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建国门外 日坛路 1号 光华路口 波兰大使馆
Loan sharks. Ponzi schemes. Elaborate front companies. Overseas investments. China’s high-interest shadow banking world may seem exotic, but it’s a formidable economic force that reaches well beyond the country’s borders.
From the great banking houses of Pingyao to Chairman Mao’s miserly father, private lending has a long history in China. But the shadow banking of today is a peculiar product of China’s hybrid economy. During the reform era, great profits were made by arbitraging between the state banking system and the private economy’s need for capital. Now as the economy slows, regulators are struggling to get shadow banking under control and the public is paying the price. Join Lucy Hornby, the Financial Times’ deputy bureau chief, for a peek into this fascinating and little-known world.
Lucy Hornby is deputy bureau chief for the Financial Times in Beijing, where she covers politics and the economy. Previously, Lucy reported for Reuters for eight years, based in Shanghai and Beijing. Her reporting ranges from financial fraud to factional fighting and China’s growing international ambitions. Lucy first came to China in 1995 to teach with the Princeton in Asia program in Wuhan. She has reported from all of China’s provinces and regions.
This year, she won the Society of Publishers in Asia (SOPA) award for excellence in business reporting. In 2015 she won investment Journalist of the Year at the State Street Institutional Press awards for her reports on Hanergy, the high-flying solar power company.
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