But, to circumvent the restrictions in the state-dominated financial system, a shadow banking system has developed, raising new risks: economic distortions; reliance on excess leverage to drive growth in the consumer, real estate, corporate, and government sectors; and dangers associated with inadequate regulation. As a result, investors are worried that China could slip into the excess-leverage growth model that has served many developed economies so poorly.
但是，为了绕过国家主导的金融系统的限制，影子银行已经发展起来，孕育了新的风险：经济扭曲；依赖过度杠杆推动消费、房地产、公司和政府部门的增长；以及与监管不足相关的危险。结果，投资者担心中国将滑入过度负债的增长模式，而这正是让发达经济体如今举步维艰的模式。