Meanwhile, China’s shadow-banking system has expanded at an unprecedented rate. But here, too, mounting risks have been largely ignored, owing partly to the collateralization of real property, which is believed to retain its value permanently, and partly to the system of implicit government guarantees that backs loans to local governments and SOEs.
与此同时，中国的影子银行系统规模也在以前所未有的速度扩大。但这一领域也不例外，不断增大的风险在很大程度上都遭到了忽略，原因有二：一是有房产作抵押，而房产又被认为是不会贬值的；二是隐性的政府担保体系可以为当地政府和国企的贷款作保。