"How can the world’s
second-largest economy function at all? Enter shadow bankers - broadly defined as lenders outside the formal banking system. They
include mom-and-pop lending operations, companies lending excess cash to each
other, pawnshops, and recently tech companies running money market funds.
Unlike shadow banking in the West, shadow banking in China is a necessity,
helping build factories, mines, infrastructure projects, and other activities,
and creating jobs."
