The rise of China’s shadow banking sector has been thrown into sharp relief by data from the central bank showing that it accounts for nearly one-third of aggregate financing in the world’s second-biggest economy.
Funding from trust companies and other entities in the shadow sector rose to its highest level on record and accounted for 30 per cent of the Rmb17.3tn ($2.9tn) in total credit issued last year, the People’s Bank of China said, up from a 23 per cent share of aggregate financing in 2012.
“This shows that financial institutions’ off-balance-sheet business is developing relatively fast and providing strong capital support to the economy,” Sheng Songcheng, head of the PBoC’s statistical department, said yesterday.
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