China’s financial system used to be boring and state-controlled, keeping deposits captive at large state-owned banks and lending out cheaply to state-owned enterprises. Very quickly, however, virtually everything about the system has changed, particularly since the equity market crash in 2015, even as the policy tools employed by Chinese regulators have remained generally unchanged. The banking system is no longer primarily deposit-funded, banks are using financial structures similar to those seen in the United States ahead of the global financial crisis, and recent asset growth has been driven primarily by informal or “shadow” lending.
Logan Wright has followed the evolution of China’s financial system closely for over a decade, and will discuss the significance of these changes and the potential risks of a crisis ahead.
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