000 Twice a year, I go from Hong Kong to Jingmen (荊門), in central China’s Hubei ( 湖北 ) province, to visit my parents and other relatives. But my trip last week was depressing as I found most of my cousins and their children beating a reluctant retreat back to our village from coastal cities like Shenzhen because of dimming prospects and the soaring costs of living. On my way to Jingmen, I visited my 55-year-old cousin, Jinghuai, in Yantian port in Shenzhen, where he has been a lorry driver for two... https://www.scmp.com/comment/insight-opinion/article/2101654/china-grows-equal-opportunity-and-social-mobility-are-fast?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2101654/china-grows-equal-opportunity-and-social-mobility-are-fast?utm_source=rss_feed Fri, 07 Jul 2017 03:54:01 +0000 For the past four years, analysts at Fitch Ratings and Wall Street banks have shared a consensus: a credit crisis will break out in China at any time. Their prediction was based on two factors: China’s economy was slowing sharply, and bad debts would lead to bank runs. Above all, the country’s debt-to-GDP ratio was alarmingly high and climbing. But, four years on, a credit crisis seems a more remote possibility. Capital cushions are there to be wiped out, by design Look at the current situation:... https://www.scmp.com/comment/insight-opinion/article/2017029/all-signs-point-economic-slowdown-china-warnings-credit?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2017029/all-signs-point-economic-slowdown-china-warnings-credit?utm_source=rss_feed Wed, 07 Sep 2016 04:40:45 +0000 Growing concerns about secrecy and the vulnerability of the global financial sector are forcing the general public to learn about bitcoin and associated technologies. Digital Gold: The Untold Story of Bitcoin, by Nathaniel Popper, is a timely primer. It tells us that a large number of bitcoin mining farms in Inner Mongolia and other remote parts of China are taking full advantage of the cheap electricity and computer hardware to generate massive numbers of bitcoins. In the meantime, it is often... https://www.scmp.com/comment/insight-opinion/article/1984052/how-fear-inflation-driving-bitcoins-popularity-china?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1984052/how-fear-inflation-driving-bitcoins-popularity-china?utm_source=rss_feed Sun, 03 Jul 2016 04:01:24 +0000 Most China watchers have a very firm belief that the renminbi is significantly overvalued and that it is due to depreciate sharply at some stage, probably in the near future. Their conviction grows as an interest rate hike by the US Federal Reserve becomes increasingly likely. Each release of economic data from China, and Beijing’s tightening of capital outflows, become extra reasons for the pessimists to reiterate their forecast. Why investors are shrugging off the yuan’s recent... https://www.scmp.com/comment/insight-opinion/article/1975418/why-worries-about-sharp-slide-renminbi-are-overblown?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1975418/why-worries-about-sharp-slide-renminbi-are-overblown?utm_source=rss_feed Wed, 15 Jun 2016 05:24:49 +0000 It is widely known that China has one of the highest credit-to-GDP ratios in the world at 205 per cent. To put that in perspective, the US’ gross domestic product is 60 per cent bigger than that of China, but China has a money supply balance that is 70 per cent larger than the US. This fact is often cited as the definitive reason for a looming crisis in China and, thus, in the interdependent world. Until recently, I was in this alarmist camp, but I have started to question the logic. READ MORE:... https://www.scmp.com/comment/insight-opinion/article/1909818/chinas-looming-debt-crisis-no-cause-alarm-says-pboc-expert?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1909818/chinas-looming-debt-crisis-no-cause-alarm-says-pboc-expert?utm_source=rss_feed Mon, 08 Feb 2016 01:01:50 +0000 In 1983, the People’s Bank of China had just risen from being a junior sidekick to the Ministry of Finance to an equal entity within the government. A staffer from the US Federal Reserve who visited the PBOC, where I was a graduate cadet at the time, explained why an independent monetary policy was a wonderful thing before asking why China had not made its central bank independent of the government. With no trace of irony, my superior replied, “that would be very inconvenient!” The visitor... https://www.scmp.com/business/article/1699360/mainland-chinas-perpetual-qe-and-its-many-losers?utm_source=rss_feed https://www.scmp.com/business/article/1699360/mainland-chinas-perpetual-qe-and-its-many-losers?utm_source=rss_feed Mon, 02 Feb 2015 07:08:32 +0000 China's shadow banking is opaque, huge and fast-growing. In the past year, it has managed to cause two interbank crises, a few small-scale bank runs and several high-profile defaults and near-defaults of bonds. This has all proven to be enough fun for the government, which in recent weeks has signalled a two-pronged response: tighten regulation and introduce a deposit insurance scheme. Unfortunately, both plans are misguided, in my view. If China is really worried about shadow banking, there... https://www.scmp.com/business/banking-finance/article/1523676/beijing-needs-turn-credit-tap?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1523676/beijing-needs-turn-credit-tap?utm_source=rss_feed Mon, 02 Jun 2014 02:00:45 +0000 It is too early to say if China has achieved economic success, even after 36 years of consistently high growth. Observers around the world say state-driven economies tend to be corrupt and inefficient and that China's is no exception. So what should investors make of Beijing's drive to make the state sector even more robust and dominant in the decades ahead? In an ideal world, it should scrap the existing state capitalism and build from scratch a set of inclusive institutions, similar to those... https://www.scmp.com/business/global-economy/article/1511144/state-sector-chinas-secret-sauce?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/1511144/state-sector-chinas-secret-sauce?utm_source=rss_feed Tue, 13 May 2014 02:30:00 +0000 Despite the familiar refrain from analysts these last few years, China's real estate and credit bubbles have not burst. While I, too, am worried, I have not been brave enough to venture a prediction until now: I think the bubble will gradually deflate over a decade or two, rather than burst dramatically. I draw my inspiration from the Chinese stock market, which has been deflating gently for 22 years and counting. Since China's stock market was created in 1992, it has been a bubble. Its... https://www.scmp.com/business/economy/article/1463048/letting-air-out-bubbles?utm_source=rss_feed https://www.scmp.com/business/economy/article/1463048/letting-air-out-bubbles?utm_source=rss_feed Wed, 02 Apr 2014 03:30:00 +0000 Analysts have built entire careers analysing and re-analysing the mainland and its economy. They make predictions, get proven wrong and move on to the next topic. It's been a very profitable pursuit, given that the so-called facts in much of the analysis are often completely divorced from reality. The mainland's exchange rate policy is a case in point. In the past decade, Beijing has been widely criticised for maintaining an exchange rate policy that severely undervalues the yuan. It is also... https://www.scmp.com/business/economy/article/1445172/what-exchange-rate-policy?utm_source=rss_feed https://www.scmp.com/business/economy/article/1445172/what-exchange-rate-policy?utm_source=rss_feed Mon, 10 Mar 2014 05:00:15 +0000 Within just six months, Yu E Bao, the partnership between the mainland's Alibaba and fund house Tianhong Asset Management, raised 250 billion yuan (HK$318 billion) from millions of little guys to invest in money market funds and treasury bonds. Other internet companies such as Tencent and Sina.com are launching similar services. All of a sudden, the market is euphoric about the beginning of the end of the mainland's stodgy and bureaucratic banks. After all, these banks are predominantly... https://www.scmp.com/business/china-business/article/1425590/chinese-lenders-ready-fight-back-if-profitability-threatened?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1425590/chinese-lenders-ready-fight-back-if-profitability-threatened?utm_source=rss_feed Mon, 10 Feb 2014 17:57:48 +0000 Within just six months, Yuebao, the partnership between China’s Alibaba, and a fund house, Tianhong Asset Management, raised 250 billion yuan (HK$318 billion) from millions of little guys to invest in money market funds and treasury bonds. Other internet companies, such as Tencent and Sina.com, are launching similar services. All of a sudden, the market is euphoric about the beginning of the end of China’s stodgy and bureaucratic banks. After all, these banks are predominantly state-controlled... https://www.scmp.com/business/banking-finance/article/1425147/alibabas-yuebao-online-funds-vendor-and-its-rivals-will?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1425147/alibabas-yuebao-online-funds-vendor-and-its-rivals-will?utm_source=rss_feed Mon, 10 Feb 2014 03:46:43 +0000 China’s economic growth slowed in the final three months of last year to 7.7 per cent, the weakest quarter since 2009, but still way too fast to allow for the restructuring that the country urgently needs. Slowing growth has clearly worried global markets, but as a private investor – and a loyal Chinese citizen – I pray for an even bigger fall. It is no secret that China’s high growth in the past three decades has been spurred by aggressive fiscal and monetary stimulus, as well as higher... https://www.scmp.com/business/global-economy/article/1412369/why-recession-would-be-good-china?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/1412369/why-recession-would-be-good-china?utm_source=rss_feed Fri, 24 Jan 2014 02:51:08 +0000 In an essay published in the Financial Times eight years ago, I said China's private sector was in the shadow of the state. I can make the same argument today with one significant difference: the state sector’s dominance in China has grown considerably in the last eight years. The last decade has almost completely undone the reforms of the two previous decades. The consensus in the West is that China’s state sector is corrupt, inefficient and ideologically inferior, so it must be losing ground... https://www.scmp.com/business/banking-finance/article/1385784/reform-tall-order?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1385784/reform-tall-order?utm_source=rss_feed Thu, 19 Dec 2013 04:00:30 +0000 Every investor likes to think that he or she is a contrarian. The truth is that they are anything but. A vast majority of investors go with the crowd, and why shouldn't they? They have received the same education, and so too have their end-investors. Research analysts are too scared about losing the confidence of fund managers, so they mostly write the same research. The way I see it, the ultimate contrarian trade at present is the buying of mainland bank stocks. These banks and their stocks... https://www.scmp.com/business/banking-finance/article/1351290/bank-banks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1351290/bank-banks?utm_source=rss_feed Fri, 08 Nov 2013 18:00:00 +0000 Twice a year I travel to Jingmen in central China to visit my parents and siblings. Last week, I was there on a new mission: to review the work of my sisters as shadow bankers. Shadow banking is lending activities outside regular banks. Despite what some would say, it is a reputable business on the mainland. It fills a legitimate need. Despite some lingering stigma, the industry is not one I am ashamed to be in. Despite what some would say, shadow banking is a reputable business on the... https://www.scmp.com/business/banking-finance/article/1338241/lending-shadows?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1338241/lending-shadows?utm_source=rss_feed Wed, 23 Oct 2013 19:46:20 +0000 Beijing's carrot and stick approach to managing the economy has generally delivered more of the latter over the years. Discipline and the threat of penalties in the event of rule breaches provided the main ammunition of a policy mix that made the consequences of a failure to toe the line abundantly clear to those who dared step over it. This was the essence of Chinese Bazookanomics which, until the 1990s, worked quite well on Party members, state-owned enterprises (SOEs) and virtually everybody... https://www.scmp.com/business/economy/article/1326683/time-pull-trigger?utm_source=rss_feed https://www.scmp.com/business/economy/article/1326683/time-pull-trigger?utm_source=rss_feed Mon, 07 Oct 2013 16:00:00 +0000 Thirty years ago this month, I was a graduate student at the People's Bank of China in Beijing. The average monthly wage on the mainland was about 40 yuan at that time. I was lucky to be paid 52 yuan. But my money would always run out before the next pay cheque arrived. Fei Yun, my mentor then, was 10 years my senior and in my same class. He taught me how to save at least 15 yuan each month. Embarrassed and grateful, I have since taken Fei's teachings to heart. However, older and arguably wiser,... https://www.scmp.com/business/economy/article/1316280/quick-buck-economy?utm_source=rss_feed https://www.scmp.com/business/economy/article/1316280/quick-buck-economy?utm_source=rss_feed Mon, 23 Sep 2013 16:00:00 +0000 China's equity market has been around for 20 years, and its performance has been very disappointing. Since its birth in 1994, the Hang Seng China Enterprises, the so-called H-share index, has gone up only 44 per cent, though the Chinese gross domestic product has grown almost tenfold in nominal terms. So why the huge discrepancy? Having worked for years as a research analyst, I have some thoughts about this seemingly strange phenomenon. First, a large number of listed Chinese companies cooked... https://www.scmp.com/comment/insight-opinion/article/1291453/why-chinese-stocks-perform-poorly?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1291453/why-chinese-stocks-perform-poorly?utm_source=rss_feed Fri, 26 Jul 2013 16:00:00 +0000 One evening in December 2011, as chairman of Wansui Micro Credit Company in Guangzhou, I received a call from the Guangzhou city government's finance office. On the line was a Mr Liao who sternly reminded me that, as of that day, we had exceeded our credit ceiling by about 15 million yuan (HK$18.23 million at exchange rates then) and I had three days to bring our loan portfolio back beneath it. Even I did not know we had exceeded the regulatory ceiling. I started to sweat. How had our... https://www.scmp.com/comment/insight-opinion/article/1273258/time-pour-cold-water-talk-hot-money?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1273258/time-pour-cold-water-talk-hot-money?utm_source=rss_feed Mon, 01 Jul 2013 16:00:00 +0000 In China today, the term "shadow banking" has a negative meaning. Over the past year, the China Banking Regulatory Commission has issued numerous policy directives to try to contain its explosive growth. Xiao Gang , the head of the Chinese securities watchdog, called shadow banking "a Ponzi scheme" in an opinion piece he penned last year while still serving as chairman of the Bank of China. But why is shadow banking still all the rage, despite the hostile regulatory environment? This will risk... https://www.scmp.com/comment/insight-opinion/article/1249826/real-problem-behind-chinas-shadow-banking?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1249826/real-problem-behind-chinas-shadow-banking?utm_source=rss_feed Thu, 30 May 2013 16:00:00 +0000