March 30, 2015
There has been much fretting about China's growth over the past five years. Onespecial focus for hand-wringing has been the Chinese financial system and its non-banking component—the shadow banking system—in particular.
Financial growth in China has certainly been rapid since 2007, a classic warning of impending trouble. In the decade before 2007, credit grew only a little faster than GDP, reaching 187 percent of GDP, which is about normal for an emerging economy.
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