Over the last decade, the vast quantities of short-term capital that were being pumped into China’s banking system drove commercial banks and other financial institutions to expand credit substantially, especially through the shadow-banking system, leading to a massive credit bubble and severe over-investment.
En 2009 ces distorsions ont conduit Ferguson et Schularick à prévoir l'effondrement de la Chimerica - une prévision qui semble se réaliser.