, Columnist
Enter the Panda
The crackdown on shadow banking and capital outflows will hit corporate earnings.
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China's bull-market days are numbered and you can blame Beijing for ushering a panda bear into the fray.
A slew of measures against shadow banking and capital outflows are hitting corporate borrowing and bank earnings head on. The result has been a decline in leverage and the lowest return on equity in almost a decade. Given the acceleration of these actions, year-end reports won't be pretty.