The non-performing loan ratio at banks in Wenzhou rose to 3 per cent at the end of August, a decade high and up from a minuscule 0.4 per cent a year earlier. The central government has created a special bailout fund to repair the city’s financial system. It has also set up a closely observed experiment to take the initiative away from loan sharks by nurturing more private banks that can lend to Wenzhou’s small businesses.
截至今年8月底,温州银行业的不良贷款率升至3%,是十年来的最高点,而一年前这一数字仅为0.4%。中国中央政府已建立一支专项纾困基金,用以修复温州的金融体系。中央政府还启动了一项予以严密监控的试验:培育更多能向温州小企业放贷的民营银行,积极主动地根除高利贷的生存基矗
But the pain has been isolated. Because the loan sharks were so heavily concentrated in Wenzhou, there have been few ripples beyond the city. The non-performing loan ratio at Chinese banks nationwide was just 0.95 per cent at the end of the third quarter, nearly a record low.
不过,这个问题并不具有普遍性。由于高利贷在很大程度上集中在温州,因此在温州以外,这件事并没有产生多少连带影响。截至今年第三季度末,中国全国银行业体系的不良贷款率仅为0.95%,接近历史最低点。
If the legal shadow banking system collapsed, the fallout would be far more widespread. The trusts, wealth management products and entrusted loan operations that are China’s shadow banks are much bigger than the loan sharks, have a national footprint and, most worrying of all, are intertwined with traditional banks.
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