When Goldman Sachs economists wanted to bring their global clients up to speed on the risks in China’s credit boom, they spoke to Charlene Chu, the Fitch Ratings analyst known for her bearish views.
Ms Chu has studied China’s shadow finance sector to come up with one of the highest estimates of the country’s debt pile at more than 200 per cent of gross domestic product. She also warns that the banking sector is far more exposed to many of the shadow loans than most people realise.
The latest official figures show non-performing loans (NPLs) at Chinese banks rose Rmb13bn ($2bn) in the second quarter to Rmb540bn, increasing for a seventh straight quarter.
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