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The Changing Face of Shadow Banking in China

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  • Cindy Li

Abstract

The growth of China?s nonbank financial institutions, which engage heavily in shadow banking , has been extraordinary over the past decade. During this period, China?s shadow banking system not only engaged in aggressive regulatory arbitrage but also started to embrace financial innovations and capital market financing against the backdrop of broad financial reforms. Its emergence and transformation are intertwined with a substantial increase in depth and complexity of China?s financial system, which post new regulatory challenges. The growing importance of shadow banking in China makes a renewed in-depth look into its scale, structure, and risks both interesting and necessary. This Asia Focus explores the drivers behind shadow banking system?s growth in China, reviews the changing pattern of shadow banking activities, analyzes associated risks in the context of China?s growing capital markets, and discusses future regulatory challenges.

Suggested Citation

  • Cindy Li, 2016. "The Changing Face of Shadow Banking in China," Asia Focus, Federal Reserve Bank of San Francisco, issue December.
    • Handle: RePEc:fip:fedfaf:0014
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    Cited by:

    1. Chancellor, Will & Hughes, Neal & Zhao, Shiji & Soh, Wei Ying & Valle, Haydn & Boult, Christopher, 2021. "Controlling for the effects of climate on total factor productivity: A case study of Australian farms," Food Policy, Elsevier, vol. 102(C).
    2. Shaghil Ahmed & Ricardo Correa & Daniel A. Dias & Nils Gornemann & Jasper Hoek & Anil Jain & Edith Liu & Anna Wong, 2022. "Global Spillovers of a Chinese Growth Slowdown," JRFM, MDPI, vol. 15(12), pages 1-23, December.
    3. Daniela Gabor, 2018. "Goodbye (Chinese) Shadow Banking, Hello Market†based Finance," Development and Change, International Institute of Social Studies, vol. 49(2), pages 394-419, March.
    4. Shaghil Ahmed & Ricardo Correa & Daniel A. Dias & Nils M. Gornemann & Jasper Hoek & Anil K. Jain & Edith X. Liu & Anna Wong, 2019. "Global Spillovers of a China Hard Landing," International Finance Discussion Papers 1260, Board of Governors of the Federal Reserve System (U.S.).
    5. Ouyang, Alice Y. & Wang, Jifan, 2022. "Shadow banking, macroprudential policy, and bank stability: Evidence from China’s wealth management product market," Journal of Asian Economics, Elsevier, vol. 78(C).

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