In his new book, “China’s Guaranteed Bubble,” Ning Zhu, a professor at the Shanghai Advanced Institute of Finance, dissects the risks accumulating in China’s economy, especially in its financial sector. In an interview, he explained his argument that the Chinese government’s implicit guarantees to banks, state-owned corporations, local governments and investment areas such as the housing and stock markets have encouraged levels of leverage that are increasingly hazardous as the country’s economy slows.
http://www.nytimes.com/2016/04/20/world/asia/china-economy-bubble-ning-zhu.html?_r=0