In 2011 and early 2012, there was much talk of a crash in China’s housing market, and a chain-reaction of defaults in underground credit networks and local-government finance platforms. In 2013, the talk has changed to the danger of a resurgent housing bubble and the collapse of the shadow banking system, which consists mainly of wealth-management firms and trust companies.
在2011年及2012年初有很多关于中国房地产市场崩盘及地下信贷网络和地方政府金融平台违约的连锁反应的言论。2013年，这种言论转向了房地产泡沫重现和影子银行系统崩溃的危险，后者主要是那些财富管理企业和信托公司。