日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Opinion

Shadow banking can have good ending

By Wu Jiangang (China Daily) Updated: 2014-02-17 07:23

Although the Chinese shadow banking system is renowned for its opacity, the latest annual financial market report by the Chinese Academy of Social Sciences estimates the system had 20.5 trillion yuan ($3.3 trillion) in total assets - roughly 40 percent of China's GDP - in 2013.

As China is now the second-largest economy in the world, we need to examine the nature and risks in the shadow banking sector.

Shadow banking can have good ending

China's growth model has worked well for the last 30 years in terms of GDP growth, which is supported by government investment and exports. The funds for government investment were generated because of low expenditure on social welfare, high taxes and financial-sector monopoly. Exports rose because of low wages and generous incentives but at the expense of the environment.

But this growth model is becoming more and more unsustainable at a time when wages keep rising, real estate prices keep going up, pollution becomes more severe, the monopolistic finance sector becomes more and more unfeasible and government investments become more inefficient.

The turning point for China was 2008, when the export sector was hit by weak external demand caused by the subprime mortgage crisis. To prevent large-scale unemployment and potential social instability, the central government approved about 4 trillion yuan for infrastructure projects and mobilized the State-owned banking system to provide loans.

Lending leapt from 3.6 trillion yuan in 2007 to 9.6 trillion yuan in 2009. In addition, these projects needed subsequent funding.

Before 2008, the vast majority of lending in China was carried out by regular banking. But after 2008, as policymakers began to worry about the credit boom, inflation, a property bubble and overcapacity, they attempted to put the brakes on. The regulator imposed severe requirements on commercial banks in the form of deposit reserve requirements, loan ratios and capital adequacy ratios.

As the projects that had already started needed further funding and local governments secured loans implicitly guaranteed by the central government, commercial banks used many financial tools or innovations that are now classified as shadow banking to provide unregulated loans.

The main tools or innovations are wealth management products, loans through trust companies, entrusted loans, inter-bank repurchase agreements and bank guarantees. According to official statistics, wealth management products were worth only 530 billion yuan in 2007, but soared to 1.7 trillion yuan by the end of 2009 and 9.9 trillion yuan by the end of September of 2013. Total lending through trust companies was 340 billion yuan in 2007, rising to 680 billion yuan in 2009 and 2.6 trillion yuan in 2013. Total entrusted loans were 170 billion yuan in 2007 and grew to 440 billion yuan in 2009 and 1.8 trillion yuan in 2013.

Shadow banking can have good ending

 

Shadow banking can have good ending

Shaky trust product promises repayment 

Key shadow banking document released 

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
主站蜘蛛池模板: 97狠狠操 | 成年人黄色网址 | 97国产精品视频 | 国产日韩欧美综合 | 蜜桃91丨九色丨蝌蚪91桃色 | 人人爽人人草 | 国产在线播放一区二区三区 | 亚洲精品中文字幕在线观看 | 成人免费黄 | 一二三区视频 | 久草视频免费在线观看 | 久久免费在线视频 | 免费在线观看日韩av | 超碰狠狠操 | 一级黄毛片| 日本一区二区精品视频 | 国产网址在线观看 | 四虎成人网 | 国产亚洲精品精品精品 | 日本a级片在线观看 | 91精品国产成人www | 中文视频在线 | 国产精品免费久久 | 久久国产成人 | 国产在线观看免费视频软件 | 国产性猛交xxxx免费看久久 | 骚虎影院在线观看 | 亚洲高清视频在线观看 | 欧美精品第一页 | 亚洲色图25p | 亚洲天堂自拍偷拍 | 色姑娘av | 宅男视频污 | 精品99视频 | 琪琪色在线观看 | 免费激情小视频 | 天天干天天色天天射 | 国产精品日韩欧美一区二区三区 | 精品毛片在线观看 | 99国产精品久久久久久久成人 | 毛片视频在线免费观看 |