China fact, historically China has been walking a tightrope between deleveraging and maintaining growth. In May 2017 Xinhua said regularty agencies would target shadow banking which is estimated to amount to US$ 8.5 trillion (58.5 trillion yuan) and "other undesirable practices", citing calls for "the harshest crackdown on financial risks in history". Banks have been pressured to stop making shadow loans backed by high-interest offerings known as Wealth Management Products. Furthermore since late last year, the PBOC and regulators have taken steps to rein in risk to China's financial system, including raising short-term interest rates, clamping down on leverage in the bond market, and curbing funding for property speculation*).
*) Gabriel Wildau, Shanghai Feb. 22, 2017