The Rise of Shadow Banking in China: The Political Economy of Modern Chinese State Capitalism

Published on: 2015-09-01

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TSAI, Kellee Sing
TSAI, Kellee Sing, Head & Chair Professor of HKUST’s Division of Social Science, explores China’s response to the 2008 global financial crisis, after which time Chinese enterprises both large and small have engaged in unprecedented levels of off-balance sheet activities, which are now estimated to account for an astounding 26-69% of China’s total GDP.
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Prof. Tsai analyses the major sources and scope of China’s off-balance sheet lending, offering policy suggestions on how to reduce some of the risks associated with such “shadow banking” activities, such as increasing market access in the services sector and setting up channels for debt issuance by local governments.

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