China’s Hidden Financial Dangers Erupt With Shadow Bank Crisis
- Missed trust payments spark protests, forces restructuring
- Trust woes adds to weak economy, deepening housing slump
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Only a week ago, Zhongzhi Enterprise Group Co. attracted little notice within China and was almost unheard of everywhere else.
Now, the secretive shadow banking giant has become the latest symbol of financial fragility in an $18 trillion economy where confidence among investors, businesses and consumers is rapidly dwindling.