HONG KONG – With world leaders meeting at the end of this week at the G-20 summit in Cannes, France, the next economic minefield that they will face is already coming into view. It is likely to take the form of an opaque global credit glut, turbocharged by the fragile mixture of too-big-to-fail global banking with a huge and largely unwatched and unregulated shadow banking sector.
香港——世界领导人将于本周末的法国戛纳G20峰会上聚首，而他们将面临的下一个经济雷区已经浮现在了眼前。这雷区的形式可能是不透明的全球信用泛滥，其背后的推手是由“大而不能倒”的全球银行体系和规模巨大但几乎不为人知、不受监管的影子银行部门所组成的脆弱混合体。