A shadow banking crisis in China is not an outlandish fear. The country has already been dealing with one for the past year.
在中国,人们并非现在才开始担心影子银行业会爆发危机。过去一年里,中国一直在努力解决这个问题。
Many of the illegal loan shark operations in wealthy coastal areas, especially those in Wenzhou, an entrepreneurial hub south of Shanghai, have imploded. Long chains of underground financing deals, often based on predatory interest rates, collapsed as exports weakened and property prices tumbled.
在中国富裕的沿海地区、特别是温州(位于上海以南的民营企业集中地),许多非法的高利贷机构都已经倒闭。随着出口不断下滑、房价出现暴跌,漫长的地下融资链(往往是高息贷款)已经断裂。
The fallout has been severe and it has begun to hit the formal banking system. Chinese media have been full of stories of Wenzhou factory bosses absconding with unpaid debts, while residents tell of a few who have jumped from their office towers. The city’s courts heard 10,269 economic disputes, most related to loan defaults, in the first half of this year, almost twice as many as last year.
这件事的后果十分严重,而且已开始波及正规银行体系。中国媒体上充斥着关于温州工厂主欠钱跑路的报道。温州当地人说,还有一些工厂主因还不起债而跳楼。温州今年上半年审理了10269宗经济纠纷案,是去年全年的近两倍。这些案子大多与无力还贷有关。
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