The China-Britain Business Council co-hosted a seminar with The Economist in June to discuss the Chinese banking industry. Held at the British Centre in Shanghai, the discussion attracted over 80 participants including CBBC members and clients of The Economist.
Simon Rabinovitch, Asia economics editor of The Economist - who recently authored the special banking report 'Big but Brittle' for the magazine - spoke at the event along with Wang Yongqin, professor of economics at Fudan University.
A number of salient points emerged from the discussion:
Simon Rabonovitch outlined two possible paths for China:
1. Faster and bolder reform, which could lead to serious defaults and losses by both banks and shadow lenders/wealth management product investors; or
2. Gradual reform at the current pace, which carries the risk that further accumulation of debt could lead to a crash.
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