The pathology of the western financial crisis is all too familiar: misallocation of capital fuelled by cheap credit and lax regulation, a proliferation of investment vehicles with limited credit assessment, and systemic biases predicated on ever-rising real estate prices. We should worry, then, that Chinese banks may be facilitating a home-grown version, especially as they plan to raise $30bn-$50bn in capital over the coming year.
本輪西方金融危機的病理實在太眼熟了：由廉價信貸和寬松監管推動的資本分配不當、信用評估有限的投資工具盛行、以及以不斷上漲的房地產價格為依托的系統性重心偏差。有鑒于此，我們有理由擔心，中國各銀行可能在釀造一場中國版的危機，尤其是鑒于它們計劃在未來一年融資300億至500億美元。
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