Much attention has centred on the ballooning debts owed by local governments in China to state banks. Less noticed, though, is the surge in defaults among a vast network of unregulated underground banks in recent months, a development that threatens to further crimp credit supplies to the private sector.
中國地方政府欠國有銀行的債務像吹氣球一樣不斷膨脹這一點備受關注，但人們較少注意到的是，在無人監管的龐大地下錢莊網路，近幾月來違約事件激增，這一趨勢恐將進一步擠壓私人部門的信貸供給。
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