China has drawn up new rules to contain the risks in its burgeoning shadow finance sector while also formalising the role of the non-bank lenders in the economy.
The draft regulations, which have been seen by the Financial Times, mark an attempt by the government to better co-ordinate regulation of the country’s shadow banks, but also indicate a more permissive official stance than many observers had anticipated.
China’s financial system was long dominated by banks, which traditionally accounted for more than 90 per cent of all funding in the economy.
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