With small and medium-sized enterprises (SMEs) – by far the economy’s most important growth engine – unable to acquire sufficient funding from the formal financial sector, they have been forced to turn to informal channels. As shadow banking has become the primary source of finance for SMEs – which tend to be higher-risk borrowers – the financial risks in China’s economy have grown exponentially.
中小企业——目前它们是中国经济最重要的增长引擎——无法通过正式金融部门获得足够的融资，被迫转向非正式渠道。随着影子银行变成中小企业的主要融资源——而中小企业总是风险较高的借款人——中国经济的金融风险呈现出指数增长。