The takeaway from all of this is that trying to pin down credit risk at Chinese banks is an endless game of "Whack-a-Mole". Beijing is constantly working to allow banks to shift and reclassify "assets" and/or transfer credit risk either to some entity where it can't be tracked or at least to areas of the balance sheet where it effectively disappears. As Moody's Stephen Schwartz puts it "every time they clamp down on one area, the financing pops up in another."
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