Shadow banking has come under increasing scrutiny from regulators in China, and its growth is slowing. But new forms are on the rise.
Moody's points out some interesting trends in its quarterly China Shadow Banking Monitor, namely that while a regulatory clampdown means that overall growth is slowing, as a proportion of GDP shadow banking assets are still growing apace. It estimates shadow assets grew from 66 per cent of GDP at the end of 2013 to 71 per cent at the end of last year, to around Rmb45tn. So while there is a shift towards the formal banking sector, goods and services outside it are still vast.
Meanwhile, substitutes are on the rise, including:
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