As Chinese Debt-Equity Swaps Merely Defer Risks, Worries Grow Over Shadow Banking

China has spent years studying the US free enterprise system and in some cases has mimicked what works by at times adding or subtracting key components. For instance, the “free” in “free enterprise” more often than not has taken on a different meaning. Business executives and investors are now free to profit from the communist regime but are not free to express their thoughts on political topics. Another area where China appears to be mimicking the US is in its shadow banking sector....

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